Change of Broker:


Transferring mutual fund investments from one broker firm to another enables investors to retain their holdings while taking advantage of the new broker's services and benefits.


How to process Change of Broker:

Simplified way to download the pre-filled change of broker forms for clients in one click, which needs to be printed for a signature from the client. The forms can be submitted in the nearest CAMS/Kfintech branch or couriered to us, which will be processed with the AMC. 

Refer to the below steps on how to download the pre-filled form -

Step 1:

The Funds need to be imported via CAS, for the details would be pre-filled. Refer to the article for the CAS upload - https://assetplus.freshdesk.com/a/solutions/articles/44001873009.

Step 2:

Once the holdings are successfully imported, follow the below pathway to generate the pre-filled form.

Partner Homepage --> Reports Section → Business Reports Section → Change of Broker Report Section




Notes :

1.   The pre-filled PCOB form includes the AMC name, investor’s name, PAN, and new broker details such as EUIN,  Sub-Broker ARN, the folio and scheme name (External folio)

      2.   Partner/RM/Client must fill out the folio and scheme name manually in case the particular folio details are not available in CAS

      3.   The Signature of the investor is mandatory (For anyone or survivor, joint holder's signature will be applicable)

      4.   Upon receiving the documents, the operations team will verify the folio details (PAN, Investor Name and Folio, Scheme option)

      5. Once the details are verified, sent the documents for processing with the AMC which will take 11-15 working days for completion. Investor will be notified with the SMS communication from RTA upon the receipt of request. If no complaint received from investor the same will get processed in desired TAT.

      6. The detailed tracking can be viewed easily via "Ongoing Requests" under the change of broker report, once the process is completed at the AMC's end, it will be reflected as "Accepted" and the holdings will be updated for the client.

 

      7.  If it's rejected, it will be reflected under the "Rejected requests" the team will follow up with AMCs to obtain the reason for rejection and communicate it to the respective partner/relationship manager.


      

Rejection Reasons:

a) Sign not tallied (Signature should match with the folio records)

Resolution - Banker attestation form needs to be provided along with the self attested Pan and Fresh Change of broker form

b) Nil balance

Demat Folios -After the AUM transfer; the assets will be visible on our dashboard under Value Plus Technologies ARN. Subsequent transactions (purchases and redemptions) for that folio must be initiated through DP only. Clients can place orders or initiate transactions via our portal, which will result in the creation of a new folio. Existing SIP’s registered through Online / Exchange needs to be terminated at the time of submission of documents to Assetplus.

Systematic Transactions:

SIP / SWP / STP - Registrations made through Online/Exchange must be terminated and re registered on our portal. 

SIP / SWP / STP - Registrations made through physical will remain active under the Value Plus Technologies ARN post AUM transfer. 


FAQ's:

1. What is the extended cooling-off period for PCOB (Change of Distributor)?

  • The cooling-off period for payment of commission has been extended from six months to twelve months.

2. When does the new distributor become eligible for trail commission?

  • Trail commission to the new distributor is payable only after a 12-month cooling-off period, starting from the date the distributor code change is recorded in the investor’s folio.

3. What happens if an investor reverses the PCOB within the 12-month cooling-off period?

  • If the investor revokes the existing PCOB and initiates a new one, the 12-month cooling-off period will restart from the date the new PCOB is updated in the folio.

4. Has AMFI introduced any new format for PCOB requests, and is there an online process available?

  • Yes, AMFI has introduced a new format—Annexure A—for PCOB requests.
    The form requires the investor’s     wet signature, which will be verified before the change is processed.

  • Currently, no online self-service process is available for investors to initiate PCOB; the process is handled manually through submission of the signed form to the RTA or concerned AMC.

5. Will any communication be sent to the investor regarding the PCOB request?

  • Yes, the investor will receive an SMS notification from the RTA on T+1 day after the PCOB request is received.

6. What message is sent to the investor as part of the PCOB request process?

  • "We have received your request for Change of Distributor from (Old ARN name) (Code) to (New ARN name) (Code). If you have not requested this change, please email us within 3 days."

7. What happens if the investor does not respond to the PCOB communication?

  • If no complaint is received from the investor by T+11, the PCOB request will be processed as valid, and communication will be sent to both the old and new distributor (broker) codes confirming the change.

8. What is the effective date for the implementation of the revised PCOB process and guidelines?

  • The revised guidelines, including the 12-month cooling-off period and new form requirements, take effect on August 11, 2025.