If an investor has changed his house and wants to update the new address in his mutual fund details, he will have to write to each fund house that he has invested in. Instead, if he just updates his address with a central agency named CDSL Ventures Ltd (CVL), all his folios across funds would get updated. CVL is also responsible for processing the KYC. CVL updates the address of the investor and the same gets communicated to all the investment houses. The process of address change takes around 10 days.
Steps:
1. Fill up the form and submit documents for verification to the designated point of service (POS). Forms can be downloaded from http://cvlindia.com/include/pdf/individual.pdf
2. The POS will give an acknowledgement. A copy of this has to be enclosed with mutual fund purchase documents.
3. If you want to change the address and also apply for redemption, give at least 10 days for the update before redemption
4. KYC is mandatory for all joint holders but address in a folio is only of the first holder. No need to make changes for all the holders.
Points to note:
KYC first: Investors have to be KYC compliant first before updating their address details:
CVL is the only route: Fund houses and registrars will not accept change of address requests from investors. this is done only through CVL
PAN: Your PAN is used to identify all the folios held by you across funds. Quoting the correct PAN enables updating the records correctly.
NRI: Those who provide overseas address will have to get it verified by their bank or consulate.
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