Investor Services

Definition: Investor services refer to the various processes and services provided by mutual funds to their investors, aiming to provide a uniform experience and comfort to investors.
Details: These services include the New Fund Offer (NFO) process, investment plans and options, allotment of mutual fund units, statement of account, and other operational aspects.

Key Concepts

New Fund Offer (NFO): A process where units in a mutual fund scheme are offered to investors for the first time.
NFO Price: The price per unit that investors pay to invest during the NFO.
Ongoing Price: The price at which investors purchase or receive redemptions/switch-outs after the NFO.
Investment Plans: Mutual funds offer various plans, including Direct Plans and Regular Plans, with different expense ratios and NAVs.
Income Distribution cum capital withdrawal (Dividend) Options: Mutual funds offer options such as Pay-out, Re-investment, and Growth, which differ in their structure of cash flows and income accruals.

Investment Plans and Options

Direct Plan: A plan where investors purchase units directly from the fund, with a lower expense ratio and no commission paid.
Regular Plan: A plan where investors purchase units through a distributor, with a higher expense ratio and commission paid.
Income Distribution cum capital withdrawal (Dividend) Options:
- Pay-out Option: Investors receive dividends in their bank account, with the NAV declining to the extent of the dividend.
- Re-investment Option: Dividends are re-invested in the same scheme, with additional units allotted to the investor.
- Growth Option: No dividends are declared, and the NAV captures the full value of the portfolio gains.

Investor Services (Part 2)

Dividend Distribution: Investors in the Income Distribution cum capital withdrawal (payout) and Income Distribution cum capital withdrawal (reinvestment) option are entitled to receive the dividend.
Dividend Receipt: The dividend is paid out to the investor in the payout option, while the dividend amount is reinvested in the scheme at the ex-dividend NAV for the reinvestment option.
Additional Units: The number of additional units received by the investor in the reinvestment option is calculated by dividing the dividend amount by the ex-dividend NAV.
Investment Value and Return: The value of the investment and return earned by each investor is calculated on the ex-dividend date, considering the NAV, capital gains, and dividend received.

Allotment of Units to the Investor

NFO (New Fund Offer): Units in an NFO are sold at the face value, and the investment amount divided by the face value gives the number of units the investor has bought.
Ongoing Offer: The price at which units are sold to an investor in an open-end scheme is the sale price, which is equal to the NAV, and the investment amount divided by the sale price gives the number of units the investor has bought.
Rights Issue: The price at which the units are offered is clear at the time of investment, and the investment amount divided by the rights price gives the number of units that the investor has bought.
Bonus Issue: The investor does not pay anything, and the fund allots new units for free, resulting in an increase in the number of units held by the investor.

Account Statements for Investments

Monthly Statement of Account: Mutual funds issue a statement of account every month if there is a transaction during the month, showing the value of the transaction, relevant NAV, and number of units transacted.
Annual Account Statement: The mutual fund provides an account statement to unit-holders who have not transacted during the last six months prior to the date of generation of account statements.
Consolidated Account Statement: The asset management company ensures that a consolidated account statement is issued every month, detailing all transactions and holdings at the end of the month across all schemes of all mutual funds.

Mutual Fund Investors

Eligibility to Invest: The following categories of people/entities are eligible to purchase units of most schemes of mutual funds:
- Individual Investors: Resident Indian adult individuals, minors, Hindu Undivided Families (HUFs), Non-Resident Indians (NRIs)/Persons of Indian Origin (PIO) resident abroad, and foreign investors.
- Non-Individual Investors: Companies/corporate bodies, registered societies and co-operative societies, trustees of religious and charitable trusts, trustees of private trusts, and partners of partnership firms.

