FAQs

1) What is the amount of transaction charges to be paid by me?

The amount of transaction charges depends on the amount of investment, type of investor (existing / new) and whether the distributor, if any, has opted for receiving transaction charges.

a) If you are an existing investor in any Mutual Fund, you will be charged 100 as transaction charge per purchase transaction / SIP registration of 10,000 or above. No transaction charge is applied on purchase transactions below 10,000 and on switches / redemptions / STP registrations.
b) If you are a new investor in Mutual Funds, you will be charged 150 as transaction charge per purchase transaction / SIP registration of 10,000 and above.
c) In case of SIP registrations, the transaction charge shall be applicable only if the total commitment amount through SIP is 10,000 or above. The transaction charges will be recovered in 4 installments.
d) No charges will be applied to your transaction if you do not use a distributor for that transaction or if your distributor has opted-out of receiving transaction charges.  

2) What is the transaction charge for direct investments?

Transaction charges are not applicable for direct investments.  

3) Is it compulsory that I pay transaction charges?If the purchase transaction / SIP registration of 10,000 and above is processed through a distributor who has opted to receive transaction charges, transaction charges will have to be paid by you.   

4) I wish to switch my existing investment into a new scheme. Will transaction charges be payable by me? No. Transaction charges are applicable only for purchase transaction / SIP registration. Hence, you don't have to pay transaction charges for switches.   

5) Will transaction charges be applicable for all schemes? Yes. Transaction charges are payable on purchase transaction / SIP registration in all categories of schemes including liquid schemes.  

6) I wish to redeem my existing investments. Do I have to pay transaction charges?No. Transaction charges are payable only on purchase transaction / SIP registration.  

7) I have invested earlier in WhiteOak Capital Mutual Fund. Do I still have to pay transaction charges?
Yes. If the purchase transaction / SIP registration of 10,000 and above is processed through a distributor and the distributor has opted to receive transaction charges, transaction charges will have to be paid by you even though you are an existing investor.  

8) I have invested earlier in WhiteOak Capital Mutual Fund as a guardian of my children and have submitted my PAN for that investment. How much transaction charges will I have to pay?

The transaction charge will be 100 if the amount of purchase transaction / SIP registration is 10,000 or above.   

9) I have invested earlier in WhiteOak Capital Mutual Fund as the first holder and have submitted my PAN for that investment. Now, I will be investing as the second holder. Will I be charged 100? 

If the first holder has invested through a distributor who has opted to receive transaction charges, 150 will be applied as transaction charge if the first holder is new investor and 100 if he / she is an existing investor.   

10) I am a new investor and wish to invest vide SIP. When will the transaction charges be applied?

If an SIP is submitted without the first cheque, transaction charges will be applied in 4 instalments beginning from the first SIP installment. For SIPs submitted with the first cheque (i.e. any day SIP) the transaction charges will be applied in 4 instalments beginning from the first installment after SIP registration.  

11) How will be 10,000 criterion be computed for SIPs?

If the SIP registration value is Rs 10,000 or more, transaction charges will be applied.

12) I intend to register for STP. Will I be charged Rs. 100?

No. Transaction charges are applicable only for purchase transaction / SIP registration is 10,000 or above.  

13) I am an NRI. What will be the transaction charges applicable to my investment?

Transaction charges will be the same for all categories of investors.

1. What is CKYC?

CKYC refers to central KYC (Know Your Customer), a new initiative by Government of India. The aim of this initiative is to have a structure in place which allows investors to do their KYC only once before interacting with various entities across the financial sector. CKYC will be managed by CERSAI (Central Registry of Securitization Asset Reconstruction and Security Interest of India), authorized by Government of India to function as Central KYC Registry (CKYCR). The objective of CKYCR is to reduce the burden of producing KYC documents and getting those verified every time when the investor enters into a new relationship with a financial entity. Thus, CKYCR will act as centralized repository of KYC records of investors in the financial sector with uniform KYC norms and inter-usability of the KYC records across the sector. 

2) Is the information that is currently sought on the current KYC form and the new CKYC form, the same?

No. CKYC requires additional information (for e.g. investor's maiden name, mother's name etc) to be collected and submitted to CERSAI for completion of the CKYC formalities of an investor.

3) What is 'KYC Identification Number'?

KYC Identification Number (KIN) is a 14 digit number allotted by CERSAI to an investor who has completed his / her CKYC formalities. This number should be mentioned each time the CKYC details are required to be accessed by any intermediary. 

4) What procedure do I need to follow to get CKYC Compliant?

• New investors (investors who are not KYC compliant) will have to mandatorily submit the CKYC form along with the investment application. If the investor has filled the old KYC form in lieu of CKYC form, he will have to submit additionally the Supplementary CKYC form along with the old KYC form.

• Existing investors (investors who are KYC compliant) can continue making investments without any change in the current process. 

5)Is CKYC compliance mandated for all categories of investors?

No. Currently, CKYC is applicable only to Individuals (both Resident Individuals and Non-Resident Individuals (NRIs)). 

6) What are the documents to be submitted for completion of CKYC formalities?You need to submit the following documents: 
a) Duly filled and signed CKYC / Old KYC form + Supplementary CKYC form 
b) One proof of Identity (self-attested copy) 
c) One proof of Address (self-attested copy) 
d) One photograph incase of CKYC form. 

