Is is possible to transfer those funds? Can you explain the process?
Yes, you can. Below are the different scenarios
Purchased regular plan funds in demat mode: straight forward, in this case, ask your other broker to give you DIS slip. Mention the units you have to transfer, mention your Zerodha demat account number and submit it back to the broker. Within 24 hours, the units get transferred.
Purchased regular plan funds in non-demat mode: little tricky in this case. You will have to come to us and ask us to dematerialize your mutual fund investments using this form. Once dematerialized, it will start showing up in your demat account with us.
What you need to know though is that by transferring your regular plan funds to Zerodha demat, it doesn’t become direct. They still remain regular plans. To switch from regular to direct, you will essentially have to still exit the regular plan fund and reinvest in direct on Coin. In which case, it probably makes sense to just exit the investment wherever you hold the fund and buy it afresh on coin.
Nithin - I would really like to put my MFs with Zerodha but my DEMAT a/c is with IL&FS through zerodha. Zerodha team has asked me to send relevant documents through post. However, I am outside India for sometime to come. Is it not possible that I could sign and send a scanned copy of the said documents?
Ah no, scanned docs wont’ be possible.
I have just started with zerodha and have gone through a few threads. I was investing in ELSS through Aditya Birla’s Online platform - myuniverse.com
What additional query I have here is that I can sell the MF’s which are not under ELSS category and reinvest the money here. But what is advisible in case of ELSS funds as I can’t sell them before the lock in period ends. I am unable to make a decision as to should i let them stay there for 3 years or transfer them here. What would you suggest ?
Unfortunately you can’t redeem ELSS. So existing, I guess you will have to hold for 3 years, new ones you can start investing with us.
I’ve regular mutual funds of three different AMCs. Can I mention all of them in one form or I should send different forms for each?
Also, can MF of minor be added to DEMAT account of their guardian?
You would have to mention each fund separately in one form and not all of them in one form.
This will not be possible.
And do I need to send any supporting document with that or just the form?
A self-attested PAN card copy and mutual fund statement from the AMC. But, for each scheme you need to send 2 forms as mentioned in the link in the previous response in this thread.
So I need to send same form twice for each scheme?
I’ve MF of Reliance Tax Saver, Birla Sunlife and ICICI Pru.
So I should send you 6 form (2 of each), 3 statements (1 of each) and self attested copy of PAN Card. So total 10 documents.
Is that correct?
Yes, thats right. If its a tax saver fund and if there is only one purchase date then you would have to send 2 forms. But, if there are 2 purchase dates, then 4 forms and so on for the same tax saving scheme.
It was an SIP so it will be different dates.
So how many forms should I send you?
They are all under single folio number.
I would like to know that are the MF we purchase from Zerodha are in Demat Form or only in Online form. How much time does it take for the funds to get credited to my Zerodha Account post redemption.
I have been told by ICICI Securities that Mutual Fund redemption takes longer time if they are in Dematerialised form due to additional entities involved. I have my trading account with ICICI Direct and the Mutual Funds I have with them are in Online Mode but not Dematerialised and the TAT for Funds to reflect is 1 day.
Do please let me know if the TAT for redemption of Regular MF bought directly from Zerodha Platform and TAT for Dematerialised MF transffered from my ICICI Direct account.
The redemption will always happen according to the redemption settlement time of the particular funds whether its here or with any other distributor. For example, if you have place the order on Monday before the cut-off time and if the settlement time for the fund is T+3 days then the amount will be credited to your account by Thursday morning. Even ICICI would follow the same cycle when the client places the redemption for that particular day.
There is a certain process that needs to be followed when you are dematerializing your mutual fund units for which a physical form along with some other documents will have to submitted. You can click on this link for more information.
If ICICI is claiming that the redemption amount is credited to the trading account the next day itself irrespective of the settlement time of the fund, then they might be crediting it from their own account into the client’s account and would be charging interest till the actual redemption amount is not credited.
Thanks for the reply. ICICI Direct also claims that the procedure for redemption from a demat account is tedious and a physical document is required by the AMC. Is it true?
I just want the flexibility and simplicity to sell it online and in the mentioned TAT the funds are credited to my Zerodha Account to be used as cash for trading. Do not want any process that makes my physical presence mandatory for redemption. Actually I want to transfer my Non Demat Online Units from ICICI Direct.
Thanks for similar queries again but just wanna confirm before materialising my MFs.
Redeeming funds in Coin is just like selling a stock…simple.
When you redeem units, the funds are credited to your trading account which you can sue for trading.
To transfer your non-demat units to Coin, you need to submit a dematerialization request form to us
Since, we are routing our orders through BSE STAR MF which is our back end order routing system hence, there would be no such issue. If we did not have this system then we would be requiring a physical form along with a self-attested PAN card copy. We would then enter the details in our depository terminal and the amount will then reflect in your bank account.
As per the procedure that we follow there are no such hassles and the amount will be credited into your trading account as per the settlement time. You can also click on this link for more information on transfer of units.
I have multiple SIPs with the same MF under one Folio. Do I need to use separate forms for all different SIPs?
Also, Do the SIPs continue after I switch over to Coin or do I have to start afresh?
Nitin - I have done this transfer from the AMC to Zerodha and now the MFs are sitting in CDSL website.
The entire reason to transfer was for me to see it all in one ZERIDHA platform so I can consolidate all my MFs in one place. Why can’t the transferred MFs show up in my Zerodha platform (in Holdings or in Q). Right now going to CDSL to check…does not solve the problem. Please assist.
I have another 15 MFs to transfer to Zerodha and as of now I have aborted this process.