PPFAS Mutual Fund :: What's New

We have made a few revisions to point no. 17 in Nomination-related Instructions (second last page)

We request you to please use the new Forms, on this page with immediate effect.

Please let us know in case you have any queries in this regard.

August 01, 2022 : Revisions in Common Application Form

Some recent changes done in the Common Application Form:

Point no. 13 - Revisions in Nomination Details section on page no. 3:

Point no. 9 - Revisions in Input boxes:
8 Text boxes for both NSDL: DP ID and Beneficiary Account Number fields 16 Text boxes for CDSL: Beneficiary ID field

Addition of Nomination-related Instructions (Point ‘L’) on page no. 8 as follows:
- The nomination can be made only by individuals applying for / holding units on their own singly or jointly.
- All unit holders should sign the Nomination Form irrespective of mode of holding.
- Non-individuals including society, trust, body corporate, partnership firm, Karta of Hindu Undivided family, holder of Power of Attorney, Guardian on behalf of Minors cannot nominate.
- Minor(s) can be nominated and in that event, the name, address, and signature of the guardian of the minor nominee shall be provided by the unit holder.
- Nomination can also be in favour of the Central Government, State Government, a local authority, any person designated by virtue of his office or a religious or charitable trust.
- The Nominee shall not be a trust [other than a religious or charitable trust], society, body corporate, and partnership firm, Karta of Hindu Undivided Family, or a Power of Attorney holder.
- A non-resident Indian can be a nominee subject to the exchange controls in force, from time to time.
- Nomination in respect of the units stands rescinded upon the transfer of units. The rights in the units will vest on the nominee only upon the death of all unit holders. The nominee receives the units only as agent and trustee for the legal heirs or legatees as the case may be. Investors should opt for the nomination facility to avoid hassles and inconveniences in case of unforeseen events in future.
- Nomination can be made for maximum number of three nominees.
- Transfer of units in favour of Nominee(s) shall be valid discharge by the Asset Management Company against the legal heir.
- The cancellation of nomination can be made only by those individuals who hold units on their behalf singly or jointly and who made the original nomination.
- On cancellation of the nomination, the nomination shall stand rescinded, and the asset management company shall not be under any obligation to transfer the units in favour of the Nominee(s).
- Multiple Nominees: Nomination can be made in favour of multiple nominees, subject to a maximum of three nominees. In case of multiple nominees, the percentage of the allocation/share should be in whole numbers without any decimals, adding upto a total of 100%. If the total percentage of allocation amongst multiple nominees does not add up to 100%, the nomination request shall be treated as invalid and rejected. If the percentage of allocation/ share for each of the nominee is not mentioned, the allocation /claim settlement shall be made equally amongst all the nominees.
- If the aggregate is less than 100% than the balance will be re-balanced to the first nominee. If the aggregate is greater than 100% then nomination would be rejected.
- In the event of the unit holders not indicating the percentage of allocation/share for each of the nominees, PPFAS Mutual Fund /PPFAS Asset Management Company, by invoking default option shall settle the claim equally amongst all the nominees, at their own discretion.
- Every new nomination for a folio/account will overwrite the existing nomination, i.e., simultaneous cancellation of existing nomination and updation of new nominee(s) as per the new request. Nomination will be subject to the provisions of the Scheme Information Document
- Nomination shall be mandatory for new folios/accounts opened by an individual especially with sole holding and no new folios/accounts for Individuals (with sole holding) would be opened without nomination. However, investors who do not wish to nominate must sign separately confirming their intention to opt out of nomination. In case nomination/opt out to nominate is not provided by Individual (with sole holding), the application is liable to be rejected.
- Nomination by a unit holder shall be applicable for investments in the scheme folio or account.
- ln case of investors opting to hold the Units in demat form, the nomination details provided by the investor to the depository participant will be applicable.

Please let us know in case you have any queries in this regard.

July 28, 2022 : Letter from CEO, Neil Parag Parikh

Greetings!

At the outset, I thank you for believing in us and recommending our Schemes to your clients, over the years.

I am reaching out to you today, in connection with the third anniversary of our Equity Linked Savings Scheme (ELSS) Parag Parikh Tax Saver Fund (PPTSF).

My Letter to you...

July 01, 2022 : Change in Common Application Form

Some recent changes done in the Common Application Form:

Addition of table for Declaration on self/relationship details for the mobile number and email id provided.

"Family means self, spouse, dependent children, dependent siblings, dependent parents, and a guardian in case of a minor as per AMFI guidelines dated March 28, 2022"
The AMC to strengthen control with respect to verification of key details of investors like Bank account details, email id, mobile number, and address, etc and to standardize the process for Validation of Email ID, Mobile Number, Bank Mandate & Two Factor Authentication for Redemptions of Non-Demat folios. AMC shall take necessary steps to comply with the AMFI Best Practice guidelines dated March 28, 2022, and as amended from time to time. Investors are requested to provide correct Bank account details, email id, and mobile number at the time of submitting the application.

Please let us know in case you have any queries in this regard.

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