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Transaction FAQs
 

Transaction FAQs

 

THIRD PARTY PAYMENTS

1. What does Third Party Payment refer to?

"Third Party Payment" means payment made through an instrument issued from a bank account other than that of the first named applicant / investor mentioned in the application form.

2. Which of the below will be treated as Third Party payment and Why?

  • a. An investor investing in MF however the payment is made through friends or relatives account.
  • b. An investor investing in MF however making the payment through the cheque of another bank account of the investor.
  • c. An investor investing in MF making the payment through Demand Draft / Pay Order / Bankers Cheque.
  • d. An investor investing in MF making the payment through Pre - funded instrument such as Pay Order / Demand Draft / Banker's Cheque issued by the banker against cash for Rs 50,000 or less.
  • e. An investor investing in MF making the payment through a joint account held by the investor.
  • f. An investor investing in MF making the payment through RTGS, Bank Account to Account Transfer, NEFT, ECS, Bank Transfer etc.
  • g. An investor investing in MF making the payment through net banking.
  • h. An investor makes payment through the bank account registered with us however now converted into CBS account.
  • i. An investor who is the sole proprietor of a firm wishes to invest in MF and issues the investment cheque in the name of his firm.
  • a) An investor investing in MF however the payment is made through friends or relatives account.

    This will be treated as "Third Party payment" as the investor needs to make the payment out of his own bank account.
  • b) An investor investing in MF however making the payment through the cheque of another bank account of the same investor.

    This will not be treated as "Third Party payment" as the investor is making the payment out of his own bank account subject to fulfilling the following conditions:

    • Cheque leaf should contain the name of the First Unitholder of Mutual Fund. or
    • In case of non availability of the name then signature of the first unitholder should match with the signature on the cheque.
  • c) An investor investing in MF making the payment through Pre - funded instrument such as Pay Order / Demand Draft / Banker's Cheque

    This will not be treated as "Third Party payment" if the investor attaches a Certificate (in original) from the issuing banker with the purchase application, stating the Account holder's name and the Account Number which has been debited for issue of the instrument. The said Certificate should be duly certified by the bank manager with his / her full signature, name, employee code, bank seal and contact number. The account number mentioned in the Certificate should be a registered bank account or the first named applicant or investor should be one of the account holders to the bank account debited for issue of such instruments.
  • d) An investor investing in MF making the payment through Pre-funded instrument such as Pay Order / Demand Draft / Banker's Cheque issued by the banker against Cash for Rs 50,000 and less.

    This will not be treated as "Third Party payment" if the investor attaches a Certificate (in original) from the issuing banker with the purchase application, stating the name of thepurchaser and PAN Number. The said Certificate should be duly certified by the bank employee with his / her full signature, name, employee code, bank seal and contact number. (Format of certificate enclosed) Please note Pre - funded instrument issued against Cash will be accepted only if the amount is Rs. 50000 or less.
  • e) An investor investing in MF making the payment through a joint account held by the investor.

    This will not be treated as "Third Party payment" if the payment instruments issued from a joint bank account bears the investors name as one of the joint holders of the bank account from which the payment instrument is issued.
  • f) An investor investing in MF making the payment through RTGS, Bank Account to Account Transfer, NEFT, ECS, Bank Transfer.

    This will not be treated as "Third Party payment" if the Investor attaches to the application form, an acknowledged copy of the instruction to the bank also stating the account number debited. The account number mentioned on the transfer instruction copy should be a registered bank account or the first named applicant / investor should be one of the account holders to the bank account debited for such electronic transfer of fund.
  • g) An investor investing in MF making the payment through net banking.

    This will not be treated as "Third Party payment" if IDFC AMC / IDFC MF obtains a confirmation from the payment gateway service provider that the details of the bank account debited from matches with the registered pay - in accounts. In case it is found that the payment is not made from a registered bank account or from an account not belonging to the first named unit holder, IDFC AMC / IDFC MF reserves the right to reject the transaction with due intimation to the investor.
  • h) An investor makes payment through the bank account registered with us however now converted into Core Banking System (CBS) account.

    This will not be treated as "Third Party payment" subject to the following.