Investor Services (Part 3)

Eligible Investors: The following are eligible to invest in mutual funds:
- Association of Persons or Body of Individuals, whether incorporated or not
- Banks (including Co-operative Banks and Regional Rural Banks) and Financial Institutions and Investment Institutions
- Other Mutual Funds registered with SEBI
- Foreign Portfolio Investors registered with SEBI
- International Multilateral Agencies approved by the Government of India
- Army/Navy/Air Force, Para-Military Units and other eligible institutions
- Scientific and Industrial Research Organizations
- Universities and Educational Institutions
Investment Routes for Foreign Portfolio Investors: Foreign portfolio investors who meet KYC requirements can invest through two routes:
- Direct Route: Holding MF units in demat account through a SEBI registered depository participant (DP)
- Indirect Route: Holding MF units via Unit Confirmation Receipt (UCR)
Sources of Information on Eligibility to Invest: The individual investors eligible to invest can invest in any mutual fund scheme unless the mutual fund comes out with a specific scheme, or a plan within a scheme, that is not intended for any category of investors
Filling the Application Form for Mutual Funds: The application form requires various details, including:
- Unit Holder Information: Name, nationality, identity proof, and KYC compliance of all holders
- Bank Account Details: Mandatory to provide bank details of the sole/first holder of the folio
- Investment Details: Choice of scheme, plan, option, and pay-out option
- Payment Details: Details of the payment instrument and bank account through which the payment is made
- Unit Holding Option: Option to hold units in physical or demat mode
- Nomination: Option to make a nomination in favor of one or more nominees
- Minimum Investment: As specified in the Scheme Information Document (SID) and Key Information Memorandum (KIM)

Investor Services

Minimum Application Amount: The minimum amount required to invest in a mutual fund scheme, which may be higher for initial investments and lower for subsequent purchases.
Investment Limit: Investors must confirm that their investment meets the minimum limit set by the mutual fund for the scheme.
Application Form: The application form must be signed by all holders, regardless of the mode of holding.

Financial Transactions with Mutual Funds

Types of Transactions: Purchase of mutual fund units, redemptions (sale transactions), and switches.
Initial Purchase: Can be made during the new fund offer (NFO) period or in an open-ended scheme during the open offer period.
Additional Purchases: Can be made using a transaction slip, which requires the folio number and payment.

Repurchase of Units

Repurchase Process: The investor can offer units for repurchase to the mutual fund by filling out a transaction slip.
Repurchase Price: The applicable NAV less Exit Load.
Repurchase Amount: The investor can specify the amount or number of units to be repurchased.

Switch

Switch Transaction: A combination of redemption from one scheme and purchase into another.
Subscription Frequency: Must be the same for all mutual fund schemes, except for Specialized Investment Funds (SIFs).

Payment Mechanism for Mutual Fund Purchases

Approved Payment Modes: Online transactions, cheque, demand draft, and cash.
Online Transactions: Investors can conduct transactions online using a username and password.
Digital Payment Mediums: Internet banking, mobile banking, and other electronic payment modes.
Two-Factor Authentication: Mandated by SEBI for subscription and redemption transactions.
Payment Options: Include NEFT, IMPS, RTGS, and SWIFT transfers.
National Automated Clearing House (NACH): A centralized clearing system for repetitive and periodic transactions.

Investor Services

National Automated Clearing House (NACH): A facility that offers standardisation and digitisation of mandates, simplification, reduction of operational cost, and minimisation of activation time. It comes in two variants – NACH Credit and NACH Debit.
Mobile Banking: A convenient way for investment and transaction purposes.
Unified Payment Interface (UPI): Allows fund transfer between accounts through a mobile app, using a Virtual Payment Address (VPA) that links the UPI app to the user’s bank account.
Application Supported by Blocked Amount (ASBA): A facility where the investment application in a New Fund Offer (NFO) is accompanied by an authorization to the bank to block the amount of the application money in the investor’s bank account.
Aadhaar Enabled Payment Service (AEPS): Allows bank-to-bank transactions using the Aadhaar number of the customer, with the fingerprint of the individual as the password to authorize transactions.
National Unified USSD Platform (NUUP): A mobile banking service that allows transactions even without a smartphone and internet, using the code *99#.
Cards: Debit cards, credit cards, and prepaid cards are used for digital payments, with debit cards linked to the account holder's bank account and credit cards allowing credit card holders to use the card up to approved credit limits.
E-Wallets: A virtual or digital version of the physical wallet, where money is loaded and used to make payments and transfer funds to other E-Wallets, with certain conditions and restrictions.
One-Time Mandate (OTM): A payment facility that investors can use to authorize their bank to process debits to their specified bank account raised by a specified mutual fund for purchase of units.
Cheque/Demand Draft: Physical payment instruments that accompany application forms for fresh investment or additional purchase, with precautions to prevent misuse.
NRI/PIO Applications: Require a cheque drawn on an NRO/NRE/FCNR account for non-repatriable investment or NRE/FCNR account for repatriable investment.

