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Aadhaar Linking in MF Folio - Eliminate duplication of effortsNo. of comments:10 varadharajan VS, CHENNAI, 83246 On 11-Sep-2017

In spite of the SC order on right to privacy, all agencies are making it compulsory to link his/ her Aaadhar no to their mobile, Bank, Pan etc. AMCs are also joining the me too group and want their customers to link their Aadhaar to the folio. There are many critical factors in a MF folio. Pan no. Bank account being the top most. By end December, 2017, every should have linked their pan or bank account with Aadhaar. Instead making the customer customer do another unproductive work, the AMCs, RTAs can tie up with the KRA agency and banks to fetch the data and easily link the Aadhaar with Folio. If there is a discrepancy, mismatch or non compliance in any of the other two agencies, both pan and bank account will be frozen or deactivated. Can the AMCs /AMFi consider this suggestion.

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Comments Posted

Allan Govias ARN NO :ARN 1824 Chennai, 05 Dec 2017

Many of the AMC''s are suggesting that Aadhaar verification be completed separately with each registrar. This is a wasteful exercise especially when Aadhaar details are required to be shared amongst the registrars. Can ARN holders confirm if they are submitting clients Aadhaar details with all registrars or just one. Thanks.

N.Gopinath ARN NO :485042460020 Chittoor, 08 Oct 2017

Pan to add Aha

NARAYAN SAHAI GUPTA ARN NO :ARN-98543 BHIWADI ALWAR RAJASTHAN, 25 Sep 2017

SIR, THERE IS A PROBLEM OF THOSE INVESTORS WHO HAVE NOT AVAILABLE AADHAAR DUE TO THEIR FINGER PRINT NOT SHOWING IN MAKING AADHAAR. SO THAT THOSE INVESTOR HAVE NOT AADHAAR. WHAT IS THE SOLUTION ?

SHASHI KUMAR RALHAN ARN NO :39093 FARIDABAD, 23 Sep 2017

IFAs ARE ALREADY QUITE HARD PRESSED. AMCs MUST SET THERE HOME RIGHT. WHEN PAN CARD, BANK A/C NO. &/OR KYC IS AVAILABLE FOR ALL FOLIOS AADHAR NUMBER CAN BE EASILY OBTAINED AND LINKED BY THE AMC ELECTRONICALLY.

Dev Krishan Malpani ARN NO :13354 Sujangarh, 21 Sep 2017

Aadhar card is already linked with PAN and Bank accounts of Mutual fund investors,KYC prepared by PAN or Aadhar, than why required Aadhar link of Mutual fund investors.This is time consuming of IFAs/distributors and investors. These are only misuses of paper and paper misuses mins cost of many trees loss. Please save trees.

Ranjeet Kumar ARN NO :122978 Sasaram, 21 Sep 2017

Yes they are making mandatory. It is harrassment to us.

MONIL DARU ARN NO :59196 SURAT, 21 Sep 2017

How to map aadhar with folios online? Send me process of amcs.

Shankar ARN NO :48379 Chennai, 21 Sep 2017

We love duplication, need less paper work etc very much! We have been fiddling with MPIN, KYC, then CVLKRA redoing, now CKYC, Aadhar linking etc ! Take KYC itself, every rupee that an investors puts in comes from a bank account, which is KYC compliant and PAN linked, then what is need to do KYC for MFs separately. IF my PAN and Aadhar and Bank ac are linked, what is need to link MF folios too? Cant they be automatically linked based on PAN? After 23+ years of private MFs we still dont have a single simple common application form. Hopefuly one time based Aadhar KYC will make life simpler for us ! let us hope so.

DEBRAJ SENGUPTA ARN NO :ARN-38509 Kolkata, 21 Sep 2017

AMFI / AMC knows if they start sending mails/SMS to client asking for their AADHAR card linking stating as per Govt law their folios will be frozen and asking them to contact their Advisors , the clients would definitely call their Distributors etc. to do AADHAR linking. Rather than sharing links to clients for uploading PAN details they would pass the onus on Distributors. What about Direct plan clients.

Ajit Joglekar ARN NO :36987 Nashik, 11 Sep 2017

Most of the MF investors might have by now linked their PAN and Aadhaar Numbers.This was done to facilitate filing of Income Tax returns.If the same data were fetched by AMCs through their R&T function a repeat or wasteful exercise would have been avoided.But there may be an incidence of costs on them for fetching the DATA due to which individual investors Distributors need to do that exercise keeping aside their priorities. My view.