    • Cheque leaf should contain the name of the First Unitholder of Mutual Fund. or
    • In case of non availability of the name then signature of the first unitholder on the application form should match with the signature on the cheque.
  • i) An investor who is the sole proprietor of a firm wishes to invest in MF and issues the investment cheque in the name of his firm.

    This will not be treated as "Third Party payment" subject to the following.

    • Cheque leaf should contain the name of the First Unitholder of Mutual Fund. Or
    • In case of non availability of the name then signature of the first unitholder on the application form should match with the signature on the cheque.
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3. Who are exempted from Third Party payment and what additional documents need to be submitted by these investors?

  • Payment by Parents / Grand-Parents / Related Persons on be half of a minor in consideration of natural love and affection or as gift for a value not exceeding Rs. 50,000 for each regular Purchase or per SIP installment;
  • Payment by employer on behalf of employee under Systematic Investment Plan (SIP) facility through payroll deductions;
  • Custodian on behalf of an FII or a Client.

Investors submitting their applications through the above mentioned 'exceptional cases' are required to comply with the following, without which applications for subscriptions for units will be rejected / not processed / refunded

  • Mandatory KYC for Investor (Guardian in case of minor) and the person making the payment.
  • Declaration by the person making the payment giving details of the bank account from which the payment is being made and the relationship with the beneficiary.
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4. What will happen if the name of the investor is not mentioned on the cheque or the investor's signature does not match with the application form?

If the name is not pre-printed on the cheque or signature on the cheque does not match, then the first named applicant / investor should submit any one of the following documents:

  • a copy of the bank passbook or a statement of bank account having the name and address of the account holder and account number;
  • a letter (in original) from the bank on its letterhead certifying that the investor maintains an account with the bank, along with information like bank account number, bank branch, account type, the MICR code of the branch & IFSC Code (where available).

5. What is the preferred mode of issuing a payment instrument by the investor while making mutual fund subscriptions?

Initially while making an investment in MF the investor used to issue the payment instrument only in the Scheme Name.

In reference to the best practice guidelines on "risk mitigation process against Third Party cheques in MF Subscriptions issued by AMFI and with a view to avoid fraudulent practices it is recommended that investors should make the payment instrument (cheque /DD/PO etc) favoring either of the below :

  • "XYZ Scheme A/C Permanent Account Number"
  • "XYZ Scheme A/C First Investor Name"

INVEST ONLINE

1. What is MF Online?

MF Online is a service offered on IDFC Mutual Fund for investors of IDFC Mutual Fund whereby they can Purchase, Redeem or Switch units online. They can also view their Profile Details, Transaction Details and Statement of Account online.

2. Is transacting through MF Online safe?

Yes. IDFC Mutual Fund website uses SSL technology to ensure that the information transmitted between you and us across the internet is safe and secured. Secure Sockets Layer (SSL) is a common and the most effective protocol for sending confidential information securely over the Internet. SSL works by using a private, mathematical key to encrypt (or scramble) data that's transferred between your Web browser and the website you're visiting. This Digital Security certificate has one 128 - bit encryption level and is obtained from Verisign (Safescript).

3. What are the features available in MF Online?

  • My Portfolio – In this feature investors can view their Portfolio and summary of Investments, Account Information, Request for Statement of Account, Profile details, track his transactions.
  • Transact Online - The investors can Purchase, Switch or Redeem the units of IDFC Mutual Fund online. Features like Register / De - register STP and SWP, Subscribe in SIP and Subscribe for e-Statements will be offered shortly
  • Create Username and Password – Investor needs to have 4 parameters (PAN no., Bank account no, Mobile no, email id) registered with IDFC MF in the folio to create a Username. On submitting the 4 parameters, the system will check if there are any folios available in the database matching these parameters. On finding a match, the investor will become eligible to create his own Username and Password, subject to specified conditions. A single PAN can be mapped only against a single Username
  • Mapping/ De-mapping of Folios - The investor can map multiple folios to a single Username through this option. All that is needed is for him to create a username. The feature also allows an investor to de-map a Folio already added.
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4. Who is eligible to create a Username for MF Online facility?

To create an account in MF Online you need to have investments in IDFC Mutual Fund, besides

  • 1. Email id
  • 2. Mobile no.
  • 3. Bank account
  • 4. PAN no.
  • registered with us under the Folio and should provide the above details exactly as mentioned in the application form submitted while creating the folio.

