Can a Power of Attorney (POA) holder invest on behalf of the NRI investor?
Yes. In a mutual fund the POA holder has the authority to invest on behalf of the investor and sign documents for initial and additional purchases as well as request for redeeming units from the account. While applying for purchase of units the POA holder needs to submit the original POA or an attested copy duly notarized. The POA should contain the signature of both the NRI investor and the POA holder. Only then the POA is registered and the POA holder has the right to transact on behalf of the NRI investor. The POA holder’s signature will be verified before and for processing any transaction/request. Attestation of the photocopy of the POA can be done by : • The Notary himself or • The Branch Manager of the bank where the NRI has his NRE/NRO Bank account. The name and the designation/code of the Bank Manager should be clearly mentioned. • The Branch Manager of Reliance Mutual Fund post verification with the original. POA should contain a clause empowering the POA holder to invest in