Investor Services

Third-Party Payments: A third-party payment is defined as one made through a bank account other than that of the first holder of the folio.
Exceptions to Third-Party Payments:
- Payment by parents/grandparents/related persons on behalf of a minor, up to Rs 50,000 per transaction.
- Employer making payments on behalf of the employee through payroll deductions.
- Custodian on behalf of FPIs.
- Payments by the AMC to its empaneled distributors on account of commissions.
Third-Party Declaration Form: A duly completed form must accompany the application where the payment is from a third-party source.
KYC Compliance: The third party making the payment must be KYC compliant and provide PAN details.
Source of Funds: The source of funds with which the payments are being made should be clearly established.

Cash Payments

Acceptance of Cash: Mutual funds usually do not accept cash, except for small investors, up to Rs 50,000 per investor per mutual fund per financial year.
Eligibility: This facility is available only for resident individuals, sole proprietorships, and minors investing through their guardians.
KYC Compliance: Investors must be compliant with KYC norms, whether or not they have a PAN.
Application Mode: The application must be submitted in physical mode to avail of this payment option.

Payment Mechanism for Repurchase of Units

Cheque: A traditional approach where the receipt of money in the investor’s bank account is delayed due to various processes.
Electronic Modes: Allow for faster transfer of repurchase proceeds to the investor’s bank account, including Direct Credit, RTGS, NEFT, and NACH.
Default Bank Account: The first holder of the folio must be an account holder in each of the registered accounts, with one account designated as the default account.

Instant Access Facility

Definition: Facilitates credit of redemption proceeds in the bank account of the investor on the same day of the redemption request.
Eligibility: Available only in Liquid schemes of the mutual fund, with a monetary limit of Rs 50,000 or 90% of the latest value of an investment in the scheme.

Cut-off Time and Time Stamping

Equity Oriented Funds and Debt Funds: Applicable NAV is the NAV of the business day on which the funds are available for utilization without availing of any credit facility before the cut-off time of 3:00 pm.
Liquid Fund and Overnight Funds: Applicable NAV is the closing NAV of the day immediately preceding the day of receipt of application, if the application is received up to the cut-off time of 1:30 pm.

Investor Services

Net Asset Value (NAV): The closing NAV of the day immediately preceding the next business day is applicable if funds are not available for utilization before the cut-off time.
Cut-off Time: The time by which an application must be received to be eligible for the same day's NAV.
Applicable NAV: The NAV that is applied to a transaction, which depends on the type of scheme, transaction, and cut-off time.

Key Concepts

Equity Oriented Funds: Redemptions and switch outs have a cut-off time of 3:00 pm, with same day NAV if received before cut-off time and next business day NAV for applications received after cut-off time.
Debt Funds (Other than Liquid Funds): Redemptions and switch outs have a cut-off time of 3:00 pm, with same day NAV if received before cut-off time and next business day NAV for applications received after cut-off time.
Liquid Funds: Redemptions and switch outs have a cut-off time of 3:00 pm, with NAV of day immediately preceding the next business day if received before cut-off time.
Overnight Funds: Redemptions and switch outs have a cut-off time of 3:00 pm, with closing NAV of the day immediately preceding the next business day if received up to 3:00 pm.