5. How can I create an account (Username) for MF Online?

You need to login to www.idfcmf.com and follow the below steps:

On clicking on Register

Under Step 1

Investor is required to enter the PAN no., Email id, Bank account no., Mobile no.

Under Step 2

Investor has to enter a Username and Password of his choice (Password must be a 8 digit alphanumeric and must contain at least one capital character, one numeric character and one special character (Special characters must be an underscore).

He is then prompted to enter answers to 5 pre-defined security questions

On entering the details once confirmed, a link is sent to his registered email id for activation of the account.

On clicking on the activation link on the email received, the investor is taken to the landing page, where he has to enter his username and password. Please note that link sent to the investor email id shall automatically expire if the User id activation is not done within 7 calendar days from the date of sending the email with the link attached.

On the first login, investor is required to change his password.

Thereafter, he is eligible to transact on MF Online.

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6. What if I do not have my email id or mobile no. registered in the folio and wish to update the same?

It will be required to get the email id and mobile no. registered in the folio. Investors are required to forward a signed request to the Registrars offline to get the same done.

7. Do I require a PIN to transact in MF Online?

A PIN is not required for transacting on MF Online. Investor can create a Username using his folio parameters.

8. Is there any document / agreement required to. be signed for enabling Online Transactions?

No. Investor is not required to fill - in any agreement or document for enabling online transactions. Subject to availability of the 4 parameters (pan, mobile no, bank account no, email id) in the folio, an investor can create his own username and password and start transacting straightaway.

9. Will I be charged for using Transact Online facility?

No, the service is absolutely free.

10. What if I forget my MF Online Username and Password?

Forgot Username

There is a link given for Forgot Username. This option allows investors to get their Username emailed to their registered email id. The investor is required to enter his folio no.(any one of the mapped folio), PAN no, Email id and answer a security question.

Forgot Password

There is a link given for Forgot Password. This option allows investors to reset their password. The investor is required to enter his Username and Answer a security question with a new password of his choice (subject to specified parameters). Default password expiry period is 45 days from the date of creation/changing the password.

During the account lock period, investor shall not be allowed to reset the password using 'Forgot Password' link.

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11. What if I forget answers to the Security questions?

Investors can retrieve answers to the security questions. Investors are required to enter their folio no. , PAN no. and registered email id. Upon validation, the answers are emailed to the registered email id of the investor.

12. Who can transact on the MF Online facility?

Resident Individuals (where mode of holding is single or anyone or survivor), HUF through Karta and Sole Proprietors only can do online transactions on MF Online. However, non-individuals and Non-resident investors can only view information and transaction online transaction capability is restricted.

13. What if my online account is locked?

The Username gets locked due to 3 consecutive incorrect passwords, for security purposes. However, the same gets automatically unlocked after 24 hrs. In case, the Username is required to be un-locked prior to 24 hours a request can be made to the helpdesk on our toll free no. 18002 666688.

14. What are the Designated Bankers available for Internet Banking option for Online Purchase?

No.Bank NameNoBank Name
1Allahabad Bank24Jammu and Kashmir Bank Limited
2Andhra Bank25Karnataka Bank
3Axis Bank26Karur Vysya Bank Limited
4Bank of Bahrain and Kuwait27Kotak Bank
5Bank of Baroda Retail28Lakshmi Vilas Bank Retail
6Bank Of India29Oriental Bank of Commerce
7Bank of Maharashtra30Punjab & Sind Bank
8Canara Bank31Punjab National Bank
9Central Bank of India32Shamrao Vithal Cooperative Bank Ltd
10CITI Bank debit card33South Indian Bank Ltd
11City Union Bank34State Bank of Bikaner and Jaipur
12Corporation Bank35State Bank of Hyderabad
13Deutsche Bank36State Bank of India
14Development Credit Bank37State Bank of Mysore
15Dhanlaxmi Bank38State Bank of Patiala
16Federal Bank39State Bank of Travancore
17HDFC Bank Limited40Syndicate Bank
18ICICI Bank41Tamilnadu Mercantile Bank Ltd.
19IDBI Bank42UCO Bank
20Indian Bank43Union Bank of India
21Indian Overseas Bank44United Bank of India
22IndusInd Bank45Vijaya Bank
23Ing Vysya Bank46YES Bank

 

Note: List of banks may change from time to time investors are advised to contact nearest ISC for the updated list.

