This title has nothing to do with the body, let me first make that confession. I have been going around the country asking IFA why they are not doing a TOP UP sip instead of a simple sip. I have been getting various answers, but the most significant one is that the big execution platforms – NSE, Mfu, and BSE do not allow it. So it was fairly obvious that I asked Mfu why they could not execute such a simple thing. Then the saga unfolded. Each fund house has a different concept of top up.

How much can be topped up, will you allow a pause, can it be paused for 3 months or 5 months, …etc. etc.

I was just wondering how difficult it must be for an IFA when he is dealing with 20 mutual funds. I do not see any reason why the industry can’t sit together and iron out such issues. From how the form is designed, to what can be done online, to the format of the forms for change of name, address,…etc. Then there are other inconsistencies too. In some fund houses to change the email id a new kyc has to be done. In some fund houses the ‘old’ email id never goes away.

I am sure that with sane and soft people like John Mathews of Hdfc Mutual fund creating committees to standardize operations and forms should be a priority. Sebi should be looking at these things instead of legislating how an IAP should be held. Ha IAP, I could do a book on what happens there.

Sebi should make good, tough, and sensible rules and IMPLEMENT them properly. When the implementation is done badly, people get polarized – those who implement and those who do not. Those who do not get away for a long time – and this could lead to frustration for those who do. Wake up SEBI. Wake up AMFI.

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  1. It definitely is the need of the hour, each form in the first place comes with a dozen pages with print so small, I might need sight correction if I actually read it… which is saying – none of us really read it. (what a waste of paper) Secondly, for everything that needs a update- they wants forms filled.

    1. Needed to change bank details- one form, for nomination another form, then they will reject saying signature mismatch.. so basically my handwriting after 15 years also should not have changed at all.every change- one form- they say do it online… but half the time doesnt work!!
    2. For transmission – another big janjhat for getting it done!!!
    3. Why cant they have one form for everything to be done?
    3. Requirements from each fund house is different
    4. for NRI- half of them are clueless.
    5. Online – it asks for folio, bank account num and phone or email- key it and it says details dont match… what shd we do? maybe bank acc shd be that of the CEO of the MF? grrrrr

  2. Yes, I agree with your comment, that for NRIs most of the fundss are clueless, it seems that they are doing trial and error!!!!

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