Instant Access Facility (IAF)

Definition: A facility that allows investors to redeem units of Overnight and Liquid Schemes of Mutual Funds.
Details: IAF is available only for Overnight and Liquid Schemes of Mutual Funds, and the applicable NAV is the lower of the previous calendar day's NAV and the calendar day's NAV on which the application is received.

Time Stamping

Official Points of Acceptance (OPoAs): Designated points where transaction requests are received and time-stamped.
Time-Stamping Machines: Machines with tamper-proof seals that record the date and time of transaction requests.
Online Transactions: The time as per the web server is used to determine the NAV for sale/re-purchase transactions.

KYC Requirements

Definition: Know Your Customer requirements that apply to all mutual fund investors, including individual and non-individual investors.
Details: Investors must submit documents to establish proof of identity and address, including Permanent Account Number (PAN) Card, and other documents as specified by the KYC Registration Agency (KRA).
Exemptions: Certain categories of investors are exempt from producing PAN, including transactions undertaken on behalf of the Central/State government, investors residing in the state of Sikkim, and UN entities/Multilateral agencies exempt from paying taxes/filing tax returns in India.

Investor Services (Part 8)

Investments: Investments (including SIPs and lump sum investments) in Mutual Fund schemes up to Rs. 50,000/- per investor per year per mutual fund.
Proof of Identity: Alternate documents such as Aadhaar card, Passport, Voter’s Id, Driving License, or other photo-identity cards serve as proof of identity.
Proof of Address: Documents such as Passport, Voter’s Id, Ration card, Driving License, bank account statement, utility bill, and other specified documents are accepted as proof of address.

Key Concepts

KYC Formats: Prescribed by SEBI, the KYC formats can be found on the AMFI website.
PAN Exempt Investments: Investments up to Rs. 50,000 per mutual fund per financial year are exempt from PAN requirements.
Photo Identification Documents: Documents such as Voter Identity Card, Driving License, Government/Defense identification card, Passport, and others can be used for KYC verification.

KYC Registration Agencies

Centralised KYC Process: SEBI has instituted a centralised KYC process for the capital market, including mutual funds.
KYC Registration Agencies (KRAs): KRAs facilitate the centralised KYC process, and once a capital market intermediary has performed an In-Person Verification (IPV) of the investor, the KYC is valid across the capital market.
Central KYC Registry: The Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI) acts as the Central KYC Record Registry, storing, safeguarding, and retrieving KYC records in digital form.

KYC Process

KYC Entails: The KYC process entails filling out a form, verifying supporting documents, and uploading the documents to a centralised KRA's server.
In-Person Verification (IPV): IPV is mandatory and can be performed by authorised intermediaries, including Scheduled Commercial Banks.
Online KYC: SEBI has enabled online KYC, allowing investors to complete the KYC process without physically visiting the office of the intermediary.
Technology: The use of technological innovations, such as eSign, Digi locker, and electronic signature, is permitted to facilitate online KYC.

Investor Services (Part 9)

KYC Process: The KYC process can be completed online through a digital platform, App, or email, with the option to submit Officially Valid Documents (OVDs) through Digi locker or eSign mechanism.
Accessibility: The digital KYC process is designed to be accessible to persons with disabilities, as directed by the Hon'ble Supreme Court.
KYC for Minors: In the case of minor investors, the KYC requirements must be complied with by the Guardian, and proof of age of the minor must be provided.
KYC for Power of Attorney Holder: For investments made by a Power of Attorney (PoA) holder on behalf of an investor, KYC requirements must be complied with by both the investor and the PoA holder.
KYC for NRIs: For NRI investors, PAN is the sole identification number for KYC compliance, and a copy of the passport/PIO card/OCI card and overseas address proof is mandatory.

