Year 2015 is going to end and New
Year is coming. Government is instructing one more compliance to all Mutual
Fund Investors named FATCA before December 31, 2015.
FATCA stands for Foreign Account
Tax Compliance Act. This is the additional information for supplementary KYC. This
KYC declaration is mandatory for all the applicants of Mutual Funds including
Joint Holders, Guardians and those with the Power of Attorney. Failing to
provide the information before December 31, 2015 will attract the prohibition
to transact in Mutual Fund. Redemption is exempt from the compliance that means
non compliance can attract the prohibition of further unit purchasing but
applicant can redeem the units.
Next question is where to update
the information of FATCA. Investors can update the same online as well as
offline. Investors who don’t have the online access of their Mutual Fund
Accounts can submit the physical form with the respective Mutual Fund Assets
Companies. For this Investor should visit the nearest service center of these
MFA companies.
Investors who have online access
just need to login and update the information in the window provided by the RTA
(Registrars and Transfer Agents.
