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Can I Sell My SBI Mutual Funds Without Aadhaar as an NRI?

Ramalingam

Ramalingam Kalirajan  |8365 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Jan 16, 2025

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Asked by Anonymous - Jan 04, 2025Hindi
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Hi I am NRI (US citizen). I moved to US 30 years back. I hold some SBI mutual fund units. I donot have Aadhar card but I have PAN card. I asked SBIMF to redeem the units and send me a check to address on my statement. They are asking me to personally visit SBI MF office and present Aadhar card or voter registration. I presented proof of identity with OCI card, US passport and PAN card by email. I didnot have much luck in redeeming my units Frustrated investor.

Ans: Your concern regarding the redemption of SBI mutual fund units is valid. Let me address it step by step to provide clarity and potential solutions.

1. Legal Documentation Requirements
SBI Mutual Fund follows strict documentation rules.

The requirement of an Aadhaar card or voter ID is standard in India.

However, NRIs with PAN and OCI cards should also be eligible.

PAN is legally accepted for financial transactions, even without Aadhaar.

2. Presenting OCI and US Passport as Proof
Your OCI and US passport are valid identity proofs.

These documents establish your identity as an NRI.

PAN card further confirms your association with Indian financial systems.

Mutual fund companies must accept these as substitutes for Aadhaar.

3. Difficulty in Personal Visits
Being in the US, visiting their office is impractical.

Mutual fund companies have online processes for NRIs.

Redemption requests should accommodate remote verification.

SBI Mutual Fund needs to update their NRI servicing standards.

4. Communicating with SBI Mutual Fund
Direct communication can resolve your issue faster.

Write to the grievance redressal cell of SBI Mutual Fund.

Clearly explain your situation and provide supporting documents.

Mention the challenges you face in visiting India personally.

5. Role of Certified Financial Planner
A Certified Financial Planner (CFP) can mediate for you.

CFPs have experience in resolving such issues with fund houses.

They can guide you on alternate processes for redemption.

Collaborating with a CFP ensures a professional approach.

6. Checking KYC Compliance
Ensure your KYC is updated as an NRI.

KYC is mandatory for mutual fund transactions in India.

NRIs must update their KYC when there is a status change.

Use KYC registration agencies to check and update your details.

7. Alternative Redemption Options
Explore other methods to redeem your mutual funds.

Contact the Registrar and Transfer Agent (RTA) for SBI Mutual Fund.

RTAs like CAMS or KFintech often provide better assistance.

Explain your NRI status and request a solution for remote redemption.

8. Legal Recourse if Needed
As a last resort, consider legal action.

Consult an expert lawyer experienced in financial disputes.

File a complaint with SEBI through the SCORES platform.

SEBI ensures that investor grievances are addressed promptly.

Final Insights
Your frustration is understandable, but there are solutions.

Strengthen your communication with SBI Mutual Fund and escalate issues if needed.

Engage a Certified Financial Planner for expert guidance.

Update your NRI KYC and use RTAs for smoother resolution.

Keep patience and follow up consistently for the best outcome.

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Sir my son in 2009 invested in Mutual fund rs.5000/- and again rs.5000/- another in 2011 total rs.10,000/- with Reliance mutuval funds later this company changed in the name of Nippon India private limite. My son at the of investments he had Old PAN no. Later on job purpose gone abroad and settled. He came in 2019 and submitted redeem his units say 2250 units currenly valued rs. 50,000 above . His application was rejected at first Old PAN Card not surrendered so he surrendered same with original attached with NRE status PAN and submitted agiain who they says You have to link his Aadhar card. He is not in a position to obtain this because he may get citizenship. I referred to SEBI and RBI to intervene but no response from them Please guide me how to redeem and get my son’s investments which I require for my ailing age of 78. Thanks in advance If you require his PAN no surrendered and obtained new NRE status PAN no.
Ans: Since your son cannot link his Aadhaar due to his NRI status, the best approach would be to reach out directly to Nippon India Mutual Fund and explain the situation. You can request the redemption process based on his NRI PAN and KYC status without Aadhaar linking.

