The Prevention of Money Laundering Act (PMLA) Rules, 2017 has asked all Mutual Fund houses to get the Aadhaar of their customers and link it to the respective MF accounts. This has to be done by December 31, 2017.
All MFs will soon want their investors to submit their Aadhaar numbers and link it to the mutual fund accounts. Many of us have investments in multiple MF schemes. It would take a considerable effort and time to link Aadhaar to every MF investment. So how do we go about it?
CAMS (Computer Age Management Services), the Registrar and transfer (R&T) agent has an online feature that will allow investors to link mutual fund investments to Aadhaar. CAMS provides service to many mutual fund houses like Birla Sun Life MF, HSBC MF, HDFC MF, ICICI MF, IDFC MF, SBI MF, Tata MF and a few more. You can link all your schemes of these MF houses using the online feature of CAMS. How to link the two -
1) Visit the website - https://www.camsonline.com/InvestorServices/COL_Aadhar.aspx and input the following details -
- PAN number
- Aadhaar Number
- Mobile number
2) If all details are correct, the page is populated with the names of the fund houses with which you hold MF schemes.
3) Select all and enter your registered mobile number and email ID.
4) An OTP will be sent to you. Input this number and submit the form.
5) You will receive an acknowledgement.
If for some reason, the online mode does not work, you can download the form from here, fill it and submit to a nearby CAMS centre.
It may happen that all your funds are not listed. In this case, you can check with Karvy, Franklin Templeton International Services and Sundaram BNP Paribas Fund Services and use their linking facilities.
Karvy also has launched an online facility for linking Aadhaar to PAN. Here is the method to go for if you want to go online -
- Visit this link - https://www.karvymfs.com/karvy/Aadhaarlinking.aspx
- Enter your PAN number and click on 'Generate OTP'.
- The OTP will be sent to the registered mobile number.
- Enter the OTP, give your consent for Karvy to access your Aadhaar number and enter Aadhaar number.
- If the information is correct, you will receive an email from Karvy confirming that your PAN and Aadhaar are linked.
There are other ways too -
SMS Approach – You send the SMS 'ADRLNK <PAN> <space> <AADHAAR NUMBER> <space> <space> <Y> to 9212993399 from your registered mobile number. Once the details are authenticated the linking will be done for all your MF folios serviced by Karvy Computershare.
Distributors Approach - Registered distributors can scan and upload the form for Aadhaar linking for their clients.
The Government considers this step as another measure to tighten the loopholes that some unscrupulous investors exploit to evade taxes and convert black money into white using MF investments. If the MF schemes are not linked to Aadhaar by 31st December, 2017, the folios will be frozen and you will not be able to invest nor redeem. This can upset your financial planning. It is therefore better to complete this task.