Multiple investor accounts

Regular SIP

We have created a family friendly investment platform at FundsIndia. In India, we often manage our investments as a family. Having multiple accounts in different places for different people in the family makes it really difficult to track and efficiently manage investments across the family. Hence, we have created a system that makes it easy to make and manage investments in one single place for the entire family.

One login id, multiple investor accounts

The way FundsIndia enables this is to separate the concepts of login id and investor accounts. This way, we are able to allow multiple investor accounts under a single login id.

So, using one login id, an investor can add accounts for self, their spouse, and minor accounts for their children. When this happens, all the investments made under any one of these names would be visible in a consolidated way upon logging in using the login id.

Adding an investor account

Adding an investor account proceeds along the same line as creating a new investor account in FundsIndia. Once an active FundsIndia account has been created, an investor can login, click on 'My Info' and choose 'Add investor' from the left menu. They would need to follow the same process as they did while opening a fresh account. KYC processing and document dispatch would need to happen for every new investor added to a login account (Minor accounts are slightly different, and covered in a separate topic).

Managing multiple investor accounts

In this situation, when an investor makes an investment, he/she will be given the option of choosing the investor on whose name the investment needs to be made. The individual investments itself will be made under such a selected name. So, any tax benefit or consequence will be on the investor on whose name the investment was made.

How will one know whose name the investment is on? Simple - in the 'My Account' page in FundsIndia, please note that every line item (every mutual fund folio) has an icon that shows the name of the investor in whose name the investment was made. Also, one can filter the entire page to show only investments made under a particular investor's name (please see images).

This feature - having multiple investors under the same login id also enables us to create joint investments. More on that in a different essay.