You need to submit both proofs of identity as well as address. 
For identity proof, you may submit any one document - PAN/ passport / voter ID/ driving license / Aadhaar card / NREGA job card / any other document notified by central government. 
For address proof, you may use the same proofs as submitted as identity proof (except the PAN, since that does not specify the address). If your permanent address is different from the correspondence address, then you need to submit proof for both the addresses. 
Copies of all documents that are submitted need to be compulsorily self-attested by the applicant and accompanied by originals for verification. In case the original of any document is not produced for verification, then the copies should be properly attested by entities authorized for attesting the documents.

For more details, please refer to the "instructions / guidelines" over-leaf on CKYC / Supplementary CKYC form.

7) Is PAN mandatory?
a) Investors who have a valid Permanent Account Number (PAN) need to provide the same for CKYC compliance. 
b) Investors, who do not have a PAN, need to submit alternate documents (refer CKYC form for details). However, such category of investors can invest (including SIPs) upto Rs. 50,000 only per Mutual Fund in a rolling 12 month period or in a financial year i.e. April to March. 
c) Investors exempt from submission of a PAN:
i) Transactions undertaken on behalf of Central/State Government, by officials appointed by Courts, e.g., Official liquidator, Court receiver, etc.
ii) Investors residing in the state of Sikkim. 

8) Is date of birth mandatory to be provided for CKYC compliance?

Yes, the date of birth is mandatory information required for processing of your CKYC application. 

9) How would I know that my CKYC application is successful?

KIN is being allotted by CERSAI to investors whose CKYC application is found to be valid. An SMS / email will be sent by CERSAI to the registered mobile number of the investor as soon as the KIN is generated at their end. 

10) I do have an email ID / mobile number. How will the KIN be informed to me? Upon generation of a KIN, CERSAI as a process will communicate the same vide SMS / email provided on the CKYC form. In the absence of both the details, no communication will be sent by CERSAI. Such an investor needs to contact the entity who had processed the CKYC form. You need to provide the details of the supporting documents (for e.g. if PAN copy was submitted as identity proof, then you would need to provide the PAN) that was submitted to the said entity. It is advisable that you provide an email ID / mobile number on the CKYC form so that you do not miss out on any important communication sent by CERSAI to investors. 

11) If my CKYC application is rejected / fails, will I be informed about the same?

If the CKYC application is not processed / rejected for some reason, no intimation will get sent to the customer from CERSAI. The entity processing your CKYC application shall be aware of such rejections and can approach in case of any queries.

12) Is CERSAI responsible for validation of investor data?

CERSAI will verify the details as against the supporting documents submitted by investor. However, the onus of doing the CKYC of a customer properly and correctly lies with the entity doing the CKYC. 

13) How do I check the CKYC status online?

Currently, such an option is not available. If the investor is allotted the KIN, it is confirmation that the investor is CKYC compliant. 

1) What is FATCA?

FATCA stands for the Foreign Account Tax Compliance Act. It requires foreign financial institutions (FFI's) to provide the Internal Revenue Service (IRS) with information on certain investments of US persons invested in accounts outside of the US and for certain non-US entities to provide information about any US owners.

2) What is CRS?
Common Reporting Standard (CRS) which is similar to FATCA, is a global level common standard for automatic exchange of financial account information. CRS has been developed by the OECD in close cooperation with the G20 countries and the EU. Under CRS, India has signed a multilateral agreement that would pave the way for effective exchange of financial account information on an automatic basis among signatory countries. 

3) What has FATCA and CRS got introduced?
The purpose of FATCA and CRS is to aid automatic exchange of information between bilateral treaty partner countries about account-holders / investors maintaining accounts in foreign jurisdictions and also to prevent citizen or resident of countries / territories outside India, whether individuals or specified entities, from using banks and other financial institutions to avoid taxation on income generated from all offshore accounts. FATCA and CRS both, obligates such financial institutions to report information about persons from these countries / territories having accounts with them. 

4) Why is the law of another country applicable to me?
In case of FATCA and CRS, as mentioned previously, the Government of India has signed IGA and MCAA respectively for their implementation. Under the pact, India would be obligated to get its financial institutions to share financial account information of accountholders who are tax residents in any of the signatory countries. Likewise, India would also get similar information through financial institutions of such treaty countries. 

5) Has any Indian Authority defined rules for implementation of FATCA and CRS?
Yes, as mentioned earlier, CBDT has already notified rules and guidance note for implementation of FATCA and CRS. The rules framed are called the Income tax (11th Amendment) Rules, 2015.

6) Who will be covered under the purview of FATCA and CRS?
As per the CBDT rules and guidance notes, investors have been broadly categorized as Individual and Non-Individual (Entity) investors. Existing and new investors have been categorized based on the date the folio(s) was / were opened. Further, classification of the existing investors is based on the value of the investment as on the specific date. 
For identification and reporting purposes existing individual investors are further classified into high value and low value individual investors. Likewise, entity investors are also classified into above threshold and below threshold entity investors. 
Accordingly, existing investors with indicias and all the new investors would be covered under the purview of FATCA and CRS (for detailed classifications refer to further FAQs). :

7) Who is an Existing Investor under FATCA and CRS?
Refer to the below table for classification of existing investors under FATCA and CRS.  

8) What are indicias?

In case of existing individual investors, only those high value and low value individuals who are identified on the basis of the indicia (refer next question for meaning of indicia) are required to submit a selfcertification, either curing the US or non-US (except India) indicia or confirming US or non-US (except India) person status. In addition to the self-certification, you are also requested to submit the relevant documentary evidence, as applicable.  In case of existing entity investors, all entities with valuation greater than the threshold value as on June 30, 2014 under FATCA and as on December 31, 2015 under CRS, would be contacted and required to submit a self-certification along-with the relevant documentary evidence. Entities will have to provide details of beneficial owners / controlling persons. 

