Build Your Wealth with Mutual Fund
SMIFS Limited, an AMFI registered Mutual Fund Distributor, Headquartered in Kolkata, Offices in Mumbai, Goa, Delhi, Pathankot, Bhubaneswar, Balasore and representative offices in Chennai, Bengaluru, is empaneled with all leading fund houses and also has a dedicated mutual fund desk which, along with our research team ensures the growth of our client’s investments. Moreover our mutual fund team has had an excellent track record when it comes to servicing clients and selecting the best suited schemes depending upon our client’s preferences. Apart from this our research team also provides regular ratings and updates on the best Mutual Funds in the market. The clients can invest their money in a wide range and types of mutual funds.
A Mutual Fund is primarily a collection of stocks and/or bonds. It can be thought of as a company that brings together a group of people and invests their money in stocks, bonds and other securities. Thus each investor owns units, which represents a portion of the holdings of the entire fund. it is set up by the Sponsor or Promoter. An asset management company (AMC) is appointed to oversee and manage the fund’s portfolios. An investor invests in mutual fund scheme in exchange for units. Some fund units can be bought only during a New Fund Offering, while some can be bought at any time. This money collected from a pool of investors is then used to purchase stocks, bonds, money-market instruments, government securities, ETFs, gold and so on. The scheme’s prospectus will give a detailed idea about the kind of assets that will be purchased. The AMC generally charges a small fee for managing the assets. The portfolio is managed by the AMC. They regularly buy and sell the assets. Any profits made would be distributed amongst the investors as dividends.
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Reasons To Invest In Mutual Funds
Provides Diversification: A big advantage of mutual funds is that investors can buy and get instant access to several uncountable stocks or bonds.
Comes in Varieties: Mutual funds provides a vast list for investors. These include stock funds, bond funds, sector funds, target-date mutual funds, money market mutual funds, ELSS and balanced funds.
Professional Management: Managers and analysts of mutual funds analyze the recent and potential mutual fund holdings so as to ensure maximum returns with minimum risks.
Are Liquid: Mutual fund investors can request their shares to be converted into cash at any time, just like individual stocks.
Timing: One of the most important factors of stock market is time. By investing in Mutual Funds, investors do not need to worry about the buying and selling of the stocks at the right time.
Transaction cost: Don’t want to pay fees for individual stock everytime? Mutual Funds is here to save you. Pay your fee all at once and start investing in mutual funds online.
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Detect The Risks Before They Cause Any Harm
Stock market is volatile. Thus, the risks associated with it are common and can come anytime as a surprise. To manage such risks, investors can start managing funds through our SMIFS Mutual Funds Application and enjoy the wealth creation journey.
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Don’t worry. We have brought to you a seamless and effortless transaction experience that will save a lot of your time.
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Check in detail the past performance, holdings and CAGR of all Mutual Funds.
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MF IMPORT FACILITY
Import your existing Mutual funds portfolio from other platforms
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Life Goal calculators to calculate SIP amount
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FREQUENTLY ASKED QUESTIONS
What is Mutual Funds?
As a corporate body, A Mutual Fund is a pool that stores the savings of investors and uses these investments for different financial instruments. A certain amount of income and capital appreciation is received as a result of such investments. The income is realised by unit holders or investors who share a scheme and is in relation to the number of units held by each investor. Mutual funds are financial intermediaries in the investment business that has the primary job of collecting funds from the public and investing it on behalf of the investors.
However, the losses and the gains are owned by the investor itself . The investment objectives of mutual funds are blinded by their schemes. They specify the class of securities where a mutual fund can invest. The MF invests in several asset classes like equity, bonds, debentures, commercial paper and government securities.
What is Asset Management Company?
The AMC or Asset Management Company is a highly regulated organization that has the primary job of pooling money from investors to invest in the same portfolio. The fees charged by an AMC is less.
What is NAV?