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15. Do I need to be KYC compliant in order to place a purchase transaction through Transact Online facility?

Yes. With effect from January 1, 2011 KYC is now mandatory for all classes of investors irrespective of investment amount.

16. Can I use credit / debit cards for Online purchase?

Credit cards cannot be used for Online purchase of MF units. However, Debit cards of following banks can be used for subscribing to units of MF

No.Visa debit card GatewayNoVisa debit card Gateway
1Andhra Bank15Indian Overseas Bank
2Axis Bank Ltd16IndusInd Bank Ltd
3Bank of Baroda17Karnataka Bank Limited
4Bank Of India18Oriental Bank of Commerce
5Barclays Bank PLC19Standard Chartered Bank
6Canara Bank20State Bank of India
7City Union Bank Ltd.21Syndicate Bank
8Corporation Bank22The Dhanalakshmi Bank Limited
9Dena Bank23The Federal Bank Ltd
10Deutsche Bank AG24The Karur Vysya Bank Ltd
11Development Credit Bank25The Lakshmi Vilas Bank Ltd.
12HDFC Bank Limited26UCO Bank
13ICICI Bank Ltd27Union Bank of India
14IDBI Bank Ltd

 

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17. Can I still continue to use my PIN for transacting through www.camsonline.com?

Yes, the PIN issued by CAMS earlier can be used to transact on the CAMS website.

18. What if my account is debited while placing Purchase through Transact Online facility however no confirmation mail is received for the Purchase done?

Investor needs to wait for 24 Hours to check the status of the transaction in the transaction history.

19. Can I transact through both Physical & Online mode in a single folio?

Yes.

MULTIPLE BANK MANDATE REGISTRATION

1. Why should an investor get multiple bank accounts registered in the folio?

By registering multiple bank accounts , the investors can use any of the registered bank accounts to make payments (subject to availability of the bank for internet banking transactions) and to receive redemption proceeds.

2. What is the maximum number of bank accounts that can be registered in a single folio by an investor?

Registration of upto five bank accounts in case of individuals and HUF is permitted in the folio.

3. How does an investor need to register for multiple bank accounts?

The investor needs to fill in the Multiple Bank Accounts Registration form specifically designed to register the multiple bank accounts. The form can be downloaded by the investor from the website.

4. Is it mandatory for the investors to select default bank account?

Yes. The investor should specify the default bank account among the multiple bank accounts registered in the folio while filling in the pre-designated form for multiple bank accounts.The redemption payouts will be credited to the default account of the investor.

5. Can the investor give Change of Bank (COB) request if he has registered for multiple bank accounts in the folio?

Yes, the investor can give a Change of Bank request.

6. What If an individual investor wishes to add a bank account in the folio however has already registered for 5 bank accounts earlier?

If an individual investor wishes to add a bank account in the folio however has already registered for 5 bank accounts earlier then he needs to replace one existing account with the new bank account.

7. What If an individual investor wishes to add a bank account in the folio however has already registered for 4 bank accounts earlier?

The individual investor can register the fifth bank account into the folio without deleting or replacing the existing bank account.

8. Can an investor change any of the existing bank account or introduce a new default bank account in the folio?

Yes, the investor can change any of the existing bank account or introduce a new default bank account in the folio.

9. Can the redemption be accepted for all the existing investors without registering the multiple bank accounts?

Yes, the redemption proceeds/dividends will be paid / credited to the existing bank account and will be treated as a default bank account till multiple bank account registration request is submitted by the investor.

10. Can the redemption be accepted along with COB for all the existing investors without registering the multiple bank accounts?

Yes, all the required documents have to be provided as per the existing process and the new bank will be treated as default bank and the redemption proceeds will be credited to the new bank till such multiple banks registered.

11. What will be the default bank account for all the fresh investment made by the investors?

In case of new investors , the bank account mentioned on the purchase application form, will be treated as default bank account till the investor gives a separate request to register multiple bank accounts or till the investor gives a separate request to change the same.

12. Can an investor register for multiple bank accounts at the time of initial purchase?

Yes, along with the new purchase application the investor needs to provide the multiple bank registration form. The default bank mentioned in the form will supersede the bank details mentioned in the new application form.

