How to dematerialise mutual fund SoA holdings

From WebNotes, a public knowledge base. Last updated 12 May 2026. Reading time ~11 min. Level: Intermediate.

Key facts

Time required	7–15 working days after instruction submission
Cost	Nil for the conversion itself; ongoing DP charges may apply for demat-held units
SoA form	Mutual fund units purchased directly (through AMC website or MFCentral) and held as a Statement of Account, not in any demat account
Demat form	Units held in CDSL or NSDL demat account; tradeable on BSE StAR MF or NSE MF platform

Mutual fund units in India can be held in two modes: Statement of Account (SoA) form (also called non-demat or direct/regular plan physical form) and demat form. SoA-held units are registered in the investor’s folio with the fund’s RTA (KFintech or CAMS), and the investor receives periodic statements by email. Demat-held units are credited to a CDSL or NSDL demat account.

Investors who have historically invested directly with fund houses or through platforms like MFCentral, Kuvera, Groww (before Groww moved to demat), or the AMC’s own website may hold SoA-form units. These units can be converted (dematerialised) into demat form and consolidated into the Zerodha demat account, after which they appear in Zerodha Console and can be managed alongside equity holdings.

SoA vs. demat: key differences

Aspect	SoA form	Demat form
Held with	Fund’s RTA (KFintech / CAMS)	CDSL or NSDL demat account
Visible in Zerodha Console	No	Yes
Can be sold via Zerodha Kite	No	Yes
AMC account statement	Yes	No (demat statement replaces it)
Annual maintenance charge	None	DP AMC applies
Flexibility	Fractional unit redemption possible	Units in whole numbers typically

There is no single correct form to hold mutual funds; the choice depends on investor preference. Consolidating all holdings into demat is a convenience choice.

Step 1: Confirm that units are in SoA form

Log in to MFCentral (mfcentral.com) using your PAN and Aadhaar OTP. MFCentral is the AMFI-authorised consolidated platform for all SoA mutual fund holdings. All units held across all fund houses in SoA form for your PAN will be visible here.

Cross-check: log in to Zerodha Coin (coin.zerodha.com) and Console. If the units do not appear there, they are in SoA form.

Also check the annual Consolidated Account Statement (CAS) issued by CAMS and KFintech, which lists all SoA-held units.

Step 2: Identify the RTA for each fund

Each fund house uses one of the two major RTAs:

RTA	Fund houses
KFintech (formerly Karvy Fintech)	SBI Mutual Fund, Mirae Asset, PGIM India, Edelweiss, and others
CAMS (Computer Age Management Services)	HDFC Mutual Fund, ICICI Prudential, Kotak, Aditya Birla Sun Life, Nippon India, Franklin Templeton, and others

You can identify the RTA on your fund’s account statement (SoA), on the fund’s NAV/scheme page at AMFI (amfiindia.com), or by logging in to kfintech.com or camsonline.com.

If you hold funds across multiple fund houses, you may need to submit separate Conversion Request Forms to both CAMS and KFintech.

Step 3: Obtain the Conversion Request Form (CRF)

The CRF (also called “Conversion of Units from Physical/SoA mode to Demat mode” form) is available at:

KFintech: kfintech.com > Investors > Demat conversion form
CAMS: camsonline.com > Investors > Online/offline transactions > Demat conversion
Fund house service centres
Some fund houses (SBI MF, HDFC MF, etc.) have their own CRF on their website

Download the applicable form(s).

Step 4: Fill the CRF

Fill in the following fields:

Field	What to enter
Folio number	Your folio number with the fund house (visible on any SoA statement)
Scheme name and code	Full scheme name and RTA/AMFI scheme code
Option	Growth, IDCW (Dividend), etc. as applicable
Units to convert	Number of units to move to demat. You can convert all or a portion.
Demat account BO ID	Your 16-digit Zerodha CDSL BO ID
DP ID	12081600 (Zerodha’s CDSL DP ID)
Depository	CDSL
Client Master Report / CMR	Many RTAs require a copy of the CMR from Zerodha confirming the demat account details. See How to request a CMR / CML from Zerodha.

Signatures: All registered unit holders in the folio must sign the CRF in the same order as registered in the folio.

