Investment Tips: Now mutual fund investors must do this, know the whole process

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If you are a mutual fund investor who uses online platforms to do financial transactions like redeem, then there is important news for you.

If you are a mutual fund investor who uses online platforms to do financial transactions like redeem, then there is important news for you. From June 1, you will be able to do such transactions only if they are validated through two-factor authentication.

if you Mutual Fund There is investors who use online platforms to make financial transactions like redeem, then there is important news for you. From June 1, you will be able to do such transactions only if they are validated through two-factor authentication. This means that the investment One Time Password (OTP) will be sent to the registered mobile number or email ID of the And the investment has to be entered before the transaction is processed. Mutual fund houses are sending out emails reminding investors, and asking them to update the mobile numbers in their folios. So that they can do further redemption, switch, etc.

Apart from this, Motilal Oswal Mutual Fund, Mirae Asset Mutual Fund, etc. have also sent similar emails to investors informing them about two-factor authentication for redemption, switch, STP, and SWP registration. OTP will be sent to the registered mobile number and email address of the customer. Investments whose mobile number is not registered with their mutual fund investments can do so through the following methods:

Submitting the physical application to the fund house

One can apply to every mutual fund house where his/her investment is present. Mutual fund houses can update mobile numbers in their records. Once the updation is done, then the investor will be able to transact online.

Updating Mobile Number in KYC Records

If the investor updates his mobile number in the KYC records, then wherever his mutual fund investments are present, they will update the mobile number. However, keep in mind that it is time-consuming and a longer process than applying directly to the mutual fund house.

Submitting a request in CAMS

One can also submit a request to update mobile numbers online through CAMs. The link to do the same is given: https://www.camsonline.com/Investors/Service-requests/GoGreen/PAN-based-service-request

CAMS is the Registrar and Transfer Agents (RTA) of the Mutual Fund House, who handle the records of the investors on behalf of the Mutual Fund House. One has to update his/her PAN number and mobile number to update it. Keep in mind that in the online process, investors will be asked to submit proof of KYC verification.