Before you start investing in JM Financial Mutual Fund schemes, equip yourself with all the functional knowledge required. A ready reckoner that will help you understand the process better
A Common Application Form duly completed along with Rupee cheque or Rupee draft should be submitted / mailed to any of the Official Points of Acceptance of Transactions specified by JM Financial Mutual Fund. Investors can also lodge their completed application forms with brokers appointed by JM Financial Mutual Fund from time to time for onward submission to any of the Investor Service Centres. All cheques/DDs must be drawn in favour of "Name of the Scheme" and crossed "A/c payee" only and payable at the place where the application is submitted at the official point of acceptance.
An NRI choosing to invest in JM Financial Mutual Fund currently cannot make the investment in foreign currencies. The NRI investor needs to give a cheque or draft in rupees from his/her NRE, NRO bank account in India. The NRI investor may also send a rupee cheque/draft issued by an exchange house abroad drawn on its correspondent bank in India. However, for an NRI to invest it is mandatory that he/she maintains a bank account in India.
If an NRI investor invests in JM Financial Mutual Fund Schemes through Rupee draft/Bankers cheque, then any of the following documents should be attached along with the Application Form :
A Foreign Inward Remittance Certificate (FIRC) or
Confirmation letter issued by the bank confirming the source of funds or A photocopy of the Rupee draft/Bankers cheque
When the investment is made by an Rupee cheque issued out of a NRE/NRO bank account in India, a photocopy of the NRE/NRO cheque should be attached along with the Application Form. Post-dated Rupee cheque will not be accepted. Please ensure that the cheques are correctly dated at the time of submission of the application forms.
Once an account is opened, the NRI investor may transact by filling up the Common Transaction Form or by simply filling the details in the transaction slip attached to the statement of the account or transaction slip downloaded from the website and mailing the same to any of the official points (As mentioned in the application form which may change from time to time) of acceptance of transactions, along with the cheque or the bank draft in case of an additional purchase.
The application form of JM Financial Mutual Fund has a provision for local address and Overseas address. KYC compliance being mandatory, the address of all KYC compliant investors will be captured against the folio as per the database of the KYC Registration Agency ( KRA ).
Yes. one can get the Statement of Account and other communication such as Newsletters, Annual Reports etc. through email. The NRI investors need to provide their email ids and subscribe for the above at the time of investing by selecting the relevant columns in the application form/common transaction form.
NRIs/ PIOs can invest in units of the schemes on a fully repatriable basis or on a non-repatriable basis where the principal is non-repatriable but the income distributions are repatriable.
Payments for the purchase of the units may be made by way of Indian rupee drafts purchased abroad or by way of cheques drawn on the NRE/FCNR account of the investor, payable at the city where the application form is accepted by any of the JM Financial Mutual Fund official points of acceptance of transactions. In case of DDs from FCNR, a Foreign Inward Remittance Certificate (FIRC) from the bankers is necessary, confirming that funds are from FCNR account and are repatriable.
Payments for the purchase of the units may be made by way of Indian rupee drafts purchased abroad, or by way of cheque/DDs drawn on the NRE/NRO account of the investor, payable at the city where the application form is accepted by any of the RMF official points of acceptance of transactions.
FIIs may pay for their subscription amounts by way of Indian rupee drafts purchased abroad or out of the funds held in their Foreign Currency account or Non-Resident Rupee account maintained in a designated branch of an authorized dealer. The Rupee drafts/cheque should be made payable at a city where the application is accepted by any of the RMF official points of acceptance of transactions.
The cheque/DD should be payable or drawn on the location where the application is submitted and accepted i.e. at the official points of acceptance of transactions of JM Financial Mutual Fund.
No. Overseas bank account details are not accepted as the payment is in Indian rupees by way of cheque/direct credits.
If an application is received at the official point of acceptance before the specified cut-off time on any business day, the allotment of units at the NAV of the business day shall be applicable, with adjustments for any entry load, if any, as per the provisions of the Offer Document of the relevant scheme. All applications received after the prescribed time will be treated as having been received on the next business day and the units shall be allotted accordingly. In case of liquid schemes, allotment will be based on utilization of funds.
A switch has the effect of redemption (based on the redemption price on the business day of acceptance of switching request) from one scheme/plan/option and the net proceeds will be invested in the other scheme(s) at the prevailing Purchase Price for units as purchase in the other scheme/plan/option to which the switching has been done. However, the differential applicable Entry Load will be payable. (The entry load, of the scheme into which the investor is switching in to will be reduced by Entry and/or Exit Load already paid by the investor in the scheme he/she is switching out from as per the provisions in the Offer Documents of the relevant/respective schemes.)
In order to redeem funds the investor needs to submit the redemption request in original at the nearest official point of acceptance of transactions. All the redemption request forms must contain the investor's folio number, the amount/name of the schemes/unit he/she would like to redeem and should be duly signed by the unit holders on record or their Power Of Attorney (POA) holders. Redemption requests that lack valid signatures will not be accepted.
Redemption proceeds will be paid by a payable at par cheque and payments will be made in favour of the first unitholder and the bank account number shall be mentioned on the cheque as well. Direct credit facility is provided if the investor holds a bank account with any of the authorised banks. Redemption proceeds and/or income distribution (if any) will be payable in Indian rupees only. The scheme will not be liable for any loss on account of exchange fluctuations, while converting the rupee amount to any other currency.
The entire income/dividend received on investment will qualify for full repatriation provided the member continues to be a Non-Resident Indian in terms of [Schedule 5 of the Foreign Exchange Management (Transfer or Issue of Security by a Person Resident Outside India) Regulations, 2000]
Yes. In a mutual fund the POA holder has the authority to invest on behalf of the investor and sign documents for initial and additional purchases as well as request for redeeming units from the account. While applying for purchase of units the POA holder needs to submit the original POA or an attested copy duly notarized. The POA should contain the signature of both the NRI investor and the POA holder. Only then the POA is registered and the POA holder has the right to transact on behalf of the NRI investor. The POA holder's signature will be verified before and for processing any transaction/request.
The Notary himself or
The Branch Manager of the bank where the NRI has his NRE/NRO Bank account. The name and the designation/code of the Bank Manager should be clearly mentioned.
The Branch Manager of JM Financial Mutual Fund post verification with the original.
POA should contain a clause empowering the POA holder to invest in securities on behalf of the NRI. Please note that a POA holder cannot nominate on behalf of the NRI.
Yes. Can a resident Indian have an NRI as nominee?
Yes. An NRI can be a nominee subject to the RBI Exchange Control Regulations from time to time.
Yes. An NRI investor can have a joint holding with a Resident Indian or a Non-Resident Indian in a scheme of JM Financial Mutual Fund.
The NRI investor can log on to www.jmfinancialmf.com
and receive all the information on performance, portfolio, and returns of all schemes of JM Financial Mutual Fund. Investors can receive daily NAVs of the schemes of JM Financial Mutual Fund through email by subscribing to the facility on the website. Apart from the website the investor can also gather information as well as comparison with other mutual fund schemes on some of the financial websites. Apart from