MFs don't lose sleep even as US compliance deadline looms

Non-compliance with Fatca will not affect existing investments and incremental inflows

Only 10 days remain for compliance with a US law, but the mutual fund (MF) industry does not look perturbed. 

Despite a large number of MF investors yet to submit self-declarations in line with a US law with global implications called Foreign Account Tax Compliance Act (Fatca), MF executives say no one is panicking.

Industry players say non-compliance with Fatca will not affect existing investments and incremental flows through systematic investment plans (SIPs). 

However, after April 30, MFs won't allow non-compliant customers to make lump-sum purchases (as opposed to SIPs). Also, cash-out requests will need compliance.  

Fatca needs financial firms including mutual funds,