NAV or Net Asset Value of the fund is the cumulative market value of the investments of the fund subtracting the liabilities. NAV per unit is simply the net value of the investments divided by the number of units outstanding in the market. Investors buy and sell on the basis of the NAV related prices. The following shows the NAV calculation:
NAV= Market value of the fund’s investments + Receivables + Accrued Income – Liabilities – Accrued Expenses The performance of a particular scheme of a mutual fund is denoted by Net Asset Value (NAV) and it varies on daily basis. For example, if the market value of securities of a mutual fund scheme is ₹2 Crores and the mutual fund has issued 10 lakhs units of Rs. 10 each to the investors, then the NAV per unit of the fund is ₹.20.
How often is NAV declared?
Mutual funds should disclose the NAV regularly (on all business days or every week) depending on the scheme type. According to SEBI guidelines, the NAV of a particular scheme should be calculated and published in two daily newspapers within a week. Even the mutual fund websites show the NAV. Further, the mutual funds should also put their NAVs on the website of Association of Mutual Funds in India (AMFI) (www.amfiindia.com). This way the investors will be able to access all the MFs from one place.
What are the different types of Mutual Funds?
Equity Funds/ Growth Funds: Funds investing in equity shares are called equity shares. that invest in equity shares are called equity funds. These funds have the principal objective of capital appreciation, starting with medium to long-term. The return offered for such investments is volatile for they are linked to the securities market. For those seeking capital appreciation, these funds are the best. The different types of equity funds include Diversified Funds, Sector Specific Funds and Index Based Funds.
- Diversified Funds: For investors who are willing to take risks, this fund is best suited. Such investors do not stay bullish about any particularly company and invest in a number of securities.
- Sector Funds: Investors invest such funds mostly in a company’s equity shares of a particular business or industry. For those who are highly bullish about a particular sector or industry, these funds are most appropriate.
- Index Funds: Investor invest these funds in the same pattern as the market indices like S&P 500 and BSE Index. However, the index fund valuation varies, when compared to the benchmark index.
Tax Saving Funds: For investors looking for tax benefits under the Income Tax Act , receive opportunities based on the scheme, in the form of tax rebates U/s 88 and savings in capital.
Debt / Income Funds: Such funds are predominantly invested in high-rated fixed-income-bearing instruments like bonds, debentures, government securities, commercial paper, etc. These funds are suited for medium to long term investors who support risk aversion and seek regular income and safety of their capital.
Liquid Funds / Money Market Funds: Such funds are invested in highly liquid money market instruments. These funds have high liquidity and can have a short or long investment period. Further they also are an alternative for savings and short-term fixed deposits and comparatively provide higher returns. For corporates, institutional investors and business houses, these funds are ideal for such people for they invest for very short periods.
Gilt Funds: Such funds are invested in Central and State Government securities. Since these are Government backed bonds, the safety of the principal amount and a secured return are most likable. These funds are also suitable for medium to long-term investors who are averse to risk.
Balanced Funds: Such funds make investments in both equity shares and fixed-income-bearing instruments (debt) in some proportion. These funds provide a steady return and also reduce the volatility of the fund while providing for capital appreciation. For medium- to long-term investors who are willing to take moderate risks, this fund is ideal.
Hedge Funds: These funds adopt trading strategies that are highly speculative. They hedge risks for increasing the value of the portfolio.
What are the benefits of investing in Mutual Funds?
- Mutual Funds are managed by qualified and experienced professionals. Investors may have a reasonable capability but for assessing a financial instrument, a professional analytical approach is required for assessing research and information, time and methodology for making good investment decisions.
- A diversification of mutual fund investments in a number of stocks reduces risk. This way, many small investors get an opportunity for investing in large basket of securities.
- The time and effort that is required for tracking investments, collecting income, etc. from various issuers, etc is saved by the investor.
- When the investor has lumpsum amount, he/she can start investing in small amounts.
- SEBI (Mutual Funds) Regulations, 1996 regulates and guides Mutual Funds and ensures transparency of investments.
- For open-ended funds, the liquidity of the investment allows it to be redeemed with the fund at any time. This is not the case for direct investment in stocks/bonds.
Are there risks involved with investing in Mutual Funds?