Here's what you can do:

Contact Nippon India: Explain that your son is an NRI and cannot obtain an Aadhaar card. Request guidance for an NRI-specific redemption process.

Submit an NRI KYC Update: Ensure that your son's new PAN and NRI status are updated in the KYC records with the fund house. This can be done via the KYC Registration Agency (KRA) or CAMS for mutual funds.

Alternative Contact: If there is no response from the fund house, consider contacting AMFI or SEBI again, providing all necessary documents.

These steps should help you resolve the issue and redeem the units without requiring Aadhaar linkage.

Best Regards,

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www.holisticinvestment.in

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Ans: Yes, your son can prepare for both CLAT and IPM exams simultaneously, especially given his ICSE score. With a 96% score, he has a strong chance of success in both exams. CLAT and IPM share some common ground, which could make preparation more manageable.
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CLAT specifically requires legal reasoning, which is not part of IPM. Your son can focus on preparing for this section separately.
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With a 96% ICSE score, your son has a strong chance of clearing IPM exams. His high marks indicate a strong aptitude for quantitative reasoning and problem-solving.
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CLAT is a highly competitive exam, but with his current scores, your son has a very good chance of clearing CLAT.
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Dear Sir, My age is 33 year now. I was working in financial sector for 5year as a recovery agent. I have done intermediate in Arts and Diploma in mechanical engineering. Passed out in 2012. Now i want to change my job sector to technical line. I have no experience before in technical line. Please guide me which technical job will be best suitable for me And What Salary Range Should i expect?.
Ans: For you AMIE ( Mechanical) will be the best option. You will be equivalent to B.E./B.Tech Mechanical. The details are given below.
The AMIE (Associate Member of the Institution of Engineers) exam is a professional qualification in engineering, equivalent to a B.E./B.Tech. degree. It's conducted by the Institution of Engineers (India) (IEI) and is offered as a distance learning program. The exam is held twice a year, in June and December.
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No upper age limit, but candidates must be at least 18 years old on the first day of the examination.
Other:
Indian citizens or foreign nationals with at least two years of residence in India.
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The exam is based on multiple-choice questions (MCQs).
It can be taken online (CBT) or offline (PBT).
Benefits:
Becoming a graduate engineer with the same qualification as a B.E./B.Tech. degree.
Recognized by government and private sectors.
Least expensive compared to traditional degree programs.
Application Process:
Download the application form from the IEI website.
Fill out the form and attach the required documents.
Pay the application fee.
Submit the application form along with the fee.

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I'm preparing for Neet and wanted to take a drop but my parents wanted me to do something with it like a partial Drop......And right now I'm totally confused what to do and what not.........i think I should take BSC zoology in private colleges , can anyone suggest me something..........
Ans: Hi Prirhvi,

Based on your query, there are two main issues to consider:

1. You want to take a break (which may be partial or full).
2. You want to pursue a BSc in Zoology.

Before making any decisions, take some time to think and analyze your situation.

Firstly, evaluate your marks in the HSC and your recent NEET exam scores (if you have appeared for NEET 2025). If you have completed both exams, focus on turning your weaker subjects into strengths. Be prepared to answer any questions someone may pose. Without this preparation, taking a break may not be effective.

Secondly, if you decide to take a gap year, you should not also consider studying another course concurrently, as this could divert your attention and hinder your main goal. Remember, undergraduate courses are semester-based, meaning you will need to manage both NEET preparation and your regular UG courses (including internal exams, semester exams, etc.). Juggling both can be quite challenging.

If you believe it is possible to manage both, I suggest that instead of choosing Zoology for your UG, you consider subjects like Chemistry or Physics. These subjects are foundational and can be better understood through regular UG coursework. Therefore, you should not worry too much about that particular subject. However, it’s not advisable to select Zoology and take a break for NEET preparation at the same time. If you have doubts in Physics or Chemistry, you can seek clarification from your lecturers.

In summary, my suggestion is to concentrate on one goal and work towards achieving it.

BEST WISHES.
POOCHO. LIFE CHANGE KARO.

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.
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