• Date: 01-01-1970
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Can a Power of Attorney (POA) invest on behalf of the NRI investor?

Yes, unlike banks where a POA holder cannot open an account on behalf of the NRI/FIIs, in a mutual fund the POA has the authority to invest on behalf of the investor and sign documents for initial and additional purchases as well as redemptions.

While applying for purchase of units, the POA holder needs to submit the original POA or a duly notarized copy. The Power of attorney should contain the signature of both the first holder and the POA holder. Only when the POA is registered does the POA holder have the right to transact on behalf of the NRI/FII investor. His signature will be verified for processing any transaction/request.