Power of attorney in Mutual funds
- In order to conduct folios and conduct transactions, Power of attorney is designated to a person on behalf of mutual funds.
- To enable advisors, accountants or close relatives to operate their account, generally senior citizens and Non-residents use power of attorney.
- With the full consent of all units, the power of attorney is granted. The proper process takes place, and the signature is done on a prescribed format, which has to be notarized.
- To verify the transaction in a mutual fund, the notarized power of attorney, documents along with both sets of signatures is to be submitted.
- The power of attorney has very limited set of powers as defined in the agreement. Besides that, the holder cannot make any modifications in to that.
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