Indicias are indicators which are identified from your information available with WhiteOak Capital Mutual Fund. List of indicia basis which existing low value and high value individual investors are identified are as follows:
An account having outside India indicia does not necessarily mean that the account would be reported. However such accounts would be required to provide additional / relevant documents, in specific cases. 

i) place of birth in any country or territory outside India or

ii) current mailing or residence address in any country or territory outside India; or

iii) one or more telephone numbers in a country or territory outside India and no telephone number in India; or

iv) standing instructions in a country or territory outside India; or currently effective power of attorney or

v) signatory authority granted to a person with an address in a country or territory outside India; or

vi) a "hold mail" instruction or "in-care-of" address in a country or territory outside India if the reporting financial institution does not have any other address on file for the account holder

9) Who is a New Investor?

• In case of FATCA, investors who have opened folio(s) on or after July 01, 2014 are termed as "New Investors".
• In case of CRS, investors who open folio(s) on or after January 01, 2016 will be termed as "New Investors".
  

10) Who is a U.S. person?
The term "United States person" means:

i) A citizen or resident of the United States,

ii) A partnership created or organized in the United States or under the law of the United States or of any State, or the District of Columbia,

iii) A corporation created or organized in the United States or under the law of the United States or of any State, or the District of Columbia,

iv) Any estate or trust other than a foreign estate or foreign trust. (See Internal Revenue Code section 7701(a)(31) for the definition of a foreign estate and a foreign trust.), or

v) Any other person that is not a foreign person.

11) Who is a U.S. Citizen?
The term "United States Citizen" means:

i) An individual born in the United States,

ii) An individual whose parent is a U.S. citizen,

iii) A former alien who has been naturalized as a U.S. citizen,

iv) An individual born in Puerto Rico,

v) An individual born in Guam, or

vi) An individual born in the U.S. Virgin Islands.

12) What is a specified U.S. person?
The term "Specified U.S. Person" means a U.S. Person, other than: 

i) a corporation the stock of which is regularly traded on one or more established securities markets;

ii) any corporation that is a member of the same expanded affiliated group, as defined in section 1471(e)(2) of the U.S. Internal Revenue Code, as a corporation described above

iii) the United States or any wholly owned agency or instrumentality thereof;

iv) any State of the United States, any U.S. Territory, any political subdivision of any of the foregoing, or any wholly owned agency or instrumentality of any one or more of the foregoing;

v) any organization exempt from taxation under section 501(a) of the U.S. Internal Revenue Code or an individual retirement plan as defined in section 7701(a)(37) of the U.S. Internal Revenue Code;

vi) any bank as defined in section 581 of the U.S. Internal Revenue Code; vii) any real estate investment trust as defined in section 856 of the U.S. Internal Revenue Code;

viii) any regulated investment company as defined in section 851 of the U.S. Internal Revenue Code

ix) or any entity registered with the U.S. Securities and Exchange Commission under the Investment Company Act of 1940 (15 U.S.C. 80a-64);

x) any common trust fund as defined in section 584(a) of the U.S. Internal Revenue Code;

xi) any trust that is exempt from tax under section 664(c) of the U.S. Internal Revenue Code or that is described in section 4947(a)(1) of the U.S. Internal Revenue Code;

xii) a dealer in securities, commodities, or derivative financial instruments (including notional principal contracts, futures, forwards, and options) that is registered as such under the laws of the United States or any State;

xiii) a broker as defined in section 6045(c) of the U.S. Internal Revenue Code; or

xiv) any tax-exempt trust under a plan that is described in section 403(b) or section 457(g) of the U.S. Internal Revenue Code.

13) If I am an Indian citizen would I be covered under FATCA and CRS?
Existing investors with indicias other than India and all new investors would be required to submit a self certification and any additional document, thereof, as mandated under FATCA and CRS. 

14) To whom will WhiteOak Capital Mutual Fund have to report this additional information to?
WhiteOak Capital Mutual Fund will have to report the information to the Indian Income Tax Authorities who would then transmit the financial information to the Tax authority of the relevant countries. 

15) What is the information that is being sought from investors?
Investors will be expected to provide details such as Country of Tax residence, Tax Identification Number from such country, Country of Birth, Country of Citizenship, etc. A separate form is made available, in which existing as well as new investors can submit such information along-with any other document, thereof. 
In case of Entity investors, the above mentioned information of the entity as well as of the controlling persons will have to be submitted. (Refer SEBI circular no. CIR/MIRSD/2/2013 dated January 24, 2013 for guidelines on identification of beneficial ownership). Apart from the above, WhiteOak Capital Mutual Fund would be required to report any additional information sought by the local authorities from time to time. 

16) How frequently will WhiteOak Capital Mutual Fund seek information for FATCA / CRS purposes?
WhiteOak Capital Mutual Fund will seek such information only once from every investor. Further, if there is any discrepancy in the account information, we may be required to contact the investors again to obtain additional information/documentation so that we are able to update their account classification under FATCA/CRS. Additionally, should there be any change in information provided by you, then you are advised to inform us the same promptly, i.e., within 30 days. 

17) What if any investor does not provide the requisite information? 

