Have you opened a new account with any Mutual Fund?

Have you opened a new account with any Mutual Fund between 1 Jul, 2014 & 31 Aug, 2015?
Then you are required to provide FATCA self-certification about your tax residency as per current law..

“FATCA” or Foreign Account Tax Compliance Act is a United States (US) law aimed at prevention of tax evasion by US citizens and residents (“US Persons”) through use of offshore accounts.
Pursuant to the Inter-Governmental Agreement (IGA) signed between the US & Indian Governments on 9th July 2015, FATCA became effective in India (retrospectively) for all new accounts opened from 1st July 2014.
There are different rules for “pre-existing” and new investors as per FATCA provisions –
New investors” are defined as those investors who are new to a financial institution (FI) having opened an account with the FI on or after 1st July 2014.
Further, all such new account holders need to certify their tax status to the financial institutions. In addition as per IGA provisions and as per clause 5.9.6 and 5.9.7 of the Guidance Notes issued by CBDT, in case of accounts other than depositories or cash value accounts, the financial institutions need to make reasonable efforts to obtain self-certification, particularly in those cases where after “US indicia” search, a positive match was found with any of the US indicia.
The IGA signed by India and US has a specific “alternate procedure” to handle all “new investor” accounts opened by a financial institution between 1st July 2014 and date of signing IGA. As per this clause, financial institutions were allowed one year to solicit tax residency self-certification from all investors who opened account in above period, failing which the accounts must be closed.

Thus, if you have opened new account/ folio with any Mutual Fund between 1st July 2014 and 31st August 2015 (i.e., with whom you had not invested prior to 1stJuly 2014), you need to provide a self-certification about your tax residency to the respective Mutual Funds for compliance with FATCA, failing which the account/s may have to be closed, as per current law.

On August 31, 2016, the CBDT has issued a press release extending the deadline of August 31, 2016 (for the time being) for obtaining the self-certifications.
However, it is in the investors to provide the same without any further delay.
Mutual Funds have been making sustained efforts to collect the FATCA self-certification from the investors who have opened new accounts / folios during the aforesaid period to confirm their tax residency. However, there are still a large number of investors who are yet to provide the same.

If you have opened new account with any Mutual Fund between 1st July 2014 and 31st August 2015 and have not yet submitted your FATCA self-certification form, please contact the respective Mutual Funds and submit the same asap.

You may also submit the same on-line through the respective Mutual Fund Registrars as per the links provided below:
www.camsonline.com/FATCA/COL_FATCAMainPage.aspx
Mutual Funds serviced by CAMS –
Birla Sunlife Mutual Fund; DSP BlackRock Mutual Fund; HDFC Mutual Fund; HSBC Mutual Fund; ICICI Prudential Mutual Fund; IDFC Mutual Fund; IIFL Mutual Fund; JP Morgan Mutual Fund; Kotak Mutual Fund; L&T Mutual Fund; Mahindra Mutual Fund; PPFAS Mutual Fund; SBI Mutual Fund; Shriram Mutual Fund; Tata Mutual Fund; and Union KBC Mutual Fund.
www.karvymfs.com/karvy/fatcahome.aspx
Mutual Funds serviced by Karvy –
AXIS Mutual Fund, Baroda Pioneer Mutual Fund, BOI AXA Mutual Fund, Canara Robeco Mutual Fund, Deutsche Mutual Fund, Edelweiss Mutual Fund, Goldman Sachs Mutual Fund, IDBI Mutual Fund, Indiabulls Mutual Fund, JM Financial Mutual Fund, LIC Nomura Mutual Fund, Mirae Asset Mutual Fund, MotilalOswal Mutual Fund, Peerless Mutual Fund, DHFL Pramerica Mutual Fund, Principal Mutual Fund, Quantum Mutual Fund, Reliance Mutual Fund, Religare Invesco Mutual Fund, Sahara Mutual Fund, Taurus Mutual Fund, UTI Mutual Fund
www.sundarambnpparibasfs.in/web/service/fatca/
Mutual Funds serviced by Sundaram BNP Paribas Fund Services –
Sundaram Mutual Fund and BNP Paribas Mutual Fund
Franklin Templeton Mutual Fund –
www://online.franklintempletonindia.com/aspx_app/Investors/fatca/Inv_FatcaDetails.aspx
Do you need update FATCA Contact us.+91 98400 44721

MUTUAL FUND INVESTMENTS ARE SUBJECT TO MARKET RISKS !

Indian Mutual Fund industry’s Avg. Assets Under Management (AAUM) crosses Rs.16.8 Lakh Crore (INR 16.8 Trillion) – an all time high!

Average Assets Under Management (AAUM) of Indian Mutual Fund Industry for the month of October 2016 has crossed Rs. 16.8 lakh crore, while the Assets Under Management (AUM) as on October 31, 2016 has crossed a landmark of Rs. 16 Lakh crore and stood at Rs.16.30 lakh crore…the highest ever AAUM/ AUM, so far.
The AUM of the Indian MF Industry has grown from Rs. 3.26 trillion as on 31st March 2007 to Rs. 16.30 trillion as on 31st October, 2016, which is the highest AUM ever … a five-fold increase in a span of less than 10 years !!
The MF Industry’s AUM has more doubled in the last 4 years from Rs 5.87 trillion as on 31st March, 2012 to Rs. 12.33 trillion as on 31st March, 2016
The Industry’s AUM had crossed the milestone of Rs10 Trillion (Rs.10 Lakh Crore) for the first time in May 2014 and in a short span of two years the AUM size has crossed Rs.15 lakh crore last month.
The total number of accounts (or folios as per mutual fund parlance) as on October 31, 2016 stood at 5.13 crore (51 million), while the number of folios under Equity, ELSS and Balanced schemes, wherein the maximum investment is from retail segment stood at 4.1 crore (41 million).
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Mutual Fund SIPs accounts cross 1 CRORE mark !

Mutual Fund SIPs accounts cross 1 CRORE mark ! And the total amount collected through SIP during September 2016 was close to Rs.3700 crore.

Indian Mutual Funds have currently about 1.13 crore (11.3 million) SIP accounts through which investors regularly invest in Indian Mutual Fund schemes.
Systematic Investment Plan or SIP as it is commonly known, is an investment plan (methodology) offered by Mutual Funds wherein one could invest a fixed amount in a mutual fund Scheme periodically at fixed intervals – say once a month instead of making a lump-sum investment. The SIP instalment amount could be as small as Rs.500 per month. SIP is similar to a recurring deposit where you deposit a small /fixed amount every month.
SIP is a very convenient method of investing in mutual funds through standing instructions to debit your bank account every month, without the hassle of having to write out a cheque each time.
SIP has been gaining popularity among Indian MF investors, as it helps in Rupee Cost Averaging and also in investing in a disciplined manner without worrying about market volatility and timing the market.
AMFI data shows that the MF industry has been adding about 6 lacs SIP accounts each month on an average during the current financial year, with an average SIP size of about Rs.3,300 per SIP account.

Have you started investing through SIP?
If not, open a SIP account right away.  More detail call us +91 98400 44721