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Hi team, hope you're doing well! I have been invested with a mutual fund distributor and I am not happy with the distributor. I want to shift the entire portfolio to another broker with a COB (change of broker) transfer. Will I be subject to any taxation? Please confirm. - Salman Ahmed
You can switch your entire portfolio from your existing distributor to any other distributor. This can be done by making a written request. In such cases, fund houses will need to comply without insisting on any kind of 'No objection certificate' from the existing distributor.
And when it comes to taxation, there is no tax to be paid as the shift is from one distributor to another. Exit load and capital gains tax might apply when switching from one mutual fund scheme to another or from regular mutual fund plan to direct plan (or vise versa).
Suggested read: Tax implications on switching schemes
This article was originally published on January 18, 2023.
Disclaimer: This content is for information only and should not be considered investment advice or a recommendation.
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