New Investors (Investors opening folio(s) w.e.f. November 01, 2015):
From November 01, 2015, all the investors who wish to open a new folio would be required to submit FATCA / CRS self-certification mandatorily, if the same is not readily available with WhiteOak Capital Mutual Fund. Further, if any investor does not provide / fail to provide the FATCA / CRS information and documents; then he / she will not be allowed to open a folio with WhiteOak Capital Mutual Fund and the application would be rejected. 

Existing Investors (Investors who have opened folio(s) on or before June 30, 2014):
Existing investors (folio(s) opened on or before June 30, 2014) who do not provide the requisite information, such investors will be treated as "Recalcitrant Account Holders" (undocumented investor) and information related to their investments would be reported to the Indian Tax Authorities. 

18) To whom does this restriction apply?
As per the CBDT press release, the restriction applies to all those investors who have opened folio(s) between July 01, 2014 and August 31, 2015 and have not yet submitted the self-certification under FATCA / CRS.

19) If an investor submits a redemption request, will the same be rejected or processed with the payment being withheld?
The redemption request will be rejected, unless all unit holders in the folio submit the self-certification along-with with the redemption - either in physical mode or online.

20) If an investor gives a redemption request, will the same be rejected or will the same be processed with the payment being withheld?
The redemption request will be rejected in case of un-remediated folio(s), unless all holders submit the self-certification declaration form for remediation simultaneously with the redemption– either in physical mode or online.

21) If one of the joint holders has remediated the FATCA / CRS requirement in his / her PAN, but the other joint holder(s) / guardian have not, what will be the status?
The transaction will still be rejected and the investors can transact only after all the joint holders / guardian have provided the necessary FATCA self-certification / declaration.

22) Whether all holders in a folio should submit self-certification under FATCA?
Yes, self-certification is required for all the holders in the folio. In case of Minor investor, the Guardian would be required to submit the self-certification.

23) Once the PAN / Folio is remediated, can the investor be allowed to transact again? 
Yes. The investor can place all types of transactions after PAN for all holders in the folio is remediated for FATCA /CRS.

24) What is a recalcitrant account holder?
A recalcitrant account holder is defined as per the regulations as any holder of an account maintained by an FFI if such account holder is not an FFI and not meeting the threshold exceptions and the account holder:
Generally, a recalcitrant account holder is any account holder that
(1) fails to comply with reasonable requests for information necessary to determine if the account is a United States account; or 
(2) fails to provide the name, address, and TIN of each "specified United States person" and each substantial United States owner of a United States owned foreign entity; or 
(3) fails to provide a waiver of any foreign law that would prevent a foreign financial institution from reporting information required under FATCA. 

• Fails to comply with the requests (documentation or information) by FFI;
• Fails to provide valid W9
• Fails to provide waiver
• Provides documentation to classify the entity as Passive NFE but fails to provide information on substantial owners

25) What if I am a Mariner, would I be a reportable person?
If you are a Mariner and your country of birth / citizenship / nationality / tax residency is only India then you would not be treated as a reportable person. In case, if there is any conflict of information then you will be required to submit additional document in form of a valid identification issued by an authorized government body* (e.g. Passport, National Identity card, etc.

26) Will folios held jointly by a reportable person and a non-reportable person considered as reportable?
A joint account which has one tax resident of a relevant foreign country reportable owner is treated as a reportable account and therefore the entire account is subject to the FATCA/CRS legislation. 

27) What is a Financial Institution (FI)?
The definition of an FI is very broad and is expected to encompass a number of entities generally not considered to be financial institutions. An FI is any entity that:
An FI will be classified as a Non-Reporting Financial Institution or a Reporting Financial Institution. 

• Accepts deposits in the ordinary course of a banking or similar business;
• As a substantial portion of its business holds financial assets for the account of others; or
• Is engaged (or holding itself out as being engaged) primarily in the business of investing, reinvesting, or trading in securities, partnership interests, commodities, or any interest (including a futures or forward contract or option) in such securities, partnership interests, or commodities.

28) What is a Non-Participating/Reporting Financial Institution (NPFI)?
A Non-Participating/Reporting FI is any Financial Institution resident in a jurisdiction with which the US and/or CRS signatory countries/territories have an Intergovernmental Agreement ('IGA') for the implementation of FATCA and CRS that falls within the exemptions set out in the respective Intergovernmental Agreement or one which otherwise qualifies as: 
according to the USA Treasury Regulations.
Most Non-Reporting FIs will not need to obtain a Global Intermediary Identification Number (GIIN), and so will not need to register, or carry out the due diligence and reporting requirements under the Agreement. However, some Non-Reporting FIs will have some registration, due diligence and/or reporting obligations under the respective Agreement. 

i) a Deemed Compliant Financial Institution;

ii) an Owner Documented Financial Institution; or

iii) an Exempt Beneficial Owner

29) What is a Participating/Reporting FI (RFI)?
A Reporting FI is any Financial Institution that is resident in a jurisdiction with which the USA and/or CRS signatory countries have an IGA for the implementation of FATCA and CRS which is not a Non-Reporting FI. A Reporting FI is required to register with the IRS, will be responsible for ensuring that the due diligence requirements are met and for reporting to the local tax department or the IRS under the terms of the local regulations. 

