If you want better returns from any investment, then you should also think about the security of the investment. The same thing applies to mutual funds. Nowadays, various types of financial frauds are happening. In such a situation, you have to be cautious along with investing. For the security of mutual fund investment, cams has told some important things, which will prove helpful in keeping the security of your mutual fund investment tight. Let us discuss these points here.
Follow these things without delay
- Make sure that your personal mobile number and email ID is registered in your folio. Any transaction in your folio will be notified on the registered mobile/email ID.
- Always use capital letters while filling your email ID.
- Review communications/alerts received from Mutual Funds/RTAs and act as required, report if there are any unauthorised transactions/changes in your folio.
- Do not share your online transaction password/PIN/OTP with anyone.
- Do not give signed documents to anyone other than your trusted distributor and authorised staff at official points of transaction.
- Do not submit blank transaction requests with your signature which can be filled in by third parties.
- Insist on an acknowledgement after submitting a transaction.
- Change in bank mandate is done only on your request with supporting documents.
- Make sure to cancel the cheque you are giving as proof of your bank mandate.
- Issue your investment cheque/DD in favour of the Mutual Fund/Scheme only.
- While issuing a cheque, it is a good practice to write the folio number/application number and name of the fund on the reverse of the cheque. Avoid over-writing/white-out the cheque. Application/Cheque
- Provide nomination at the time of investment.
- While providing self-attested documentary proof, wherever considered necessary, explain the reason for submission.
- Provide complete details of Bank mandate information including RTGS/IFSC code to make electronic payment.
- Connect only with distributors/advisors who are registered with AMFI/SEBI.
- Avoid investing in any scheme just because someone is offering you commission, incentives, gifts etc.
- Statement of accounts for every transaction or consolidated account statement once a month [CAS] Emphasis on .
- After receiving the statement of accounts from the concerned mutual fund, check the purity of data capture, report discrepancies (if any) and get them rectified immediately.
- You can request for details by calling, online or at any official transaction point.
- Track your IDCW/Redemption and make sure your IDCW/Redemption proceeds are credited to your account.
- Check the unclaimed IDCW/Redemption and claim the same by submitting documentary proof.
- Track your folio/account regularly and ensure the information is accurate.
- Contact the appropriate authorities for redressal of your complaints/grievances.
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