13. Will the Multiple Bank Mandate Registration be done at the folio level or scheme level?

Multiple Bank Mandate Registration will be done at the folio level.

GENERAL QUERIES

1. Can an investor invest in MF without PAN Card?

No. As per SEBI circular MRD/DoP/Cir-05/2007 dated April 27, 2007 and MRD/DoP/Cir-08/2007 dated June 25, 2007, Permanent Account Number (PAN) is the sole identification number for all participants transacting in the securities market, irrespective of the amount of transaction, effective July 2, 2007

2. Can an investor invest in MF without KYC?

No. With effect from January 1, 2011 KYC is mandatory for all classes of investors irrespective of investment amount.

3. Does the investor need to submit PAN copy each time he invests with IDFC MF?

An existing investor with IDFC MF whose PAN is already updated in the folio and wishes to invest again need not submit the PAN copy again.

4. Will the investor's Purchase transaction get rejected if his KYC gets rejected by CVL?

No. The existing Purchase Transaction will not get rejected, however, the folio will be freezed for any further subscriptions.

5. Does a Joint Holder need to be KYC compliant while investing in IDFC MF?

Yes. All the Joint Holders need to be mandatorily KYC Compliant.

6. Does a Guardian acting on behalf of the minor need to be KYC compliant in IDFC MF?

Yes. The guardian of the minor investor need to be mandatorily KYC Compliant.

7. Does a Nominee need to be KYC compliant?

No. Nominee need not be KYC Compliant at the time of subscription of units. However, if the nominee wishes to claim the units on the death of the sole holder or all the surviving holders then he needs to submit KYC application form and get his KYC done.

8. Does an investor need to submit change of Address request directly to the AMC?

Since KYC is now mandatory for all the investments irrespective of the amount, the investor needs to submit the Change of Address details request to POS of CVL using KYC Details Change Form. Once the address details are updated at CVL, the same will be automatically updated in AMC database.

9. What are the mandatory fields which an investor needs to fill in the Application form?

The investor needs to mandatorily fill the below details in the Application forms.

  • Name of the investor
  • PAN No
  • KYC
  • Bank Details (Bank Name, Account No, Branch, City, MICR Code / IFSC Code)
  • Demat Account details (if Demat mode is ticked)
  • Date of Birth & Guardian details (if the applicant is minor)
  • Mailing Address
  • Signature
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10. Can an investment done on behalf of the minor investor be jointly held by other investors?

No. If the investment is done on behalf of the minor then Minor will be the sole and first holder without any joint holders in the folio.

11. Who can act as the Guardian for the minor in the folio?

Guardian in the folio on behalf of the minor should either be a natural guardian (i.e. father or mother) or a court appointed legal guardian.

12. Which documents can be accepted by the AMC/RTA as proof of the minor/ relationship of the minor with their Guardian?

  • 1. Birth certificate of the minor, or School leaving certificate / Mark sheet issued by Higher Secondary Board of respective states, ICSE, CBSE etc., or Passport of the minor, or Any other suitable proof evidencing the date of birth of the minor.
  • 2. In case of court appointed legal guardian, supporting documentary evidence shall be provided.
  • 3. In case of natural guardian a document evidencing the relationship if the same is not available as part of the documents submitted as per point. 1 above.
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13. Why is it necessary for an investor to register for email id & Mobile no in the folio?

An investor can register for email id & Mobile no in the folio to get instant transaction alerts from our end. Mobile No. and Email id is also compulsory for creating a Username for transacting online in MF Online.

14. Can an investor add/remove joint holders in an existing folio?

No. The investor cannot add/remove the joint holders in an existing folio out of his own will.

15. Can a minor act as a Joint Applicant?

No.

16. Can an investor make investment in IDFC MF by making the payment through Cash or using his Credit Card?

No, the investor cannot make the investment payment through Cash or using his Credit Card.

17. Can a POA holder sign the Nomination form?

No.

18. What if an individual does not wish to nominate in the folio?

In case investor does not wish to nominate for a specific folio / account then he shall provide a declaration to that effect in the Common Application Form under Nomination Section wherein provision to that effect is already made.

