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Mutual funds need not require a Demat acccount for holding. With ICICI Direct, you get an integrated option for buying or selling MFs online. That is all. The rest of the procedure for transferring them remains the same as you used to do using the transfer request paper forms.
Demat accounts has nothing to do with MFs as of now. Dmat account is for trading in shares. Your father has to redeem the units first and then lend you the mon ey to purchase shares.
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