Are my documents required to start investing on the HappynessFactory.in website?
Yes, your documents are necessary for investing through the HappynessFactory.in website. Your account with HappynessFactory.in will only be activated once your documents have been verified by our registrars.
From where can I download the forms?
The pre-filled forms along with a complete list of the required documents can be downloaded from the "My Profile" option on the HappynessFactory.in website once you have registered and entered all your details.
How long will the process of document registration take?
If no discrepancies are found, the validation of KYC documents takes 2 business days and that of the NACH mandate takes between 10-15 business days.
Do you offer pick up services to collect documents?
Pick up services for your downloaded and completed forms and appropriate documents are available. To schedule a pick up day and time, email us at email@example.com
. One working day TAT is applicable on pick up services. You can also have your documents couriered to our Mumbai Office.
Address: MFA Wealth Solutions Pvt. Ltd.
201, Narain Chambers, Mahatma Gandhi Road, Vile Parle (East), Mumbai-400057.
Why do I need to give a cancelled cheque as part of my registration process?
The Securities and Exchange Board of India (SEBI) regulations require us to verify that the bank account used for investment actually belongs to you i.e. the person making the investment. They also prohibit Third Party transactions. Hence, a cancelled cheque in original with your name printed on it needs to be submitted during the registration process. If your name is not printed on the cheque, please attach a bank statement not older than 3 months (self-attested).
What is KYC?
"Know Your Customer" or KYC is a term commonly used for the Customer Identification Process. Prescribed by the Securities and Exchange Board of India (SEBI), KYC norms for Financial Institutions and Financial Intermediaries including Mutual Funds are put in place to 'know' one's clients. This would be in the form of verification of identity and address, financial status, occupation and other such demographic information.
With effect from 1st January 2012, all categories of investors, irrespective of amount of investments in Mutual Funds are required to comply with KYC for carrying out any transactions in Mutual Funds. Thus, any investor (all applicants in a folio) investing into mutual funds would be required to be KYC compliant by any KYC Rating Agency (CVL, NSE, NSDL, CAMS or KARVY) without which the transactions may be liable to be rejected by the respective Mutual Fund houses.
KYC norms are mandatory for ALL applicants/investors (including existing investors and joint holders) while investing with any SEBI registered Mutual Fund, irrespective of the amount of investment. This one-time verification is valid for transactions across all mutual funds.
What is FATCA?
FATCA (short for Foreign Account Tax Compliance Act) is a regulation created by the US Government to curb tax evasion by US citizens. Under this regulation, assets held by US citizens in other countries now have to be reported to the US government.
I am not a US Citizen, why do I have to provide FATCA information?
As a result of India signing a reciprocal agreement with the US government to share information acquired through the FATCA of each other's citizens, all financial institutions (such as Mutual Funds) have to identify the citizenship and tax status of investors and provide necessary information to the government.
How do I declare FATCA information?
Declaration is done by filling the FATCA form as a part of the Investor Details Page while registering on the HappynessFactory.in website.
What is NACH Mandate?
The NACH Mandate is like a Bank Mandate that you provide your Bank with. It authorizes them to transfer the Systematic Investment Plan (SIP) amount planned by you directly to the Mutual Fund House.
Does my Bank levy any charges to register my mandate?
Your bank may charge a nominal, one time fee to register the mandate.