PPFAS Mutual Fund alert: New applications to be rejected from July 1 without this detail

Starting from July 1, 2025, all new mutual fund applications will be rejected if the investor does not submit complete nominee details or a valid opt-out declaration, PPFAS Mutual Fund has informed its subscribers.

"Please note that effective July 01, 2025, all new mutual fund applications without complete nominee details or without valid opt-out declaration will be rejected," PPFAS Mutual Fund said in an email to its subscribers.

It has asked the subscribers to directly submit their nominations or opt-out declarations. Subscribers cannot declare a trust, a partnership firm or a karta of HUF as a nominee.

"Please note that nomination or opt-out declarations must be submitted by the investor directly. The Nominee shall not be a trust (other than a religious or charitable trust), society, body corporate, partnership firm, Karta of a Hindu Undivided Family, or a Power of Attorney holder," the mail said.

As per these guidelines, all mutual fund investors must provide complete nominee details for their investments or submit an opt-out declaration.

What are the mandatory details required?

As per the PPFAS Mutual Fund's email, the following details are mandatory:

• Any one of the following personal identifiers of the nominee, such as PAN, Driving Licence number, last 4 digits of Aadhaar. However, in the case of NRI/OCI/PIO, the Passport number is acceptable.

• Full contact details of nominee(s), including residential address, e-mail address, telephone/mobile number

• Relationship of nominee(s) with the investor

• Date of birth of nominee(s) (if nominee is a minor)

How to update nominee details

Investors can update their nominee details or submit the opt-out declaration via PPFAS Mutual Fund's SelfInvest portal. Alternatively, they can also update details via CAMS Online, mutual fund distributors, or by submitting the physical forms to their nearest PPFAS MF office branch.