30) What is a NFE?
A Non-Financial Entity (NFE) is an entity that is not a financial institution. In practice therefore this could apply to any company, partnership, trust, foundation or any other legal entity that is not a Financial Institution.
There are two categories of NFE:

i) Active NFE

ii) Passive NFE

31) What is an Active NFE?
An Active NFE means any NFE that meets certain specified criteria including any of the following:
i) Less than 50 percent of the NFE's gross income for the preceding financial yearis passive income and less than 50 percent of the assets held by the NFE during the preceding financial year are assets that produce or are held for the production of passive income;

ii) The NFE is a Governmental Entity, an International Organization, a Central Bank, or an entity wholly owned by one or more of the foregoing;

iii) Substantially all of the activities of the NFE consist of holding (in whole or in part) the outstanding stock of, or providing financing and services to, one or more subsidiaries that engage in trades or businesses other than the business of a Financial Institution, except that an entity shall not qualify for this status if the entity functions as an investment fund, such as a private equity fund, venture capital fund, leveraged buyout fund, or any investment vehicle whose purpose is to acquire or fund companies and then hold interests in those companies as capital assets for investment purposes;

iv) The NFE is not yet operating a business and has no prior operating history, but is investing capital into assets with the intent to operate a business other than that of a Financial Institution, provided that the NFE shall not qualify for this exception after the date that is 24 months after the date of the initial organization of the NFE;

v) The NFE was not a Financial Institution in the past five years, and is in the process of liquidating its assets or is reorganizing with the intent to continue or recommence operations in a business other than that of a Financial Institution;

vi) The NFE primarily engages in financing and hedging transactions with, or for, Related Entities that are not Financial Institutions, and does not provide financing or hedging services to any Entity that is not a Related Entity, provided that the group of any such Related Entities is primarily engaged in a business other than that of a Financial Institution;

vii) Any NFE that fulfils all of the following requirements:

viii) It is established and operated in India exclusively for religious, charitable, scientific, artistic, cultural, athletic, or educational purposes; or it is established and operated in India and it is a professional organization, business league, chamber of commerce, labor organization, agricultural or horticultural organization, civic league or an organization operated exclusively for the promotion of social welfare;

ix) It is exempt from income tax in India; x) It has no shareholders or members who have a proprietary or beneficial interest in its income or assets;

The applicable laws of the NFE's country or territory of residence or the NFE's formation documents do not permit any income or assets of the NFE to be distributed to, or applied for the benefit of, a private person or non-charitable Entity other than pursuant to the conduct of the NFE's charitable activities, or as payment of reasonable compensation for services rendered, or as payment representing the fair market value of property which the NFE has purchased; and The applicable laws of the NFE's country or territory of residence or the NFE's formation documents require that, upon the NFE's liquidation or dissolution, all of its assets be distributed to a governmental entity or other non-profit organization, or escheat to the government of the NFE's country or territory of residence or any political subdivision thereof. Explanation.- For the purpose of this sub-clause, the following shall be treated as fulfilling the criteria provided in the said sub-clause, namely:-
(I) an Investor Protection Fund referred to in clause (23EA);
(II) a Credit Guarantee Fund Trust for Small Industries referred to in clause 23EB; and
(III) an Investor Protection Fund referred to in clause (23EC),
of section 10 of the Act;

32) What is a Passive NFE?
A passive NFE is defined as any NFE that is not

i) an active NFE or

ii) a withholding foreign partnership or withholding foreign trust pursuant to relevant USA Treasury Regulations

33) What is a Direct Reporting NFE?
A direct reporting NFE means an NFE that elects to report directly to the IRS certain information about its direct or indirect substantial U.S. owners, in lieu of providing such information to withholding agents or participating FIs with which the NFE holds a financial account. A passive non-financial entity (NFE) will not include an NFE that is a direct reporting NFE. An account held by a direct reporting NFE will not be treated as a US account and will not be reported by a participating FI with which the direct reporting NFE has a financial account to the Indian Tax Authority or the Internal Revenue Service (IRS). 

34) We are an Entity registered in India, would we still be required to provide FATCA and CRS selfcertification and Controlling Person (CP)/ Ultimate Beneficial Ownership (UBO) information?
Yes, an entity would be required to provide us with the self-certification and also the complete details of the CP / UBO. This is a requirement under both FATCA and CRS as prescribed by CBDT and also under SEBI regulation. 

35) Why is an HUF required to provide self-certification and details under UBO? What information is an HUF required to provide under UBO?
According to HUF law, HUF is a family that consists of persons lineally descended from a common ancestor. It is a group of family members and not an individual. It has its own tax identity distinct from its family members and hence, treated as an entity. Consequently, an HUF will be required to submit the FATCA details in the Non-Individual form for the same. Further, under UBO, the details of the KARTA can be mentioned. It is noted that the KARTA controls and manages the affairs of the HUF and would not be a lone individual to have a share in the profits and hence, the KARTA of the HUF may mention the UBO code as "03" i.e., Controlling Person of legal person - senior managing official.

36) What is the definition of a controlling person?
SEBI Master Circular No. CIR/ISD/AML/3/2010 dated December 31, 2010 has mandated all registered intermediaries to obtain, as part of their Client Due Diligence policy, sufficient information from their clients in order to identify and verify the identity of persons who beneficially own or control the securities account. The beneficial owner has been defined in the circular as the natural person or persons, who ultimately own, control or influence a client and/or persons on whose behalf a transaction is being conducted, and includes a person who exercises ultimate effective control over a legal person or arrangement. Further, the Prevention of Money Laundering Rules, 2005 also require that every banking company, financial institution and intermediary, as the case may be, shall identify the beneficial owner and take all reasonable steps to verify his identity. The Government of India in consultation with the regulators has specified a uniform approach to be followed towards determination of beneficial ownership, which is as below. 

