What is the procedure to follow if tax status of the Existing FundsGenie Investment change ?

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Resident to NRO

1. Stop Existing Transactions Under Resident Status

• Cancel all SIPs running under the resident client code.
• Cancel the existing mandate linked to the resident client code.

2. Update Platform Membership

• Activate your FundsGenie membership under NRO status through FundsGenie.

3. Update Folio Status with AMCs

• For physical folios, contact each AMC/RTA  and request a status change from Resident to NRO.
• For demat folios, collect DEMAT  CML  and coordinate with MF BO team, for tax status change in RTA .

4. Activate New NRO-Based Investments

• After your FundsGenie membership is activated in NRO status:
  * Create a new mandate under the NRO status.
  * Register new SIPs.

• New SIPs can be placed from My Portfolio as additional SIPs.

Resident to NRE

1. Stop Existing Transactions Under Resident Status

• Cancel all SIPs registered under your Resident client code. 
• Cancel the existing bank mandate linked to the Resident client code.

 

2. Update Platform Membership

• Activate your FundsGenie membership under NRE status through the FundsGenie platform.

Note: Only BSE MFD physical membership can be activated for NRE clients. (Physical Mode)

 

3. Update Folio Status with AMCs

• For physical folios, contact each AMC/RTA directly and request a change of investor status from Resident to NRE.

 

4. Activate New NRE-Based Investments - 
Once your FundsGenie membership is activated under NRE status:

• Create a new bank mandate under your NRE account.

   Note:The bank account used must be an NRE Savings Account. PIS-linked bank accounts are not acceptable for this setup.

  
  
• Register new SIPs.
  
  New SIPs can be initiated from My Portfolio as Additional SIPs.
  
  
  NRE/NRO Status to Resident Status

 

1. Stop Existing Transactions Under NRE/NRO Status

• Cancel all SIPs registered under your existing NRE/NRO status.
• Cancel the bank mandate currently linked to your NRE/NRO client code.

 

2. Update Platform Membership

• Activate your FundsGenie membership under Resident status through the FundsGenie platform.

  Notes:
  *BSE MFD (Physical) and BSE MFDP (Demat) memberships can be activated only for Resident clients.
  *For B2B Resident clients, only Physical Mode is permitted.

 

3. Update Folio Status with AMCs

• For Physical Folios: Contact each AMC/RTA directly and request a change of investor status from NRE/NRO to Resident.
• For Demat Folios: Obtain the DEMAT CML and coordinate with the MF BO team to update the tax status to Resident in the RTA records.

 

4. Activate New Resident-Status Investments

Once your FundsGenie membership is updated to Resident status:

• Create a new bank mandate using your Resident Savings Bank (SB) account.
  Register new SIPs.
• New SIPs can be initiated from My Portfolio under Additional SIPs.