Fixed deposit, Bonds and other Government securities do provide guaranteed returns, unlike Mutual Funds. The performance of the underlying asset where they invest (shares, debentures etc) and the risk associated with them monitors the returns. The company’s performance may effect the unit value and companies’ payment of interest on their debentures. Further, the changes in macro level policies & regulations may also affects the Indian economy which in turn affects the performance of the mutual funds.
What is Entry Load?
The non refundable fee paid to the Asset Management Company at the time of purchase of mutual fund units is termed as Entry Load. Entry Load is added to the NAV (purchase price) when you are purchasing Mutual Fund units.
What is Exit Load?
The non refundable fee paid to the Asset Management Company at the time of redemption/ transfer of units between schemes of mutual funds is termed as exit load. It is deducted from the NAV(selling price) at the time of such redemption/ transfer. Exit load is not a standard charge; it varies from scheme to scheme depending upon the type & objective of the scheme. The funds which do not charge exit loads are known as ‘No Load Funds’
What is Purchase Price?
Purchase price is the price paid by you to purchase a unit of a mutual fund scheme. If the fund levies an entry load, then the purchase price would be equal to the sum of the NAV and the entry load levied.
What is Redemption Price
Redemption price is the price received on selling units of open-ended scheme. If the fund does not levy an exit load, the redemption price will be same as the NAV. The redemption price will be lower than the NAV in case the fund levies an exit load.
Is there any tax applicable on the redemption of Mutual Funds?
Yes. The tax applicable is called as STT i.e. Security transaction tax which is 0.25%. STT is applicable only in case of redemption of equity linked schemes.
What is Re-Purchase price?
Repurchase price is the price at which a close-ended scheme repurchases its units. Repurchase can either be at NAV or can have an exit load
What is a Switch?
Some Mutual Funds provide the investor with an option to shift his investment from one scheme to another within that fund. For this option the fund may levy a switching fee. Switching allows the Investor to alter the allocation of their investment among the schemes in order to meet their changed investment needs, risk profiles or changing circumstances during their lifetime.
What is SIP - Systematic Investment Plan?
Systematic Investment Plan (SIP) means an option available with the Customer for investing, at a specified frequency, in a specified Scheme of the Fund, a fixed amount of Rupees for purchasing additional units at the applicable NAV on a specified date, assuming that the provisions of the Offer Document of the respective Scheme shall always be applicable for SIP transactions
What is STP?
Systematic Transfer Plan (STP) means an option available with the customer who holds Units to transfer a pre determined amount or a variable amount subject to deduction of tax, if any, at a specified frequency, from a specified Scheme of the fund to another specific scheme of the fund at a specified period at a specified frequency at the applicable NAV on a specified date, assuming that the provisions of the Offer document of the respective Schemes shall always be applicable for STP transactions.
Is there any minimum lock-in period?
There is no lock-in period in the case of open-ended funds. However in the case of tax saving funds a minimum lock-in period is applicable. The lock-in period for different tax saving schemes are as follows:
|Section||Minimum lock-in period|
|U/s 88||3 yrs.|
|U/s 54EA||3 yrs.|
|U/s 54EB||3 yrs.|
Can I place a direct request to AMC for the investments done through SMIFS Limited?
What are the factors that influence the performance of Mutual Funds?
The performances of Mutual funds are influenced by the performance of the stock market as well as the economy as a whole. Equity Funds are influenced to a large extent by the stock market. The stock market in turn is influenced by the performance of the companies as well as the economy as a whole. The performance of the sector funds depends to a large extent on the companies within that sector. Bond-funds are influenced by interest rates and credit quality. As interest rates rise, bond prices fall, and vice versa. Similarly, bond funds with higher credit ratings are less influenced by changes in the economy.
I don’t have an account with SMIFS Limited, but would like to invest in Mutual Funds. What do I do?
You can contact any of our branches to open an account or fill in the Application Form for opening an online trading account and our Customer Service Executive/ Relationship Managers will visit / contact you when you open your account. Once the processing of your form is completed, you can start investing in Mutual Funds online.
Can I transact on a holiday?
Yes. You can place your request even on a holiday. However, the request will be processed only on the next business day and the respective NAV will be applied as per the Mutual Funds’ Offer Document.