A. For clients other than individuals or trusts:
Where the client is a person other than an individual or trust, viz., company, partnership or unincorporated association/body of individuals, the intermediary shall identify the beneficial owners of the client and take reasonable measures to verify the identity of such persons, through the following information:
a. The identity of the natural person, who, whether acting alone or together, or through one or more juridical person, exercises control through ownership or who ultimately has a controlling ownership interest.
Explanation: Controlling ownership interest means ownership of/entitlement to:
i. more than 25% of shares or capital or profits of the juridical person, where the juridical person is a company;
ii. more than 15% of the capital or profits of the juridical person, where the juridical person is a partnership; or
iii. more than 15% of the property or capital or profits of the juridical person, where the juridical person is an unincorporated association or body of individuals. 
b. In cases where there exists doubt under clause 4 (a) above as to whether the person with the controlling ownership interest is the beneficial owner or where no natural person exerts control through ownership interests, the identity of the natural person exercising control over the juridical person through other means. 
Explanation: Control through other means can be exercised through voting rights, agreement, arrangements or in any other manner. 
c. Where no natural person is identified under clauses (a) or (b) above, the identity of the relevant natural person who holds the position of senior managing official. 

B. For client which is a trust:
Where the client is a trust, the intermediary shall identify the beneficial owners of the client and take reasonable measures to verify the identity of such persons, through the identity of the settler of the trust, the trustee, the protector, the beneficiaries with 15% or more interest in the trust and any other natural person exercising ultimate effective control over the trust through a chain of control or ownership. 

C. Exemption in case of listed companies:
Where the client or the owner of the controlling interest is a company listed on a stock exchange, or is a majority-owned subsidiary of such a company, it is not necessary to identify and verify the identity of any shareholder or beneficial owner of such companies. ;

37) Where can the investor find detailed information on FATCA/CRS?
FATCA and CRS regulations, notices and other related topics are available on the below websites:
IRS website:
OECD website:
CBDT website (rules):

1) What are the amendments in the Indian Stamp Act pertaining to mutual funds?

As per Notification No. S.O. 1226(E) and G.S.R. 226(E) dated March 30, 2020 issued by Department of

Revenue, Ministry of Finance, Government of India, read with Part I of Chapter IV of Notification dated February 21, 2019 issued by Legislative Department, Ministry of Law and Justice, Government of India on the Finance Act, 019, stamp duty will be levied on mutual fund purchase transaction, with effect from July 1, 2020, as per the rates provided in the table below.

2) How much percentage stamp duty is levied on mutual fund transactions?

0.005% of the net investment value i.e., gross investment amount less any other deduction like transaction charge.
E.g. On an investment of Rs. 100,100/- with a transaction charge of Rs.100/-, stamp duty will be calculated as, (100100-100)*0.005 / 100.005 = 5.00

3) Which all transactions would be covered under stamp duty?

Stamp duty applicability will be on all Purchases (including triggers from past SIP registrations), Switch-in (including triggers from past STP registrations) and Dividend reinvestment/transfer transactions . Historic purchase transactions of 01 July, 2020 will also attract Stamp Duty.

Switch in from one Plan/Option to another Plan/Option ( i.e. Growth to Dividend or Regular Plan to Direct Plan or vice versa) within the same scheme will also attract stamp duty. The same is applicable for both physical and demat. Transfer of Units from one demat account to another including market / off-market transfers attract stamp duty @0.015% .i.e All unit creations from 1st July i.e., purchases, switch-in, Dividend Reinvestment processed from 1st July irrespective of actual date of acceptance / date of SIP/STP registration will be subject to stamp duty deduction @0.005%.

4) Which transactions are excluded from Stamp Duty?

Following transactions will be excluded from stamp duty deduction – Transmissions (by way of gift, legacy, succession etc.), Statement of Account (SOA) to Demat conversion, Transfer from dividend reinvest to dividend payout or vice-versa, change of broker where there is no switch– essentially wherever no consideration is involved.

5) Will stamp duty be applicable for units held in physical mode?

Yes. Covered below in separate FAQs

6) Will stamp duty be applicable during redemption?

No

7) Will stamp duty be applicable on Dividend Payout?

No.

8) Will stamp duty be applicable on transfer of units from broker to investor account?

No, as no consideration is involved and stamp duty is already deducted during unit issuance.

9) What would be the impact on units under dividend reinvestment/transfer?

For units under dividend reinvestment/transfer, stamp duty will be deducted from the dividend amount (less TDS if any) and units will be created for the balance amount.

10) Will stamp duty be applicable for subsequent conversion of units held in physical mode to Demat mode (Statement of Accounts to Demat )?

No, as no consideration is involved and stamp duty is already deducted during unit issuance.

11) How would stamp duty be levied to the investors?

For units issued in demat or non-demat form – purchase, dividend reinvestment, switch -in – stamp duty will be deducted from the net investment amount i.e., gross investment amount less any other deduction like transaction charge. Units will be created only for the balance amount (Net investment amount – stamp duty deducted).

Stamp duty will be computed @0.005% on an inclusive method using the formula -

((Investment amount – transaction charge, if any) / 100.005) * 0.005.

