I was looking to invest in DIRECT mutual funds rather than using the REGULAR schemes through other brokers
i was wondering if i could use COIN
to buy "multiple mutual funds in the names of multiple family members all using a single account ( i.e single user name and password ) "
the reason is as follows
i invest on behalf of my family
My parents , wife and children
hence going to different AMC’s and have different accounts for each family member and remembering all their logins is becoming a strain
Is there a way where zerodha would help me consolidate all my investments under one FAMILY portfolio
For example
Have one user name and password ( MASTER login )
But within it allow me to have different portfolios / banks - each belonging to a particular member of family
and then allow me to buy mutual funds in each of my family members name using their individual bank mandates
since mutual funds do not require a dmat account and there are some online brokers who offer this
i am sure zerodha also probably allows this
However im not able to figure out how
its probably because im new
Thought provoking question. The brokers biggest nightmare will be if they give this option who will have the authority to operate the account. It cannot be that you have MF in one name and operated by another until you give POA etc. In the case of minors it is ok. The way I understand your question is that you need options for internal book keeping that few MF is for wife, few for Kids etc. whilst the account overall will only be operated by you.
Quite interesting if someone can provide this option.
On the contrary if you want legally that all family holders should have a stake, the option is to make the trading account joint. Not sure if you can have multiple joint account holders.
As I understand, this is already possible by creating an account with the Mutual Fund Transfer Agents and linking the relevant folios to the account. Since, a vast majority of the funds are serviced by two agents (KFinTech and CAMS), it should adequately address your requirements.
The only reason I asked if the above is possible
Is because
There actually is an agent known as "funds india "
( I’m. New here so im NOT sure if I can mention names on this forum of competing agents- also I’m.skeptical of being badged a troll )
So anyway
These guys
allow us to have 1 login
Then create multiple portfolios
For example
My son
My daughter
My wife
My mother
Since each of the above have their seperate bank accounts
It allows me to link each member with their bank account through a mandate
So if I want to buy a mutual fund in my wife’s name
I simply go to her portfolio tab and buy a fund
The amount is automatically debited from her account and the first holder of that fund is now automatically HER
So it’s basically HER fund bought with her money using her PAn
Hence for tax purposes I can keep things seperate
And when I need a total portfolio report
We can print out all the funds that our family has in each members Individual names
This allows me to keep track of all my family’s holdings all in one place
With 1 login and a single report
I was wondering if zerodha does this
It may not seem worth the effort
But I’m.sure that their would be ppl like me who would find this feature useful
Especially those who basically control the finances for their family ( which actually is the case in many indian households )
Do let me know if any of you members have figured this out
Or how you manage your family portfolios
In a more consolidated approach
Something like what funds india would do
But ofcourse also allow us to buy DIRECT funds as
yes funds india allows you to buy MF using individual ,joint buying .
first, you need to have add/register individuals into the login with kyc bank details.
each buy is mapped .to individual bank accounts . but facilitates in one login .
this is great benefit , if anyone want to invest on family members to avoid tax burden .
It will be a great success. if Zerodha provide this option in coin as well as stocks