What is cut-off timings?
Applicable NAV and Cut off
Where the application is received up to 2.00 p.m. on a day and funds are available for utilization before 2:00 p.m. without availing any credit facility, the closing NAV of the day immediately preceding the day of receipt of application.
Where the application is received after 2.00 p.m. on a day and funds are available for utilization on the same day without availing any credit facility, the closing NAV of the day immediately preceding the next business day; and Irrespective of the time of receipt of application (before or after 2:00 p.m. on a day), where the funds are not available for utilization before 2:00 p.m. without availing any credit facility, the closing NAV of the day immediately preceding the day on which the funds are available for utilization.
Where the application is received up to 3.00 pm – the closing NAV of day immediately preceding the next business day; and
Where the application is received after 3.00 pm – the closing NAV of the next business day.
Other Schemes [other than Liquid Funds]
For amount less than Rs.2 lakh
Where the application is received up to 3:00 p.m., closing NAV of the day on which the application is received.
Where the application is received after 3:00 p.m., closing NAV of the next business day.
For amount equal to Rs.2 lakh or more
Where the application is received up to 3:00 p.m. and funds are available for utilization before 3:00 p.m., closing NAV of the day on which the application is received.
Where the application is received after 3:00 p.m. and funds are available for utilization, closing NAV of the next business day.
Irrespective of the time of receipt of application (before or after 3:00 p.m.), where the funds are not available for utilization, closing NAV of the day on which the funds are available for utilization.
Where the application is received up to 3.00 pm – closing NAV of the day on which the application is received; and
Where the application is received after 3.00 pm – closing NAV of the next business day.
What is KYC?
SEBI – Know Your Client (KYC) NORMS : SEBI, based on feedback from investors, found that though certain basic requirements have been prescribed for Customer Due Diligence (CDD) or Know Your Client (KYC) for various SEBI registered intermediaries such as Mutual Funds, Portfolio Managers, Collective Investment Schemes and Venture Capital Funds, no specific KYC format had been prescribed. As a result, these intermediaries used different KYC formats and supporting documents. Thus, in order to bring uniformity in the Know Your Customer (KYC) process in the securities market and develop a mechanism for centralization of the KYC records and also to avoid duplication of KYC Process across the intermediaries in the securities market; SEBI vide Circular No. MIRSD/SE/Cir-21/2011 dated October 5, 2011, SEBI (KYC Registration Agency) Regulations, 2011 and Circular No. MIRSD/ Cir-26/ 2011 dated December 23, 2011 introduced the concept of KYC Registration Agency (KRA) effective January 01, 2012 and also KYC (s) are to be registered with CKYCR (Central KYC Records Registry) vide SEBI vide Circular No. CIR/MIRSD/66/2016 dated July 21, 2016.
Fill the new KYC application form: Documents evidencing Proof of Identity and Proof of Address to be provided (List of requisite KYC documents for individuals and non-individuals are mentioned in the KYC Application Form)
What is IPV?
IPV stands for In Person Verification wherein verification of investor is carried out in-person by the intermediary at the time of accepting the documents from the investor for KRA/CKYC registration.
Investor(s) must note that KYC compliance is mandatory at the time of submission of each subscription request with the designated Official Points of Acceptance.
Applications by investors without valid KYC are liable to be rejected.
It is strongly recommend all our Investors to be KYC Compliant by completing the KYC formalities, in accordance with applicable KYC rules in force from time to time, at the earliest so they can continue to invest with us smoothly.
How and where can you check the status of your KRA?
