Scheme related documents
As a potential investor in a mutual fund scheme, you are allowed to go through all the details about the scheme that you intend to invest in. You have the right to get a set of documents which include scheme information document (SID) and statement of additional information (SAI).These two together forms the offer document for the scheme you intend to invest in. The fund house should also provide you key information document (KIM), a set of documents containing some important information about the scheme and also the fund house. In case there are any changes to the scheme you have invested in, the fund house should inform you about such changes.
Distributor commission fees
You could invest in a mutual fund scheme directly or through an authorized distributor. In case the your investment is through a mutual fund distributor, you have the right to know the fees, commissions etc that the fund house is paying to the distributor who is getting you to invest in the scheme. Rules also allow you to know how much the distributor makes through fees, commissions etc if heshe sells a competing scheme to you. This information can give you some idea if the distributor is pushing you a scheme that will give himher a higher re muneration than a competing product. If you find that the your distributor is getting the highest commission by selling the scheme in which you intend to invest, in that case you should probe a little more about the suitability of the scheme that you intend to invest in. You also have a right to seek professional help, from a financial planner or advisor, in such situations.
After you have invested in a scheme through a distributor, heshe should keep you updated, on a regular basis, about the scheme, market conditions, the investing climate etc. which could make the investing experience better.
Scheme related updates
You should get an SMS / email alert from your fund house within five working days after each investment, even SIPs. You can also get a monthly update for all the transactions done during that particular month from Association of Mutual Funds in India (AMFI), the fund industry trade body. Named consolidated account statement (CAS), this file would contain the details of all transactions, across all schemes from across all the fund houses through which you have invested. For CAS, income tax PAN is the sole identifier. You can register your email ID to get eCAS.Even if you don't transact every month, every six months you will get a CAS with all the details of your mutual fund holdings. As an investor, you should also receive annual reports from all the fund houses you have your investments.
Redemption, dividends etc.
We invest to reap the benefits when we need the money . So redemption is as important as investment. When you redeem your investments, you should receive your redemption proceeds within 10 working days. If the proceeds are sent after 10 days, you have a right to receive interest at the rate of 15% per annum for the period of delay after the expiry of the 10th working day. The same rule also applies in case of dividend payments from fund houses, but here the duration is of 30 calendar days. You are entitled to receive interest for any delay in payment of dividend after the expiry of the 30-day period.
Dividend statement
At times investors may require a summary of dividends received during a financial year. Some fund houses provide mail back services to investors, detailing dividends paid in a portfolio. In case dividend and redemption is not received by an investor, some fund houses provide trackers on their website which help investors to know the status of such payouts.
Missed call and SMS services
Some fund houses give the facility to investors where they could give a missed call to a dedicated number and get the full details of their portfolio with that fund house. Some fund houses also allow investors to transact through SMS.
Complaint redressal system
Every fund house has a complaint redressal mechanism to address investor grievances.If you have any complaints, you can approach the designated officer in the fund house. If that is not redressed to your satisfaction, you can approach AMFI, or even Sebi, the regulator.
Best Tax Saver Mutual Funds or ELSS Mutual Funds for 2015
1.ICICI Prudential Tax Plan
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4.DSP BlackRock Tax Saver Fund
5.Religare Tax Plan
6.Franklin India TaxShield
7.Canara Robeco Equity Tax Saver
8.IDFC Tax Advantage (ELSS) Fund
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10.BNP Paribas Long Term Equity Fund
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For further information contact Prajna Capital on 94 8300 8300 by leaving a missed call
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