Additional Requirements for Institutional Investors

Eligibility: Institutional investors must provide documentation to establish their eligibility to invest, such as incorporation documents or trust deeds.
Authorisation: Institutional investors must provide authorisation for the investing institution to invest, typically in the form of a Board Resolution.
Authorisation for Signatories: Institutional investors must provide authorisation for the official to sign documents on behalf of the investing institution.
Ultimate Beneficial Owner (UBO): SEBI has mandated that investor other than individuals have to provide details of the UBO of the investments and submit documents to establish their identity.

Systematic Transactions

Systematic Investment Plan (SIP): A SIP allows investors to invest a constant amount at regular intervals, averaging the cost of acquisition and reducing the impact of market volatility.
Systematic Withdrawal Plan (SWP): A SWP allows investors to withdraw a constant amount at regular intervals, reducing the risk of redeeming all units in a market trough.
Systematic Transfer Plan (STP): An STP is a variation of SWP, where the amount withdrawn from a scheme is re-invested in another scheme of the same mutual fund.

Foreign Account Tax Compliance Act and Common Reporting Standards

FATCA and CRS: Mutual funds are required to undertake a due diligence process to identify foreign reportable accounts and collect information as required under the said provisions.
Reporting Requirements: The identity of the investors and their direct and indirect beneficiaries and controlling persons will be reported, and any change in the status of the investor must be reported within 30 days.

Investor Services (Part 10)

Systematic Transfer Plan (STP): A facility that allows investors to transfer a fixed amount from one scheme to another at regular intervals, similar to a Systematic Withdrawal Plan (SWP) from the source scheme and a Systematic Investment Plan (SIP) into the target scheme.
Key Benefits of STP:
- Cost-effective and convenient facility
- Helps investors to make periodic investments into a volatile market, such as equity
- Allows investors to rebalance their portfolio or book profits
Example of STP: An investor can transfer a fixed amount (e.g., Rs. 1,00,000) from a short-term debt fund to a diversified equity scheme at regular intervals (e.g., monthly) over a specified period (e.g., 10 instalments).
Switch: A single transaction that involves redemption from one scheme and purchase into another, also known as a "switch" or "transfer".
Transfer of Income Distribution cum Capital Withdrawal Plan (DTP): A facility that allows investors to transfer dividends earned from one scheme to another scheme of the same mutual fund, enabling diversification and risk management.
Operational Aspects of Systematic Transactions: Mutual funds specify the schemes, minimum investment, dates, and frequencies for systematic transactions, and investors can choose from available options to customize their transactions.
SIP Enrollment: Investors can enroll for SIP by submitting an application form and SIP enrollment form, providing details such as scheme, plan, option, SIP amount, frequency, and bank account information.
SIP Top-Up Facility: A facility that allows investors to increase their SIP amount at intervals, either by a fixed amount or a percentage of the existing SIP amount, to enhance disciplined savings.
Renewal and Cancellation of SIP: Investors can renew their SIP by submitting a renewal form, and cancel their SIP by providing due notice to the AMC, specifying details such as folio number, scheme name, and bank details.
Registration and Cancellation of SWP: Investors can register for SWP by providing details such as scheme, plan, option, and bank account information, and cancel their SWP by providing due notice to the AMC.

Investor Services (Part 11)

Systematic Withdrawal Plan (SWP): Allows investors to withdraw a fixed amount of money from their mutual fund investment at regular intervals. The investor can specify the scheme, plan, option, amount of withdrawal, frequency, and period of the SWP.
Details: The selections have to be made from the options provided by the mutual fund. The mutual fund may specify a minimum period before the first withdrawal before which the enrollment form has to be submitted.
Cancellation: An SWP will stand cancelled when all the units are redeemed. Investors can choose to cancel SWP by giving notice in writing to the mutual fund.

Registering and Cancellation of STP and Switches

Systematic Transfer Plan (STP): Allows investors to transfer a fixed amount of money from one mutual fund scheme to another at regular intervals.
Switches: Allow investors to switch their investment from one mutual fund scheme to another.
Registration: The source and target schemes have to be selected at the time of registering the STP or Switch. The schemes from and to which transfers and switches can be made are defined by the mutual fund.
Cancellation: Mutual funds will require a notice period for registering and cancelling the STP.