PAN is required to be entered on the CVL KRA website (under KYC Inquiry) to check the status of the KRA. Then based on the status received from the cvlkra site, clients have to action out as mentioned in the chart below.
|Status of PAN||Action to be taken by Client||Can Invest in|
|Verified by CVL KRA||NIL||All Mutual Funds|
|MF – Verified by CVLMF*||Complete KRA by submitting the modification form along with the documents to an AMC wherein you have investments||Existing Folios only|
|Rejected – Present in NDML||PAN status to be checked on NDML KRA website||All Mutual Funds if status is “KYC Registered”|
|Rejected – Present in DOTEX||PAN status to be checked on NSE KRA website||All Mutual Funds if status is “Approved”|
|Rejected – Present in CAMS KRA||PAN status to be checked on CAMS KRA website||All Mutual Funds if status is “Verified”|
|Not Available||Submit documents to any intermediary for KRA registration||Cannot invest in MF|
|‘* For Modification form, pls. visit https://www.cvlkra.com/, click on Downloads ‘ KYC Forms (Zip file will be downloaded), select KYC Change Individual Forms.PDF|
|KRA Agency||Web Link|
The existing KYC compliant investors can continue to invest as per the current practice. However, existing investors are also urged to comply with the new CKYC requirements.
How to update your KRA/CKYC with SMIFS limited to invest in Mutual Funds?
Once your KRA has been completed through any AMC and the status of your KRA is “KYC Registered/ Verified/ Approved with KRA” on any of the KRA websites, please contact SMIFS Limited Customer Care Help Desk / Relationship Managers for updation of your KRA in our system basis which we will activate your account for investments in mutual funds.
Can I place nomination requests for online mutual funds portfolio subscribed through SMIFS limited?
Yes. There is an online facility to place nomination request.
How to add/cancel/modify nominee?
The SEBI (Mutual Fund) Regulations, 1996, notifies that the mutual fund shall provide for nomination facility to the unit holders to nominate a person in whose favor the units shall be transmitted in the event of death of the unit holder.
Nomination is mandatory for single mode of holding along with complete details of full address of the nominee.
All holders in the folio need to sign the nomination form, irrespective of the mode of holding.
Nomination shall not be allowed in a folio held on behalf of a minor.
Non-individuals including society, trust, body corporate, partnership firm, Karta of Hindu Undivided Family, holder of Power of Attorney cannot nominate.
The Nominee shall not be a trust (other than a religious or charitable trust), society, body corporate, partnership firm, Karta of Hindu Undivided Family or a Power of Attorney holder.
The Nominee shall not be a trust (other than a religious or charitable trust), society, body corporate, partnership firm, Karta of Hindu Undivided Family or a Power of Attorney holder.
Nomination form cannot be signed by Power of Attorney (PoA) holders.
Investors who do not wish to nominate must sign separately confirming their non-intention to nominate.
A non-resident Indian can be a Nominee subject to the exchange controls in force, from time to time.
Investors who want to make multiple nominations need to fill the separate Multiple Nomination Form.
To modify/cancel an existing nomination, the investor is required to fill in the Modification/Cancellation form and submit the same duly signed to the Customer Service Center.
The cancellation of nomination can be made only by those individuals who hold units on their own behalf, single or jointly and who made the original nomination and the request has to signed by all the holders.
On cancellation of the nomination, the nomination shall stand withdrawn and the AMC shall not be under any obligation to transfer the units in favor of the Nominee.
What is the process of change in address in folio?
Change of Address:
KYC Complied Folios / Investors: In case of change of address for KYC complied (verified)folios, the investors shall be required to submit the below stated documents to the designated intermediaries of the KYC Registration Agency: Proof of new address (POA) and, Any other document the KYC Registration Agency / Central KYC Authority may specify from time to time.
KYC not Complied Folios/ Investors: In case of change of address for KYC not complied (not verified) folios, the investors shall be required to submit the below stated documents: Proof of new address and, Proof of Identity (POI): Only PAN card copy, if PAN is updated in the folio; In case where PAN is not updated, copy of PAN card or the other POI as may be prescribed.
However, it is advisable to these investors to complete the KYC process.
Units in Demat Mode: For investors holding units in demat mode, the procedure for change in address would be as determined by the depository participant.
Note: List of admissible documents for POA and POI as mentioned in the SEBI circular no. MIRSD/SE/Cir-21/2011dated October 5, 2011 shall be considered or any other or additional documents as may be required by SEBI, AMFI or SEBI authorized KYC Registration Agency from time to time.
In case, the original of any of the aforesaid documents are not produced for verification, then the copies should be properly attested/ verified by the authorities who are authorized to attest as per SEBI circular no. MIRSD/SE/Cir-21/2011 dated October 5, 2011.
