What is the power of attorney (PoA) for NRI mutual funds?

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NRIs can invest in mutual funds in India directly or through a PoA. A PoA is a legal document authorizing a designated person to operate a mutual fund folio or account on his behalf. The PoA holder can make transactions on a folio as per the powers vested to him on the PoA document.

Key facts about PoA for NRI Mutual Funds:

• The PoA document needs to be notarized to make it legal.
• The PoA can be designated only with the consent of all holders of the folio.
• A notarized PoA document needs to be submitted to the mutual fund with signatures of all holders of the folio or account.
• The PoA will have only those powers as laid out in the document.
• He/She cannot modify or change nominees in a mutual fund scheme.
• NRIs can add/remove PoA anytime by writing to the AMC.