How to transfer existing folios to your FundsIndia account

If an investor has existing investments in mutual funds, they can transfer the same to their FundsIndia account. This will give them two advantages:

1. They will be able to consolidate all their investments in one place and even act on them using online transactions
2. They will be able to re-use the existing folio ids to make new investments.

This article details the process for transferring your current folios to your FundsIndia account in the form of a series of questions and answers.

What can be transferred?

Almost any mutual fund folio can be transferred to a FundsIndia account. However, there are some exceptions:

1. If the folio was created using another online channel, it would first need to be converted into an offline folio before it can be transferred. For example, if the folio was created by using an AMC's online investment facility or through another online broker, it would fall under this category.
2. If the folio has an active ongoing SIP, then the SIP would need to be stopped before it can be transferred over.

What are the steps to transferring a folio?

Transfer of a folio to a FundsIndia account takes place in two steps - the first step is a change of broker code from existing code (or 'Direct') to FundsIndia's broker code. The second step is to convert the offline folio into an online folio that can be transacted using FundsIndia's online platform.

How long does the transfer process take?

The first step takes about a couple of weeks to complete, but the second step takes longer - about 3-4 weeks. This is due to the fact that prior to converting a folio to online mode, we need to verify its details and get it to match with the details at the FundsIndia account. So, all together, transfer would take about 6 weeks to complete.

How do I apply for a folio transfer?

1. Please login to your account, click on 'Mutual funds' and choose 'Easy Transfer' from the left menu.
2. In the next screen, please provide the details regarding these investments - name of fund house, scheme name, folio id, mode of holding etc.
3. Once you are done, the system will generate letters of transfer that need to be submitted to the fund houses. You will find them in the 'Download' section of your account. (For each folio - there will be three letters generated - one for change of broker code, one for online conversion, and the third for reconciling any data mismatches between the current folio and your FundsIndia account)
4. Please print these letters, sign them, and send them to us.
5. Once we receive the letters, we will dispatch them to the fund houses, and track them for you.

Please note that, if you are transferring an investment held jointly with another person, please ensure that the other person is also a registered investor with FundsIndia. If not, we will not be able to take in this investment.

How do I track the progress?

You can track the progress of your mutual fund transfer requests by visiting the 'Easy Transfer Track' page. Please login to your account, click on 'Mutual funds' and choose 'Easy Transfer Track' from the left menu.

What are the precautions to take while transferring folios?

While your folio is being transferred, please do not make any transactions on the folio. If you do so, the folio will go to a state called 'Multiple broker' state. In that situation, we would have to start the transfer process all over again.

When can I start using the transferred folio ids?

Once the folio has been transferred and converted into an online folio, the id can be used for making additional investments.

I have an online folio invested through an online broker. How do I transfer it to FundsIndia?

In this case, you would first need to contact your current online broker, and request them to convert the folio to 'Offline/Direct'. Once done, you can request a transfer to your FundsIndia account.