Do I need to have a Demat account to transact in Mutual Funds?
Some schemes like ETFs are compulsorily allotted in demat mode. Hence to transact in such a scheme you need to have a Demat Account linked to your trading account. For allotment in physical mode there is no need for a Demat account. As per recent developments in the industry, units of all mutual funds schemes can be allotted in both the modes i.e. Physical as well as in Demat. Also, the depositories have allowed the DPs to facilitate holding of mutual funds in demat account.
What is ETFs - Exchange Traded Funds?
- These are Mutual funds schemes which are listed on exchanges i.e. NSE or BSE and are traded on the same.
- Prices of these schemes are derived through volumes of trade & demand, similar to any other stock
- Allotment under these schemes is compulsorily in Demat mode. Some of examples are : Liquid Bees, Gold Bees, etc.
Can an NRI buy Mutual Fund Units in the PINS account?
Yes. Being an NRI, mutual fund units can only be bought in NON-PINS account.
What are the benefits of investing in Mutual Funds online?
- Ease of tracking status & periodical variations in mutual funds
- Efficient & Speedy
- Avoid issuing of cheques & paper work every time you invest
- Ensures privacy of your investments
- Invest at your convenience through call & trade
What should an investor look into an offer document?
An abridged offer document, which contains very useful information, is required to be given to the prospective investor by the mutual fund. The application form for subscription to a scheme is an integral part of the offer document. SEBI has prescribed minimum disclosures in the offer document. An investor, before investing in a scheme, should carefully read the offer document. Due care must be given to portions relating to main features of the scheme, risk factors, initial issue expenses and recurring expenses to be charged to the scheme, entry or exit loads, sponsor’s track record, educational qualification and work experience of key personnel including fund managers, performance of other schemes launched by the mutual fund in the past, pending litigations and penalties imposed, etc.
When will an investor get the certificate or statement of account after investing in a mutual Fund?
Mutual funds are required to dispatch certificates or statements of accounts within six weeks from the date of closure of the initial subscription of the scheme. In case of close-ended schemes, the investors would get either a demat account statement or unit certificates as these are traded in the stock exchanges. In case of open-ended schemes, a statement of account is issued by the mutual fund within 30 days from the date of closure of initial public offer of the scheme. The procedure of repurchase is mentioned in the offer document.
How long will it take for transfer of units after purchase from stock markets in case of close-ended schemes?
According to SEBI Regulations, transfer of units is required to be done within thirty days from the date of lodgment of certificates with the mutual fund.
As an unit holder, how much time will it take to receive dividends/repurchase proceeds?
A mutual fund is required to dispatch to the unit holders the dividend warrants within 30 days of the declaration of the dividend and the redemption or repurchase proceeds within 10 working days from the date of redemption or repurchase request made by the unit holder.
what is the process of change in bank details?
Change of Bank Mandate: In case of change of bank request, the investors shall be required to submit the below stated supporting documents to effect the change:
Change of Bank Mandate Form
Original cancelled cheque of the new bank with the investor name mentioned on the cheque
Copy of the bank statement/pass book duly attested by the new Bank, evidencing the name and bank account details of the investor (The bank statement shall not be later than 2 months old)
In case the request for change in bank account information and redemption request are in the same transaction slip or letter, such change of bank mandate shall not be processed.
However, the valid redemption transaction will be processed and the payout would be released as per the specified service standards and the last registered bank account shall be used for all the purposes.
Cooling Period: If the investor submits redemption request accompanied with a standalone request for change of Bank mandate or submits a redemption request within seven days from the date submission of a request for change of Bank mandate details, the Distributor/ AMC will process the redemption request but the release of redemption proceeds shall be deferred on account of additional verification, but will be within the regulatory limits as specified by SEBI from time to time.
Change of Bank Mandate for Systematic Investment Plan (SIP): In order to change the existing bank account for SIP, investors need to submit following documents 30 days before the next SIP debit date:
A new ‘SIP’ Form with change of bank details and cancelled cheque of new bank evidencing the name and bank account details of the investor.
