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Demat/Remat of Mutual Fund Units

Demat/Remat of Mutual Fund Units


What is De-materialization or conversion of mutual fund units into De-mat mode?

In case investors are holding Mutual Fund Units in the physical form, (i. e. represented by a Statement of Account) they can convert this units into dematerialised form in their demat account with any Depository Participant (DP) of NSDL or CDSL. DP has enabled holding of mutual fund units [represented by Statement of Account] in dematerialised form. Investor can use their existing demat accounts for converting mutual fund units in dematerialised form. Please note that once mutual funds are in demat form, investors can sell/redeem units (other than listed scheme units) either through stock broker through the Exchange platform (BSE Star & NSE MFSS) or through their Depository Participant.


How to apply for / get allotment of units in Demat mode?

In order to apply for/get allotment of units in Demat mode, investor needs to select the unit holding option mode as Demat in the application form and specify the DP name, DP ID/Client ID of beneficiary in the application. It is advisable to enclose copy of latest Client Master List (CML) received from the DP along with application form. Units will be directly credited to the investor’s demat account after the realization of funds and depositories will issue a statement. In case the initial purchase is done, demat details will be validated with the respective depository participant. Upon successful validation, units will be initiated for allotment in demat mode within 5 business days, subject to realization of funds. For New Fund Offer within 4 business days from the date of allotment. In case of SIP transactions, units will be credited to investor’s demat account on a weekly basis, subject to realization of funds in the previous week.


What will happen if there is a discrepancy in the details provided to the AMC and to the demat service providers?

If the details mentioned in the application are not matching with the Depository data, then units will be issued in physical mode and statement of account will be issued to the unit holder.


How to convert the units held in SoA mode to Demat mode?

  1. Investor needs to submit the Conversion Request Form (CRF), along with the Statement of Account (SOA), which enlists his/her MF holdings.
  2. Investor submitting the CRF should declare to DP that units held in his/her name are not in demat mode as yet, and no certificates are issued against these units (Note: This self-declaration is a part of CRF).
  3. Investor should submit a separate CRF for multiple SOAs, representing different scheme names and ISINs held under the same Folio number.
  4. Investor should submit a separate CRF for each Demat Account held with the DP.
  5. Investor should submit a separate CRF for locked in and free units held under the same for CRF.
  6. After due verification, the DP would send the CRF to respective depository in which investor is having an account. Depository will send that CRF details to AMC/RTA. Post verification, AMC/RTA will confirm the conversion request raised by the DP and units will be credited in investor’s demat account.


How to convert the units held in Demat mode to Remat mode?

  1. Investor needs to submit the Conversion Request Form (CRF) for conversion of units from demat mode to remat (SOA/physical) mode.
  2. He/she needs to attach demat account statement along with form as a proof of holding units in the demat form.
  3. After verification, DP will process & register the request in their system. An electronic number gets generated and then DP forwards the request to the AMC/RTA.
  4. AMC/RTA conduct their own due diligence and on completion of that they report the request and confirm conversion of units into physical mode.


How to redeem the units held in Demat mode?

  1. Redemption request can be placed through Depository Participants & Exchange platforms like NSE MFSS/BSE STAR.
  2. After due verification, DP or Exchange Platforms will execute electronic redemption request. It will be electronically forwarded to AMC/RTA.
  3. AMC/RTA will verify the redemption request and if in order, confirm it in depository system. This will result in debit of mutual fund units from investor’s demat account.
  4. AMC/RTA will arrange the credit of redemption amount to bank account which is linked to investor’s demat account for DP redemptions only.
  5. AMC/RTA will arrange the credit of redemption amount to exchange and exchange will credit the amount to member/investor bank account which is linked to investor’s demat account for Exchange platforms like NSE MFSS/BSE STAR.


Is switch-transaction permissible if the units are held in Demat?

Yes. Switch transaction is permissible only through the Stock Exchange Platform. Investor will not be able to switch by submitting switch request to AMC/RTA if units are held in demat mode.


The procedure for change in investor’s profile / bank account details etc. in respect of units held in demat mode (i.e., To whom the investor is required to approach, in case of such requests)

Investor is required to contact DP for any change in his/her profile and bank account details if units are held in demat mode. There is no need to provide any request to RTA as the basic information are shared by both NSDL/CDSL to RTA on weekly basis.


Can Non Resident Indians (NRIs) convert their Mutual Fund Units into dematerialized form through their DPs?


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