Illustration:

Transaction Amount: INR. 1,00,100

Transaction Charges: 100

Stamp Duty: INR. 5 ((Transaction Amount - Transaction Charges)*0.005/100.005)

NAV: 10

Units: 9,999.50 ({Transaction Amount – Transaction Charges – Stamp Duty}/NAV)

12) How will the investor know the stamp duty levied ?

Statement Of Account will reflect the stamp duty calculation.

1) What is Net Asset Value (NAV) of a scheme?

The Net Asset Value (NAV) of a mutual fund scheme applies to the units of that scheme. It is defined as the market value, in Rupees, of one unit of that Mutual Fund Scheme. It is simply the unit's share of the market value of the scheme's holdings of assets. NAV is calculated and published as per regulations. Investors can use the NAV to purchase, redeem or track value of units in a Mutual Fund. 
e.g. If the value of all the securities in a scheme is Rs. 10,000 and the total number of units issued = 1,000 the NAV per unit will be 10,000/1,000 = Rs. 10. 
 

2) How can I purchase units of WhiteOak Capital Mutual Fund?
There are three options for purchasing units of our Mutual Fund: 

• Directly by submitting physical transactions to us . You may check the list of Official Point of Acceptance on our website i.e. mf.whiteoakamc.com
• Through the stock exchange platform
• Through internet/ online transacting facility.
• Through Channel Distributors registered with us

a. Directly by submitting physical transactions to the fund house:

You may procure an application form from your investment advisor or from any of our Official Point of Acceptance. Alternatively, you may download it from our website mf.whiteoakamc.com. 
For more details about the schemes, investor's rights & services, risk factors, etc, you should refer to the Scheme Information Document (SID) and Statement of Additional Information (SAI) before investing. You can obtain these documents along with the Key Information Memorandum (KIM) and application form as mentioned above. 
Attach a cheque for the amount you would like to invest. The name and account number of the sole/first unit holder should be printed on the cheque
The completed application can be submitted at any of official points of acceptance.

b.  Through the Stock Exchange Platform: 

Investors can approach a trading member of BSE or NSE registered with stock exchange as participant (& who is also registered with AMFI as Mutual Fund Advisor and with WhiteOak Capital MF) to avail transaction facility through stock exchange platforms. 
For further details, please browse through the 'Stock Exchange Transactions' section.

c. Through internet/ online transacting facility. 
WhiteOak Capital Mutual Fund offers Online transaction facility through which you can transact from anywhere and at any time on our website mf.whiteoakamc.com

3) What is the procedure for redemption?
In case you wish to redeem from any of the open ended schemes of WhiteOak Capital Mutual Fund; you may do so on any business day. You need to complete a transaction slip, which you can download from our website or detach from the end of your account statement. The Application can be submitted at any of our official points of acceptance of transactions. 
Alternatively, you may also redeem on our website using Secured Login.

4) How much money will I receive if I redeem my money today?
You can calculate the approximate value of your investments by multiplying the number of units you hold in scheme with the latest NAV of that particular scheme. But the same is subject to: 

• Exit load, if any
• 'Applicable NAV' i.e., the NAV that depends on the day & time when that you submit your redemption request. For example if you are submitting your redemption before the cut-off time on a 'Business Day' as defined in the Scheme Information Document you are entitled to the NAV of the same day.
• Securities Transaction Tax (STT) ,if applicable

5) How will I receive my redemption proceeds?
The redemption proceeds are paid via any of the following modes depending on the investor's bank, completeness & accuracy of the bank details provided by the investor & his location:   

a. Direct Credit through RTGS/ NEFT:
Redemption proceeds are directly credited to the investor's bank account wherein we have complete core banking account number of the investor, he has provided IFSC code to us and that particular bank and branch has been enabled for RTGS/ NEFT.   

b. Cheque:
In cases other than RTGS/NEFT, wherein we do not have complete bank details, cheques are sent to the investors. 

1) Can I switch between schemes/ investment options/plans? If yes, how?
Yes, you can switch between schemes/investment options/plans. You need to fill in a transaction slip, which you can download from our website or detach from the bottom of your account statement. The same can be submitted at any of our Official points of acceptance of transactions
Alternatively, you may also switch on our website .

2) Is there any load on switching?
A switch from one scheme to the other is treated as redemption from the scheme from where it is switched out & a purchase into the scheme into which it is being switched. Thus, you will be liable for any 'applicable' exit load.

3) How do I apply for a Systematic Investment Plan (SIP)? 
First time investors can attach, along with the Common Application Form, an SIP Enrolment form. The SIP enrolment form is usually submitted along with an auto-debit form. First time resident individual investors with mode of holding as single, can start directly create a folio and start investing online on our website i.e. mf.whiteoakamc.com. Existing investors can fill the SIP enrollment form mentioning the folio number and submit it along with the auto-debit form. If you are an existing investor with online transaction facility, you can logon to mf.whiteoakamc.com and apply for an SIP. 

1) How do I apply for a Systematic Investment Plan (SIP)? 

First time investors can attach, along with the Common Application Form, an SIP Enrolment form. The SIP enrolment form is usually submitted along with an auto-debit form. First time resident individual investors with mode of holding as single, can start directly create a folio and start investing online on our website i.e. mf.whiteoakamc.com.

Existing investors can fill the SIP enrollment form mentioning the folio number and submit it along with the auto-debit form. If you are an existing investor with online transaction facility, you can logon to mf.whiteoakamc.com and apply for an SIP. 

1) What is the facility of registering multiple bank accounts in a folio?