Step 5: Submit the CRF to the RTA

Offline submission (most RTAs): Submit the completed, signed CRF along with the CMR and a self-attested PAN copy to the nearest CAMS or KFintech Investor Service Centre. Find the nearest centre at camsonline.com or kfintech.com.

Some RTAs also accept courier submission to their registered address.

Online submission (available for some RTAs): CAMS Online at camsonline.com and KFintech’s investor portal allow online submission of conversion requests for certain fund categories. Log in, navigate to the demat conversion section, and submit the request with document uploads.

Obtain an acknowledgement slip or reference number at the time of submission.

Step 6: Processing by RTA and CDSL

The RTA verifies the CRF (signature match, folio details, BO ID validity). On approval, it submits a demat credit instruction to CDSL. CDSL then credits the units to the Zerodha BO account.

The process typically takes 7–15 working days from the date of CRF submission.

During processing, the units remain invested and continue to earn returns; conversion does not disrupt the investment.

Step 7: Verify credit in Zerodha Console and Coin

After processing, log in to Console and check Portfolio > Holdings. Mutual fund units appear listed by ISIN in the same section as equity holdings. You can also view and manage them from Zerodha Coin.

The units are now redeemable via Zerodha Coin or saleable on BSE StAR MF through Zerodha’s interface.

Tax and cost implications

No capital gains trigger: Converting from SoA to demat is not a transfer of ownership; it is a change of holding mode. No capital gains event is generated by the conversion.
Purchase date preserved: The original purchase/allotment date is preserved after conversion. Holding period for LTCG / STCG is calculated from the original purchase date.
DP AMC: Once held in demat, the units contribute to the overall CDSL DP charges applicable to the Zerodha demat account (annual maintenance charges). SoA-held units attract no DP charges.
Fractional units: If the SoA holds fractional units (common in SIP investments), some RTAs convert only whole-number units to demat and leave fractional units in the SoA. Confirm with the RTA at the time of submission.

What can go wrong

CMR not attached: The most common rejection reason is a missing or outdated CMR. Always attach a freshly downloaded CMR (not more than 3 months old).
Name mismatch between folio and demat: If the folio is in a slightly different name (e.g., surname first vs. surname last), the RTA may raise an objection. Submit a name clarification letter if names are the same person but formatted differently.
Folio and scheme mismatch: Confirm the scheme name exactly matches the folio. One folio can hold multiple schemes; specify each scheme on a separate line or separate CRF if required.
NFO or lock-in units: Units under ELSS lock-in (3 years) can be converted to demat but cannot be redeemed until the lock-in expires.
Frozen folio: If the folio is frozen (e.g., due to KYC non-compliance), conversion cannot proceed. Complete the KYC update with the fund house/RTA first.

References

SEBI Circular SEBI/HO/IMD/DF2/CIR/P/2021/024, 4 March 2021, Conversion of mutual fund units from SoA to demat.
AMFI Best Practices Circular 57/2021-22, Demat conversion procedures for mutual funds.
CAMS, “Conversion to Demat” service, camsonline.com (accessed May 2026).
KFintech, “Demat Conversion of Mutual Fund Units”, kfintech.com (accessed May 2026).
Zerodha Support, “Dematerialise mutual fund SoA units”, support.zerodha.com (accessed May 2026).

WebNotes Editorial Team prepares factual how-to guides based on publicly available regulatory documents and broker disclosures. WebNotes is not affiliated with Zerodha Broking Limited, CAMS, or KFintech. Procedures are subject to change; verify current requirements at support.zerodha.com before acting.

Reviewed and published by

WebNotes Editorial Team

The WebNotes Editorial Team covers Indian capital markets, payments infrastructure and retail investor procedures. Every article is fact-checked against primary sources, principally SEBI circulars and master directions, NPCI specifications and the official support documentation published by the intermediary in question. Drafts go through a second-pair-of-eyes review and a separate compliance read before publication, and revisions are tracked against the SEBI and NPCI rule changes referenced in the methodology section.

Last reviewed: 12 May 2026
Conflicts of interest: WebNotes is independent. No relationship with any broker, registrar or bank named in this article.