Query Answer

How do I know if my SIPs are registered with respective AMCs

I have some quarries regarding SIP investments - 1) I have started investing in SIP through finance firm in Mumbai (Samarth EduFin Services Pvt Ltd). I have send all required documents and SIP is expected to start from Nov 17, 2) My investments are:- Long Term - a) Aditya Birla Sun Life Equity Fund - Rs 4000, b) ICICI Prudential Value Discovery Fund - Rs 3000, c) Reliance Tax Saver Fund - Rs 3000, Short Term - d) L&T India Prudence Fund - Rs 2500, e) ICICI Prudential Savings Fund - Rs 2500, 3) My queries are:- a) How can I check authenticity of firm? b) Will the firm receive any percentage of my SIP profit? c) How can I check the SIP progress? d) Are the Investments done in above SIP worth it? e) What is advisable, investment in SIP through finance firm or UTI/ ET money apps?

Nov 6, 2017 by Sumit, Solapur  |   Mutual Fund

  1. Good to know that you are starting to invest through mutual fund SIPs. However, you have not mentioned if you had given a cheque for starting the SIP when you sent the SIP application form to the said mutual fund distributor. If it is so, has the amount been debited from your bank account? Or is it that you have not given any cheque and only given the auto debit mandate.

    Unless we do not know this we cannot really comment. However, please note that if your cheque is debited from your bank account your bank will send you a SMS provided the mobile number given in mutual fund SIP application and your bank account is same.

    Also, if you have not given any cheque and only given the auto debit form, even then the mutual fund company (AMC) will send you a SMS and email saying that the SIP has been registered. You will also get SMS alerts prior to your SIP debit date every month.

    I think you should talk to the mutual fund distributor and know the status of your mutual fund SIP applications.

    However, you can try checking the status of your application for CAMS service mutual funds (in your case L&T, ICICI Prudential and Aditya Birla Sun Life Mutual Fund) from this link http://www.camsonline.com/InvestorServices/COL_ISTransEnquiry.aspx

  2. Using this link you can check if a mutual fund distributor exists or not https://www.amfiindia.com/locate-your-nearest-mutual-fund-distributor-details. You can type the name and check their ARN code, address and contact details etc. However, there is a possibility that the firm is registered in name of Samarth EduFin Services Pvt Ltd but using some other ARN number. Actually, there is no way other than this to verify the authenticity of your mutual fund distributor.
  3. Excepting ICICI Prudential Value discovery Fund, the other selected funds are good. In place of ICICI Prudential Value discovery Fund, you could have invested in Mirae Asset India Opportunities Fund and Aditya Birla Sun Life Advantage Fund.

    You have mentioned your investment in L&T India Prudence Fund as a short term investment. This is wrong as it is a balanced fund and you must have a 5 years investment view while investing in balanced funds.

  4. Please note that the company through whom you have routed your SIP application will not get any share on the profit made on your SIPs. However, they will receive a commission (entitled to mutual fund distributors) on each SIP instalment + a trail commission on the total assets (value of your investments).
  5. We feel that you should have decided who should be your mutual fund advisor/ distributor before investing/ sending your SIP application to the Mumbai based firm. Now that you have sent the application to them you should talk to them and check the status etc. without doubting them.
  6. We do not comment on any APPs or platform available in the market. We are a leading mutual fund distributor in India and we provide off-line as well as on-line mutual fund transactions. If you need any assistance in investing in mutual funds you can write to us by clicking this link http://swarajwealthinvestments.in/contactus or directly at swarajwealth@gmail.com. Alternatively you can sign up with us for online mutual funds at https://swarajwealth.mfaccount.in/index-D.php

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