Change of name in mutual funds schemes

POSTED BY Vineet ON June 21, 2011 7:14 pm COMMENTS (5)

How to get name changed in Mutual fund units? My wife has ICICIDirect account in her maiden name. Her demat account, trading account and savings account all were in her maiden name. Her KYC has been done on her name after marriage. So we decided to get her name changed after we heard news of KYC enforcement on on mutual funds by SEBI. As first step we got her name changed on savings account. It was done successfully. But when we visited ICICIDirect store, we came to know that they do not have any process to get name changed with Mutual funds or demat account. We were in shock. Because now direct debit of MF redemptions or dividends coming started failing and we started getting checks for all. To submit check to bank account we have to submit a written application and copy of marriage certificate every time since the name does not match with account holder.

Is there any procedure to get name changed on mutual fund holdings and demat account? We are ok to move MF holdings in offline mode since ICICIDirect is not ready to do name change.

 

5 replies on this article “Change of name in mutual funds schemes”

  1. sanjayjain says:

    dear sir
    i hold units in sbi magnum multiplier plus scheme. it was subscribed in 2005. at that time we did not register PAN, BANK DETAILS, EMAIL OR MOBILE NO. the name in the units is SUNITHA, but her name in PAN CARD AND AADHAR CARD is SUNITHADEVI, her bank account is by the name sunita,

    since the proofs are in different names, my redemption request are rejected. how do i solve the problem. can i register the bank ac details without updating the PAN details , for redemption purpose.

    1. Yes, you will now have to submit the name change request in bank and once its done, you can then again apply for redemption !

  2. Here is an answer from Srikanth of FundsIndia.com

    ——

    There are two approaches to this –

    The name in the PAN card is key. If the original investments were done using the PAN number, and the name in the PAN card has been updated, the new PAN card can be submitted to the R&T companies with a written request to change the name. The investor is better off approaching the R&T offices for their MF holdings in any case.
    If PAN number was not given, then the only way would be to get out of the current holdings and re-invest. Short term pain and possible exit load/tax consequences, but long-term sanity will be safe.

    ——–

    1. Vineet says:

      R & T companies mean CAMS and Karvy likes?

  3. Vineet

    I have asked Srikanth of FundsIndia on this query , let me get back with answer in 1-2 days

    Manish

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Download Our FREE Ebook!

Available only for first 100 people today

Download Our FREE Ebook!

Available only for first 100 people today