I am a direct mutual fund investor [some mutual funds in SoA form and some in demat form].
I have a MF Central account where I can view them all together.
MF Central is a joint initiative from the RTAs - CAMS and KFintech, to make it easy for direct mutual fund investors to manage their funds.
In the home screen of my MF Central account, MF Central is showing unregistered folios - "Please Note: Due to availability of multiple email id’s, the following folios could not be registered under MFCentral " Please see the attached screenshot.
Now, the 4 folios in question are all old, zero balance folios in demat form - I have sold off those mutual funds. [ I bought them using my demat account and they were stored in the demat account ]
( Note: 2 of those folios were in my old demat account that is closed. The remaining two are related to my active demat account )
But these folios are still showing up on my home screen incessantly like a stain that just won’t go away.
Of course, I contacted the MF Central team. But they say that because the units are in demat form, THEY SIMPLY CANNOT DO ANYTHING ABOUT A DEMAT FOLIO. They say that they cannot update email ID either.They just tell me to approach my Depository Participant [DP].
My DP [stockbroker] says it’s upto the RTA/ AMC/ MF central support team to remove the folios from the home screen. DP also says that they cannot update email ID either. Note: My DP is NOT Zerodha.
So MF Central and the DP both point fingers at each other and neither one actually does the work…
So just how do I remove these folios from my home screen?
I WONDER, WHY ARE DEMAT FORM MUTUAL FUND INVESTORS TREATED AS SECOND CLASS CITIZENS BY CAMS AND KARVY??
You could try reaching out to the AMC to get the email updated and have old folios removed/ closed.
Demat MF holders are not treated as second class. If you want simplified solutions to investing them you need to be willing to compromise somewhere. CDSL and NDSL are working on making things better.
I have tried reaching out to the AMC directly as well.
The AMCs say the same thing, and I quote:
" WE CANNOT MAKE ANY CHANGES IN A DEMAT FOLIO. IT IS THE DEPOSITORY PARTICIPANT’S RESPONSIBILITY "
So in the end the DP, MF Central, AMC, RTA etc are all pointing fingers at each other and none of them will actually do the work of making even a small change in a demat folio…
Because their (KFintech & CAMS) existence depends on the SOA format.
Demat Format is managed by CDSL and NDSL.
But that aside - when it comes to managing MF portfolios, SOA format is better and more universal. Demat transfers are complex, with plenty of paperwork needed.
I see. If you have that in written over email, you could send that to DP and say that they are pointing the finger to DP. Then if the DP says they cannot then you could approach AMFI or SEBI for help. They will tell you what you need to do.
@Neelesh I am having mutual fund in Coin but on mfcentral for some mutual fund showing above rejection. Please how to update ?? Whom to contact?? Is any issue in Zerodha account
Hi Abhishek @Abhishek_Kumar4 , no need to worry - this error message on MF central does not mean that they have rejected your mutual fund folios. You can still sell/ buy units of your mutual funds on Zerodha Coin.
But you cannot track them on MF Central.
What happened is that you have updated your email ID in Zerodha but the mutual fund AMC has still NOT updated your latest email ID in their records.
Because the email ID on your Zerodha and the mail ID on the AMC record are not matching, MF Central
says that your mutual fund folios held in demat form cannot be shown on MF Central.
MF central and the mutual fund RTAs in general don’t seem to care about updating contact details of investors who hold their units in demat form. CAMS RTA in particular treats demat format investors as second class citizens.
For people like us who want to track on their mutual funds on multiple platforms like MF Central, Zerodha’s own Coin portal, on Value Research etc, this is a problem. But right now there is NO solution.
Note: I observe that mutual funds which use the KFintech RTA (Like Nippon,Quant etc ) don’t seem to face this problem.
When I updated my email ID on my demat account, the Kfin RTA also promptly updated in their records as well.
CAMS RTA on the other hand doesn’t care about investors who hold their units in demat form.
Mutual Funds which use the CAMS RTA like Kotak etc. thus don’t have my latest correct email ID on their records. No amount of sending emails to the AMC about this issue seems to work - they just point finger at the stockbroker and take zero responsibility.
For mutual fund tax filing purposes get the consolidated Capital Gains statement from KFin and CAMS both.
No need to rely on any other source for CG statement.
Eg:
