Think of someone who may have invested in multiple mutual funds and now has to log in to the site of every fund house to modify or change the nomination details subject to every fund. However, this has changed a lot with the coming in of MFCentral, an investors’ services hub conceived by KFintech & CAMS. The idea behind introducing this all-in-one investment platform is to enable investors to transact across all folios seamlessly.
More investors are now logging in to this site considering the high-end technology that it relies upon. What they find enticing is the ease with which they can transact, the convenience of having multiple options on a single site and the speed at which all services are provided. In fact, mutual fund investors can update their nominee details on the MFCentral site with just the click of a button. Updating nomination details is utmost necessary, especially, when the mutual fund investor is the single and primary holder.
Updating nominee details on MFCentral
Step 1: Visit the MFCentral website by clicking on www.mfcentral.com and sign up with your details including your Name, PAN and mobile number. Set a password as per the given instructions and fill in the space with the One Time Password (OTP) sent to your mobile phone. You will also be required to answer security questions as a part of the verification process.
Step 2: Once you have set up your MFCentral account by submitting the much-needed details, you can then log in to your account using your PAN or PAN Exempt Investor Category (PEKRN), password and mobile number to view the investments you had made on a single page.
Step 3: Now that you have logged in to the site, you must now click on the “Service Request” tab on the screen’s left side. However, you must note that service requests would be accepted only for folios registered on MFCentral.
Step 4: To update the nominee details, you must click on the tab labelled “Update Nominee Details”. However, you cannot add more than three nominees to any individual mutual fund portfolio.
Step 5: You can choose your parents or your spouse as your nominee. In the absence of these, you can fill in the names of your relatives while filling up the nomination details. In case of multiple nominees, make sure to assign a share to each nominee to ease the claim process, thus, avoiding the likelihood of disputes during the claim.
However, to choose your relatives as your nominee(s) you must select the “Others” option to proceed. You may also add a minor as your nominee though you must provide the details of the nominee’s guardian who would receive the proceeds on behalf of the nominee in the event of your sudden death.
The onus of proving nomination lies with the nominees chosen by the mutual fund investors. This is because investors do not have to submit any KYC-related evidence while nominees are required to be compliant with KYC norms and details.