As Fatca comes closer, 5 mn folios risk closure

One in every 10 mutual fund (MF) folios (accounts) in this country is yet to comply with the Foreign Account Tax Compliance Act (Fatca), an American law but having a bearing on most global investors. Non-compliance occurs when any investor does not declare his tax residency.

Nearly five million MF accounts—mostly of domestic individual investors—face closure if they don’t by



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