Letter to discontinue the existing SIP.
How do I know the performance of a mutual fund portfolio at www.smifslimited.com?
You can view Mutual funds portfolio tracker available in the Mutual Funds section of www.smifs.com. It displays cost of your holding, the current value of holding, realised gain/loss, unrealised gain/loss, IRR (Internal rate of returns), etc.
How do I have my name corrected in the folio?
Documents are required for effecting Name change : Name change request can be accepted from an investor, in the below mentioned scenario(s) :
Data Entry Correction: If there is an error in updating of the name in our records as compared to the name filled in the application form same can be corrected by contacting the customer service or by providing a written request for the same.
Investor has changed his/her name: Along with Request letter from the investor.
i. Notarized copy of Notification in Official Gazette of India
ii. Attestation from the bank manager of the Bank whose mandate has been provided at the time of original investment, confirming the Investors Name, Bank branch, Account number and Signature.
iii. Any official/legal document reflecting the name change viz.:
iv. Bank statement from the same bank of which bank mandate is on our record Passport.
v. Attestation from School Principal confirming the name change and registered accordingly in the school records – This is for applications made by minor investors
Name change consequent to marriage: Along with Request letter from the investor.
i. Notarized copy of the marriage certificate
ii. Certified true copy of the state Gazette OR the original copy of the state gazette in which a declaration has been made to that effect.
Name change consequent to Divorce: Along with Request letter from the investor.
i. Notarized copy of the divorce certificate
ii. Certified true copy of the state Gazette OR the original copy of the
iii. State gazette in which a declaration has been made to that effect.
Minor/ Major Correction / Name change of a Minor in the name filled i
n the application: There could be a minor spelling in the name like spelling mistake and when it appears to be a genuine case should be considered for name change after doing a KYC and subject to submission of the following documents: Along with Request letter from the investor.
i. Account statement
ii. Void cheque copy from the investor with his/her name clearly printed on the cheque. The name should match with the name change requested by the Investor.
iii. In absence of such a Cheque, an attestation from the bank manager of the Bank whose mandate has been provided at the time of original investment ,confirming the Investors Name, Bank branch, Account umber and Signature.
iv. Photo ID with Signature i.e. PAN Card (If not already available), Passport, etc.
v. Indemnity Bond on a plain paper, duly signed by all the holders in that folio. In case of minor or major name correction and the investor being a minor, the documents will remain the same. The Indemnity bond will be submitted by the Parent/guardian.
What is the process of updating change of status of minor? Investments made on behalf of minor?
a. Accounts of Minors:
Name of the guardian along with relationship must be mentioned, if the investments are being made on behalf of a minor.
Guardian of the minor should either be a natural guardian (i.e. father or mother) or a court appointed legal guardian.
Joint holding is not allowed, if the first applicant is minor.
If the first applicant is minor, date of birth along with photocopy of supporting documents as enumerated below shall be mandatory while opening the account on behalf of minor:
Birth certificate of the minor, or
School leaving certificate / Mark sheet issued by Higher Secondary
Board of respective states, ICSE, CBSE etc., or
Passport of the minor, or (d) Any other suitable proof evidencing the date of birth of the minor.
In case of natural guardian, a document evidencing the relationship has to be submitted, if the same is not available as part of the documents submitted as proof of date of birth of the minor applicant.
In case of court appointed legal guardian- a notorised photo copy of the court order should be submitted along with the application.
b. Change in Tax Status (Minor Attaining Majority): Upon attaining majority, a minor has to write to the fund, giving his/her specimen signature duly authenticated by his/her banker, as well his/her new bank mandate, PAN details, KYC acknowledgement letter, in order to facilitate the Fund to update its records and permit the erstwhile minor to operate the account in his/her own right.
List of standard documents to change account status from minor to major:
Services Request form, duly filled and containing details like name of major, folio numbers, etc.
New Bank mandate where account changed from minor to major.
Signature attestation of the major by a manager of a scheduled bank / Bank Certificate Letter
KYC acknowledgement of the major.
In case of existing folios where date of birth may not be available, AMCs shall obtain this information and update their records at the earliest.