Execution of Systematic Transactions

Transaction Execution: Each tranche of a systematic transaction will be executed at the applicable NAV on the date of the transaction.
Loads and Taxes: The investor will have to bear the loads and taxes as applicable.
Cancellation: A systematic transaction can be cancelled at any time by giving the mutual fund notice in writing.

Triggers

Trigger Option: Some mutual funds offer a trigger option that allows investors to book profits or stop losses by specifying a particular level of the market or NAV.
Types of Triggers: Triggers can be set on the value of indices or the investment. Investors can choose to redeem just the appreciation or the entire holding value on the activation of the trigger or a percentage of the current value of the investment.
Cancellation: A trigger is a one-time facility that extinguishes when the trigger is activated and the corresponding action is completed.

Non-Financial Transactions in Mutual Funds

Nomination: Investors can nominate a person to receive their unit-holding in the event of their demise.
Nominee: The nominee can be an individual, including minors and NRIs, central and state governments, and local authorities.
Change in Nomination: A nomination can be changed or cancelled at any time. The change or cancellation has to be made by all the unitholders who made the original nomination.

Pledge/Lien of Units

Pledge Form: Units can be pledged as security for a loan by executing a Pledge Form.
Lien: The units that are offered as security for a loan should have completed the lock-in period if any.
Cancellation: Once units are pledged, the Unit-holder/s cannot sell or switch out the pledged units, until the pledgee gives a written no-objection to release the pledge.

Demat Account

Dematerialisation: Dematerialisation is a process whereby an investor’s holding of investments in physical form is converted into a digital record.
Demat Account: Investors can open a demat account with a depository participant to hold their mutual fund units in demat form.
Benefits: The benefit of holding investments in demat form is that investors’ purchase and sale of investments get automatically added or subtracted from their investment demat account, without having to execute cumbersome paperwork.

Investor Services (Part 12)

Demat Account: Investors can choose to get their existing units dematerialized, and the units will be added to their demat account. The proceeds of redemptions and dividend payouts will be credited to the bank account linked to the demat account.
Benefits of Demat Account:
- Less paperwork in buying or selling mutual fund units
- Direct credit of bonus and rights units into the demat account
- Change of address or other details needs to be given only to the Depository Participant
- Consolidation of all investments in mutual funds, direct equity, debentures, and others under one account
Rematerialisation: The process of converting demat units into physical form.

Change in Folio Details

KYC Registration Agency (KRA): Prescribes a change form to be used to register changes in information provided at the time of the Know Your Customer (KYC) process.
Change in Personal Information:
- Change in Name
- Change in Status/ Nationality
- Change in PAN
- Change in permanent address or address for correspondence
- Change in Contact Details
- Change in name of spouse/father
Procedure for Change: The individual has to provide the name, date of birth, PAN or PERN, and Aadhaar number, as per the original KYC records, and submit a self-attested copy of the PAN, along with the change request.

Change in Bank Account Details

Registration of Bank Accounts: Investors can register up to five bank accounts with a mutual fund for individual investors and 10 for non-individuals.
Default Bank Account: One of the registered accounts will be designated as the default account into which all the dividend and redemption proceeds will be credited.
Procedure for Change: The investor can add or delete accounts within the limits specified, and the form should be accompanied by a cancelled cheque of the said account with the name of the first holder of the mutual fund folio pre-printed on it.

Transmission of Units

Transmission: The process of transferring units to the person entitled to receive them in the event of the death of the unitholder.
Nomination: Nomination is only an authorization for the mutual fund to transfer the units to the nominee in the event of demise of the unit-holder.
Procedure for Transmission: The mutual fund will insist on the KYC documentation from the nominee, the death certificate of the deceased unit-holder, and an indemnity against future problems for the mutual fund arising out of the transfer.

