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How to update mutual fund nominations online


There are 4 routes that investors can use to update mutual fund nomination online:

Using MFCENTRAL (https://www.mfcentral.com/)

The steps to be followed for nomination updates on this portal are:

  • Sign up with PAN and mobile number or email ID

  • Sign in with PAN and OTP

  • Go to ‘service requests’ section

  • Select ‘update nominee details’

  • Once you see ‘folio-wise’ nominee details, you can update the same

  • The portal allows updates only for folios that are singly-held and one cannot make changes for jointly-held folios

  • You can also select ‘I do not wish to nominate’ if you wish to opt-out of nomination

Using CAMS (https://www.camsonline.com/)

The steps to be followed for nomination updates on this portal are:

  • Select nomination Opt-in or Opt-out

  • Enter your PAN to get OTP on registered email id or phone number

  • Select all fund houses across CAMS and mode of Mutual fund holding

  • Select register or update nominee Opt-in or Opt-out

  • Add relevant details of a nominee if opting in

Using KFintech (https://www.kfintech.com/)

The steps to be followed for nomination updates on this portal are:

  • Enter your PAN

  • Select the folios for nomination updates

  • Choose email ID to receive OTP

  • Enter OTP and update nomination details

Using MFUTILITY (https://www.mfuindia.com/)

The steps to be followed for nomination updates on this portal are:

  • If you are not registered, create a Common Account Number or CAN

  • Enter email address or mobile number to get OTP

  • Enter folio number along with basic KYC details

  • Select Opt-in or Opt-out

  • If opting-in, upload bank account document proof under ‘proof upload’

  • Click on Submit e-CAN

  • An MFU-approved CAN will be allotted in an hour’s time

Conclusion

The nomination facility of the mutual funds is the only way to pass on mutual fund units from one unitholder to another without going through the route of redemption. Therefore it is important for every mutual fund holder to enlist their nominees if they wish to pass on their holdings through inheritance. However, earlier, mutual fund unitholders did not have the option to opt-out of nomination. This new amendment provides them with such an option, however, the unit holders have to select either option within the due date to avoid any hassles of unfreezing their folios post the deadline set by SEBI.




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