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Dear Unit holder
This information is intended to update you on certain information / updates which you need to know as an investor with us. These changes are mostly in the nature of risk mitigation, fraud avoidance and such other operational risks with view to protect the interest of investors. We thought it appropriate to share the same with you. These changes are also being updated in the Scheme Information Document which is available on our website www.hdfcfund.com. These changes would be effective May 1, 2012 ("Effective Date"). We urge you to read the same.
Change of Bank Details (COB)
For investors holding units in demat mode, the procedure for change in bank details would be as determined by the depository participant.
For investors holding units in non-demat mode, Unit holders may change their bank details registered with the Mutual Fund by submitting a 'Multiple Bank Account Registration Form' or a standalone separate Change of Bank Details request along with the mandated accompanying documents.
Unit holders may note that it is desirable to submit their valid requests for change in bank details atleast 7 days prior to date of redemption / dividend payment, if any and ensure that these requests have been processed before submitting any redemption request. If the change in bank details has not been processed, payment will be made in the existing bank account registered in the folio. Further, in the event of a request for redemption of units being received within 7 days of change in bank account details, the normal processing time as specified in the Scheme Information Document, may not necessarily apply, however it shall be within the regulatory limits. Any unregistered bank account or a new bank account mentioned by the Unit holder along with the redemption request may not be considered for payment of redemption /dividend proceeds.
Multiple Bank Accounts Registration
A facility to register multiple bank accounts (currently upto 5 for Individuals and 10 for Non - Individuals) for receiving redemption/ dividend proceeds etc. is available. Investors must specify any one account as the "Default Bank Account". The investor, may however, specify any other registered bank account for credit of redemption proceeds at the time of requesting for redemption. Investors holding units in non-demat form are requested to avail the facility of registering multiple bank accounts by filling in the 'Multiple Bank Accounts Registration Form' available at our Investor Service Centres (ISCs) or on our website www.hdfcfund.com.
Unit holders may note that it is desirable to submit their valid requests for change in bank details atleast 7 days prior to date of redemption / dividend payment, if any and ensure that these requests have been processed before submitting any redemption request. If the change in bank details has not been processed, payment will be made in the existing bank account registered in the folio. Further, in the event of a request for redemption of units being received within 7 days of change in bank account details, the normal processing time as specified in the Scheme Information Document, may not necessarily apply, however it shall be within the regulatory limits. Any unregistered bank account or a new bank account mentioned by the Unit holder along with the redemption request may not be considered for payment of redemption /dividend proceeds.
Change of Address (COA):
1) For investors holding units in demat mode, the procedure for change in address would be as determined by the depository participant.
2) For investors holding units in non-demat mode, the procedure as detailed below shall be applicable. Unit holder will be required to submit a valid request for change in address details along with the following supporting documents:
- KYC Not Complied Folios/Clients:
- Self attested copy of Proof of New Address; and
- Self attested copy of PAN card copy, if PAN is updated in the folio or PAN/other proof of identity as may be prescribed by SEBI from time to time, if PAN is not updated in the folio.
- KYC Complied Folios/Clients:
- Self attested copy of Proof of New Address; and
- Any other document/form that the KYC Registration Agency (KRA) may specify from time to time.
The above documents will be forwarded to KRA for updation in their records.
Note: The above documents shall be submitted in Original. If copies are furnished, the same must be submitted at the ISCs where they will be verified with the original documents to our satisfaction. The originals documents will be returned across the counter to the Unit holder after due verification. In case the original of any document is not produced for verification, then the copies should be adequately attested / verified by entities authorized for attesting/verification of the documents as per extant KYC guidelines.
Common Account Statement (CAS):
Consolidated Account Statement (CAS) at Mutual Fund Industry level is being sent to investors, on a monthly basis where the investor has transacted during the month.
- A Consolidated Account Statement (CAS) for each calendar month will be sent by post/email on or before 10th of the succeeding month. If you have an email registered with us, only a CAS via email will be sent.
- For the purpose of sending CAS, investors will be identified across mutual funds by their valid Permanent Account Number (PAN).
- Consolidation of folios will not be done for (a) Folios on behalf of minor (b) folios where PAN is not updated or is invalid (c) folios with Micro SIPs.
- A separate statement for folios that are not included in CAS, will now be sent only on a monthly basis.
- In case of a specific request received from you, we will provide an account statement (reflecting transactions of only HDFC Mutual Fund)
- Further, where there are no transactions in a folio during any six month period, a CAS detailing holding across all schemes of all mutual funds at the end of every such six month period (i.e. September/March), shall be sent by post/e-mail by the 10th day of the month following that half year, to all such Unit holders
Option to hold units in demat form:
Investors desirous of receiving the allotment of units in dematerialized ("demat") form under various options of the Scheme(s)/Plan(s) offered by the Fund will now have an option in the subscription form to provide their demat account details. Currently, the option to subscribe/hold units in demat mode is not available under the Daily/Weekly/Fortnightly Dividend Option(s) and for Systematic Investment Plan (SIP) transactions. Click here to view the list of schemes/plans along with the respective ISIN available for demat.
Nomination:
Existing unit holders, especially those with a single holding mode are urged to nominate using the Nomination form available at all our ISCs.
Nomination ensures all rights and/or amount(s) payable in respect of the holdings in Schemes of HDFC Mutual Fund would vest in and be transferred to the nominee upon death of the Unit holder. The nominee receives the units only as agent and trustee for the legal heirs or legatees as the case may be. Investors should opt for the nomination facility to avoid hassles and inconveniences in case of unforeseen events in future.
We also urge you to register your PAN and participate to receive the CAS, which is a convenient one-window summary of all your investments across various Mutual Funds. Email/SMS communication is cost effective, reliable and environment friendly. We encourage you to register your email address and mobile phone numbers with us and participate in being an eco-friendly investor. Please also update your PAN / KYC status with us, if not already done.
In case you require any clarifications, you can call us on 1800 233 6767 (toll free)/ 60006767, email to us at cliser@hdfcfund.com or contact any of our Investor Service Centers / your distributor, if any.
Sincerely,
Team Client Services
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