Change of distributor ARN code of IMMPL ( old distributor) to Zerodha ARN no

Zerodha Coin - Direct MF
1

Hi team

I want to change my financial advisory firm to Zerodha. Following steps I took.

  1. My old mutual funds were under physical form i converted them into demat form on Zerodha.
  2. I want to stop the services of IMMPL my previous distributor as they charge 1% on overall portfolio and move to Zerodha. Hence i converted those physical Mutual funds to demat form.
  3. I can see those mutual funds on COINS platform but ARN number is still coming of old distributor.
  4. I approached AMCs and CAMS for the change of ARN.they mentioned that if its in physical form they can change the ARN number but in demat form only DP ie Zerodha can only change it. Now i asked Zerodha they are saying they cant change the ARN of those mutual funds.

Can someone help me understand how can i change ARN of old distributor to Zerodha ARN where mutual funds are in DEMAT form on Zerodha but ARN is showing of Old distributor. old advisory firm is ripping me off right now.

@ShubhS9 @tallerballer : Guys can you help in this i guess you resolved this similar for someone else as well.

2

Hi @saurabh24 , in Zerodha, the mutual fund holdings are in demat mode and can be tracked on Coin, Console, and in your CDSL demat account. The ARN number can only be used to track or transfer mutual funds that are in non-demat mode. Since your mutual fund investments are already in demat mode, you can directly track them on Coin and Console.

Since you have already dematerialized your mutual fund in your Zerodha demat account, you can continue to invest in mutual funds from Coin. Coin offers investments in direct mutual funds, we allow investors to invest directly in mutual funds without any intermediaries, eliminating commission fees. Kindly inform your previous distributor to close your account with them.

Since, your investments are in demat mode, updating ARN number for mutual funds is not mandatory. If you have further queries, please create a ticket and DM me the ticket number so we can look into it.

1 Like
3

Hi @Deepak_Kumar_Singh ,

I appreciate your reply.

Issue is my old advisory firm has raised a new invoice for entire year where they are saying even if you have moved your mutual funds portfolio to DMAT mode still investment under their ARN number hence i have to keep paying them till their name is coming under ARN for old mutual funds. According to them no transfer of mutual funds have happened till ARN number changes. They have raised a new invoice of 45,000 for next cycle of Oct to March while all my MFs portfolio moved to COINs platform on 7th Sept.

Can you guide me what shall I do here ?

4

Hi @saurabh24, could you please create a ticket and DM me the ticket number so we can look into it?

5

Hi @Deepak_Kumar_Singh

Please find ticket #20240928183698

Ticket is live for sometime now

6

Hi, why invoice? Is it not regular mutual funds? In regular mutual funds, commission is deducted automatically so you don’t pay anything.

Are you paying double commission? Both fees and regular funds commission

If this is regular, you cannot switch to direct by changing platforms. You have to withdraw and reinvest in same direct plan

Links:

  1. What are Direct Mutual Funds?

  2. How to convert regular mutual fund investment to direct mutual fund?

7

Hi @saurabh24 , Our team has responded to your ticket. Please login to support.zerodha.com and check. For further assistance, you can reply to the same ticket.