How to Update Mutual Fund Nominations Online

There are 4 routes that investors can use to update mutual fund nomination online:

Using MFCENTRAL (https://www.mfcentral.com/)

The steps to be followed for nomination updates on this portal are:

Sign up with PAN and mobile number or email ID
Sign in with PAN and OTP
Go to ‘service requests’ section
Select ‘update nominee details’
Once you see ‘folio-wise’ nominee details, you can update the same
The portal allows updates only for folios that are singly-held and one cannot make changes for jointly-held folios
You can also select ‘I do not wish to nominate’ if you wish to opt-out of nomination

Using CAMS (https://www.camsonline.com/)

The steps to be followed for nomination updates on this portal are:

Select nomination Opt-in or Opt-out
Enter your PAN to get OTP on registered email id or phone number
Select all fund houses across CAMS and mode of Mutual fund holding
Select register or update nominee Opt-in or Opt-out
Add relevant details of a nominee if opting in

Using KFintech (https://www.kfintech.com/)

The steps to be followed for nomination updates on this portal are:

Enter your PAN
Select the folios for nomination updates
Choose email ID to receive OTP
Enter OTP and update nomination details

Using MFUTILITY (https://www.mfuindia.com/)

The steps to be followed for nomination updates on this portal are:

If you are not registered, create a Common Account Number or CAN
Enter email address or mobile number to get OTP
Enter folio number along with basic KYC details
Select Opt-in or Opt-out
If opting-in, upload bank account document proof under ‘proof upload’
Click on Submit e-CAN
An MFU-approved CAN will be allotted in an hour’s time

Conclusion

The nomination facility of the mutual funds is the only way to pass on mutual fund units from one unitholder to another without going through the route of redemption. Therefore it is important for every mutual fund holder to enlist their nominees if they wish to pass on their holdings through inheritance. However, earlier, mutual fund unitholders did not have the option to opt-out of nomination. This new amendment provides them with such an option, however, the unit holders have to select either option within the due date to avoid any hassles of unfreezing their folios post the deadline set by SEBI.