WhiteOak Capital Mutual Fund offers a facility for registering upto 5 bank accounts in a folio for receiving redemption proceeds. You have to specify any one bank account as "Default" and can register upto 4 additional bank accounts. Upon registration, you can opt to receive redemption proceeds into any one of the registered bank accounts without providing any supporting documents at the time of redemption. Supporting documents for all the bank accounts have to be submitted with the Registration form for multiple bank accounts. Dividend proceeds will be processed into the "Default" bank account only.  

2) Why should I opt for this facility?

Registering for this facility enables you to receive redemption proceeds into any one of the registered bank accounts without providing any supporting documents at the time of redemption. This enables you to receive redemption proceeds into the bank account of your choice.  

3) What is a "Default" bank account?

 At the time of registering for this facility, you have to specify any one bank account as a Default" bank account. This account is used for redemption processing in case you do not specify the bank account in the request for redemption of units. Dividend proceeds, if any, are processed into the "Default" bank account only.  

4) Which bank account will be used for dividend proceeds? Dividend proceeds, if any, are processed into the "Default" bank account only.  

5) When will redemption be processed into the "default" bank account? Redemption is processed into the "default" bank account in the following scenarios:

• No bank account is mentioned in the redemption request for receiving redemption proceeds
• Details of the "Default" bank account are mentioned in the redemption request for receiving redemption proceeds
• In case you have already 2, 3 or 4 bank accounts in your folio and provide a new bank account for redemption along with the redemption request without complete / correct supporting documents
• New bank request along with redemption request is not permitted even with valid supporting documents.

6) Can I add one or more bank accounts to those already registered in my folio? Yes. The application form for registration for this facility has to be used for adding one or more accounts. However, the maximum number of bank accounts that can be registered in a folio is 5.  

7) Can I change the bank accounts registered in my folio?
Yes. Any registered bank account including the "Default" bank account can be changed / replaced Form for Multiple Bank Mandate Registration can be used to update , change or delete any bank mandate of the primary holder on the folio.

8) What are valid supporting documents for a change , updation or addition of bank account?

Any of the following documents are valid supporting documents for a bank account:

A cancelled original cheque leaf (where the account number and first Unitholder name is printed on the face of the cheque). Unitholders should without fail cancel the cheque and write 'Cancelled' on the face of it to prevent any possible misuse.

• A letter from the bank on its letterhead certifying that the Unitholder maintains/maintained an account with the bank, the bank account information like bank account number, bank branch, account type, the MICR code of the branch & IFSC Code (where available). The letter should be certified by the bank manager with his / her full signature, name, employee code, bank seal and contact number.
• A copy of the bank pass book or a statement of bank account having the name and address of the account holder and account number. The copy should be certified by the bank manager with his / her full signature, name, employee code, bank seal and contact number.

9) What if I do not mention the bank account in the redemption request? In case no bank account details are mentioned in the redemption request, the redemption proceeds are processed into the "Default" bank account. WhiteOak Capital Mutual Fund will not be liable for any loss arising to you due to the credit of redemption proceeds into any of the bank accounts registered with us in your folio.  

10) How many days are required for registration for the facility? The registration process is completed after 10 calendar days from the date of submission of the application form for the facility at any of our official points of acceptance.  

11) How will I know that my request for registration has been completed? A letter intimating the registration of the bank accounts for the facility will be sent to you within 2 weeks of the date of submission of the application form for the facility at any of our official points of acceptance. Additionally, SMS and emails will be sent to investors who have provided their mobile number and email ID respectively. You are requested to verify the contents of the confirmation letter sent to you and contact us immediately in case of any discrepancy(ies).
We would like to communicate electronically to you, if possible, for important changes to your folio. Hence, if you provide us with your mobile contact number / email ID, we would - most importantly - be able to reach you faster to keep you abreast of transactions / changes in your folio.  

12) How will I know the bank accounts registered in my folio? In the letter intimating the registration for the facility, the complete bank account details registered for your folio will be mentioned. Additionally, the account statement will reflect the details of the bank accounts by masking all the digits except for last 4 digits registered in the folio. In the interest of the security of your bank account information, the account statement will reflect a maximum of 4 digits of each account number.
 

13) Can the bank accounts be updated for specific schemes in my folio?
No. Bank accounts registered in the folio vide this facility are applicable for all schemes in the folio.  

14) The mode of operating my folio is "Joint". Is the joint holder's signature required for registration of this facility?
Yes.  

15) Can I register more than 5 bank accounts in a folio?

No.  

16) Can I register for less than 5 bank accounts in my folio?

Yes. You may register 2, 3, 4 of 5 bank accounts in your folio under this facility.  

17) Can I opt for receiving direct credit for one or more of my bank accounts and NEFT / RTGS transfer into the other bank account(s)?
Yes. We recommend that you opt for electronic receipt of redemption / dividend for all the bank accounts registered in your folio for receiving redemption / dividend proceeds.  

18) Can I provide the bank account details of my SB as well as NRE accounts in the same folio?

No. For a folio, all the bank accounts for receiving redemption / dividend proceeds should be of type SB or NRO in case the investments are made vide SB or NRO accounts. If investments are made vide NRE accounts, all the bank accounts registered for redemption should be of type NRE only.  

19) Can I provide the bank account(s) of any other person to receive the redemption / dividend proceeds in my folio?

No. You have to submit valid supporting documents for each bank account that you wish to register for receiving redemption / dividend proceeds in your folio. These documents should conclusively prove that the bank accounts provided pertain the sole / first unit holder in the folio.

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