19. Can a minor be nominated in a folio?

Nominee can be a minor however guardian should sign the application on behalf of the minor nominee. Same guardian cannot be first / second folder for the same folio/ account.

20. Is it mandatory for all the holders in a given folio to sign the registration/cancellation of Nominee?

Yes, it is mandatory for all the holders in a given folio to sign the registration/cancellation of Nominee even if the mode of holding is not Joint.

21. How many Maximum Nominations are allowed in the folio?

Three.

22. Who is not allowed to nominate in the folio?

Unitholder being either parent or lawful guardian on behalf of a minor and an eligible institution, societies, bodies corporate, HUF, AoPs, BoIs and partnership firms shall have no right to make any nomination.

23. Who can be made a nominee in the folio?

Resident Indian / NRI(Including Minor), Central Government, State Government, a local authority, any person designated by virtue of his office or a religious or charitable trust.

24. Is date of birth of the minor mandatory at the time of opening the account/folio?

Yes.

25. Which are the list of Banks which offer Direct Credit facility for redemption payout?

  • CITI BANK
  • HDFC BANK
  • HSBC
  • ICICI BANK
  • KOTAK BANK
  • YES BANK
  • AXIS BANK
  • DEUTSCHE BANK
  • ROYAL BANK OF SCOTLAND
  • IDBI BANK
  • STANDARD CHARTERED BANK
  • INDUSIND BANK
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26. In case of death of the first unit holder, how can the units be transmitted to the nominee?

In case of death of the first unit holder, the nominee will have to provide the following documents for transmission of units –

  • 1. Letter from nominee(s) to the Fund house/AMC requesting for transmission of units (View letter format)
  • 2. Death Certificate(s) in original or copy of the death certificate duly attested by Notary Public or by Gazetted Officer
  • 3. Bank Account Details of the new first unit holder as per along with signature attestation by a bank branch manager or Cheque copy with account number and holders’ name printed on the cheque.(View letter format)
  • 4. KYC of the claimant/s

DEMAT UNITS

1. How can the investor convert the units in the Physical form into dematerialized mode & vice versa?

In case the investor wishes to convert the units from the Physical mode into dematerialized mode & vice versa then he needs to approach his Depository Participant and submit a request with his DP.

2. Where can the investor submit the change of bank/address details if he has the units held in the dematerialized mode?

If the investor has the units held in the dematerialized mode and wishes to change of bank/address details then he needs to approach his Depository Participant and submit a request with his DP.

3. Can an investor request to convert the units into the DEMAT mode if there is an existing SIP in the folio?

No.

Disclaimers & Risk Factors:

Disclaimers: This FAQ is prepared based on the understanding of restriction on Acceptance of Third Party Payments for Subscription of Units of various Schemes of IDFC Mutual Fund. This information is meant for general reading purposes only and is not meant to serve as a professional guide for the readers. The Sponsor, the Investment Manager, the Trustee or any of their respective directors, employees, affiliates or repr esentatives do not assume any responsibility for, or warrant the accuracy, completeness, adequacy and reliability of such information. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that th e facts are accurate and opinions given are fair and reasonable. This information is not intended to be an offer or solicitation for the purchase or sale of any financial product or instrument. Readers are advised to seek independent professional advice, verify the contents and arrive at an informed investment decision before making any investments. None of the Sponsor, the Investment Manager, the Trustee, their respective directors, employees, affiliates or representatives shall be liable for any direct, indirect, special, incidental, consequential, punitive or exemplary damages, including lost profits arising in any way from the information contained in this material.

Risk Factors: Mutual Funds and securities investments are subject to market risks and there is no assurance or guarantee that the objectives of the Scheme will be achieved. As with any investment in securities, the NAV of the Units issued under the Scheme can go up or down depending on the factors and forces affecting the capital markets. The name of the Schemes do not in any manner indicates either the quality of the Scheme; its future prospects or returns. Past performance of the Sponsor/AMC/Mutual Fund is not indicative of the future performance of the Scheme. The NAV of the Scheme may be affected, interalia, by changes in the market conditions, interest rates, trading volumes, settlement periods and transfer procedures. For details of scheme features and for Scheme specific risk factors, please refer to the Scheme Information Document which is available at www.idfcmf.com. Please read the Scheme Information Document and Statement of Additional Information carefully before investing.

 
 
 
 
 
 
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