POSTED BY October 18, 2013 2:58 pm COMMENTS (3)ON
I want to invest directly to the AMCs and I have the folio numbers for all of them (through my existing investment through my demat account. So current MF folios are held in demat form). Now, the problem I am facing is that when I speak to the respective AMCs, they say that they can’t update my email id/mobile no etc (which is required in most of the AMCs to invest online) since its a demat folio and the changes can be made only by the demat provider.
My demat provider says that there is no need to update anything in folio and any information/service will be given by us (i.e. the demat provider sharekhan). Worse, some AMCs are saying that even after I register on their websites, I can’t invest using the same folio as that is a demat folio and any purchase/redemption request can only be placed through sharekhan. (e.g. I have registered with ICICI pru tracker and I am able to see my investments and their system is allowing me to purchase/redeem but customer care it saying it will be declined later on because its a demat folio)
Is there any work around for this? ICICI pru guys are saying either I should open a new folio with them by making first physical investment or I should covert my demat folio into physical form by submitting a request to sharekhan and then I can directly transact from their website.
Kindly guide me or let me know the right person who can guide me.