Transfer of ELSS Mutual funds from Mirae Asset to Zerodha Coin

Zerodha Coin - Direct MF
1

Hi Team,

i have ELSS tax saver fund with Mirae Asset Mutual funds. SIP will complet 3 years on June 2024. (3 years lock in period.)

I want to transfer the Mutual funds from Mirae to Zerodha (SOA form to Demat Form)

  1. My question is can i transfer after 3 years of SIP or i need to wait for 6 years ?
  2. What is the process to transfer the same and cost involved (Heard cost per SIP which is 12*3 = 36 SIP’s)

Thanks,

2

Hi @alexjojo , you can transfer your ELSS funds to Zerodha.

First, you need to check whether your ELSS units are out of the lock-in period. If the units are out of the lock-in period, they can be transferred without any restrictions. For example, if yu started the SIP on May 1, 2021, the first SIP will be out of the lock-in period on May 1, 2024. Subsequent SIPs will follow in the same way.

To transfer free units, dematerialize them and follow the transfer process explained here.

If your units are still under the lock-in period, they can only be transferred via a closure cum transfer process. The locked-in units can only be moved to another demat account of the same account holder. We’ve explained the closure cum transfer process here.

There are no charges for incoming securities to Zerodha. However, yu need to bear the charges for dematerializing the units. Explained here.

Btw, we offer direct plans. If you are transferring regular funds, it is advisable to exit those funds and repurchase them on Coin. Transferring regular mutual funds to Zerodha will not convert them to direct mutual funds.

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