Change in Status of Special Investor Categories

Minor turned Major: Once the minor becomes major, financial transactions are disallowed in their account, and the minor-turned-major has to complete the KYC process and provide updated bank account details.
Procedure for Change: The minor-turned-major needs to submit an application for change in status from Minor to Major in a prescribed form, along with the prescribed documents.

Investor Services (Part 13)

Minor Attaining Majority: When a minor attains the age of majority, their account is frozen, and no further transactions are permitted until the status is changed to "major".
Requirements for Change in Status:
- Apply for PAN and obtain a PAN card
- Complete the KYC process
- Change the status in the existing bank account from Minor to Major or open a new bank account
Documents Required for Change in Status:
- Prescribed MAM form duly filled
- Copy of PAN Card
- KYC Acknowledgment or a duly completed KYC form
- Cancelled cheque leaf with the applicant's name pre-printed or the applicant's latest Bank Statement/Passbook
- Signature attestation by the bankers
- Nomination Form
- Fresh SIP, STP, SWP mandate in the prescribed form (if applicable)

Change in Status from NRI to Resident Indian

Bank Account: Inform the bank about the change of status and open a Resident Rupee Account
Demat Account: Inform the change of status to the designated authorized dealer branch and open a new demat account with 'Resident' status
Mutual Fund Investments: Inform the AMCs about the change of status, change of address, and bank details

Change in Karta of HUF

Letter from the New Karta: Stating the reason for the change of Karta, with the name of the deceased Karta, folio number, scheme, and unit details
KYC Documents: Of the new Karta and the HUF (if not already KYC compliant)
Enclosures:
- Attested copy of death certificate
- Bank certificate stating signature and details of the new Karta
- Indemnity bond signed by all co-parceners and the new Karta

Investor Transactions – Turnaround Times

NAV Calculation and Disclosure: On a daily basis
Mutual Fund Schemes: Remain open for subscription for a maximum of 15 days
Unit Allotment or Refund: Within 5 business days of closure of NFOs
Re-opening for Ongoing Sale/Repurchase: Within 5 business days of allotment
Transfer of Dividend Warrants: As specified by the Board from time to time
Redemption or Repurchase Proceeds: Within the period specified by the Board from time to time

Statement of Account and Unit Certificate

Statement of Account: To be issued within 5 working days of the receipt of the request
Unit Certificate: To be issued within 2 working days of the receipt of the request for close-ended schemes
CAS (Consolidated Account Statement): To be issued as per the timeline specified by SEBI

Unclaimed Assets

SEBI's Efforts: To minimize the creation of unclaimed assets in the securities market
Implementation: Of several measures to address the issue of unclaimed assets in the Indian securities market

Investor Services (Part 14)

Measures for Investor Services: The measures include stipulation of norms for inactive/dormant accounts and folios, mandating furnishing of contact and bank details by investors, nomination or opt-out, simplification of transmission norms, and a centralized mechanism for reporting demise of investor.
Mutual Fund Investment Tracing and Retrieval Assistant (MITRA): A platform developed by RTAs to trace inactive and unclaimed mutual fund folios, allowing investors to identify overlooked investments, encouraging KYC compliance, reducing unclaimed folios, and building a transparent financial ecosystem.
Key Features of MITRA:
- Enables investors to identify overlooked investments
- Encourages investors to complete KYC as per current norms
- Reduces unclaimed mutual fund folios
- Contributes to a transparent financial ecosystem
- Mitigates fraud risk
Access to MITRA: The platform can be accessed through a link on the websites of AMCs, QRTAs, AMFI, and SEBI.
DigiLocker: A digital document wallet that facilitates citizens in obtaining and storing documents, and can be used to make mutual fund and demat holding statements available in a single account.
Nomination Facility: DigiLocker provides a nomination facility, allowing users to specify nominees who can access their digital information upon their demise.
Benefits of DigiLocker: Inclusion of mutual fund and demat holding statements can make entire financial holdings of individuals available in a single account.