How to move to Direct Mutual Funds option ?

POSTED BY atanu ON January 2, 2015 11:50 am COMMENTS (8)

Hi,

I am investing by SIP(1000) on ICICI Prudential Focused Bluechip Equity Fund(regular) through a broker.

I want to invest further SIP 1000 on this fund without broker, means Direct Plan (By inspiring Manish Blog).

I do not want to know/inform my broker for that (because of he do not want the Direct way)

My query is:

1. During filling form, there is a column for ‘existing plan’. If I give my old plan, then, are there any possibility to my broker that, I have taken same policy further( through Direct Plan).

If so, then what should I do for taking Direct plan, ( keeping old policy intact with this Broker).

I CAN NOT change Regular plan to Direct plan for this EXISTING fund(means which I have taken already).

2. If there are any difficulties facing , to take Direct plan(new) along with existing regular plan?

Thank you in advance

8 replies on this article “How to move to Direct Mutual Funds option ?”

  1. anilmegur says:

    Hi ,

    I have ICICI demat account. As per in their website they charge 1.5% or Rs.30 whichever is lower for the SIP investment or Rs.100 for lumpsum investment.
    Is it better to invest through demat account? by this I will have all the investment in one window.

    Anil

    1. atanu says:

      Thanks for your reply. But my query is different. Anyway thanks.

    2. Amrutha says:

      Your broker will come to know if you buy direct plan under the same folio number.
      To avoid this, you can visit ICICI amc and create a new Folio.
      Once new folio is created, you can buy funds directly online under the new folio number.

      1. atanu says:

        Thank you for your valuable reply.
        If you have more information regarding this, plaese inform.
        Thank you in advance.

  2. Hemanth says:

    first register in the icici prudential website with your existing folio details. Before that make sure email-id, mobile are updated against the folio. these might be mandatory.

    After you register, you can do transactions there. there you can start new SIP. you can switch all your investment in regular to direct in a click.

    when u switch from regular to direct, it is treated as redemption from regular plan and new investment into direct plan. So, exit load, tax will be applicable accordingly. So, check that before you switch.

    Let me know if u have any queries.

    1. atanu says:

      Thank you Hemanth.
      Actually my query is little different.
      The scenario is:-
      (A)
      1>Through a BROKER( ARN xxx), I am investing by SIP(1000) on ICICI Prudential Focused Bluechip Equity Fund(regular) .
      2> For personal reason, I CAN NOT change existing Regular plan to Direct plan (means folio,which I have taken already through broker , can not change Regular to Direct).

      (B)
      1>By inspiring Manish Blog, I want to invest further SIP 1000 on this fund without broker, means Direct Plan.
      2>I do not want to inform my existing BROKER( ARN xxx) for that (because , he do not want the Direct way)

      My query is:

      1. During filling form, there is a column for ‘existing plan’. If I give my old plan folio no, then, are there any knowing possibility to my existing BROKER( ARN xxx) that, I have taken same policy further( through Direct Plan).
      Actually I do not want, that my existing BROKER( ARN xxx) is informed ‘policy taken by me in direct way’.

      2. If there are any difficulties facing , to take Direct plan(new) along with existing regular plan?

      Thank you in advance

      1. Hemanth says:

        I dont think he will know about your Direct investment. Why do u want fill form and submit when u can do everything online ?

        1. atanu says:

          Many thanks for your reply.
          So according to you , exiting folio-broker will not know my Direct investment. Ok thanks for this information.
          (A)
          But one thing, when I filling form for Direct investment(either online or in paper) :
          if there is a column to mention ‘existing folio ‘ , then if I’ll mention my existing folio, please inform, whether old folio switch from regular to direct. If so then you know broker’ll know this. Then it’ll my personal problem.
          And please also advice, whether I ‘ll mention my existing folio.

          (B)
          You have also advised me,to go in online.
          Actually I have some hesitation for online during taking new folio. Because, there are no guide to rectify me for the every column(if any doubt is occurred). So may be I’ll consider CAMS or other, for Direct investment in paper form. And also I have no experience for online. And also I am being afraid, in Far future, if I’ll face problem for any little/ big mistake during taken Direct fund in online. Hence hesitation for online.

          Thank you

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