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Revised Standard Know Your Client (KYC) Norms

Mandatory From 1st January , 2011

posted December 21, 2010 - 11:25pm

Revised Standard Know Your Client (KYC) Norms Mandatory From 1stJanuary , 2011

The Securities and Exchange Board of India (SEBI) has earl ier set

certain regulations regarding Know Your Client (KYC) forfinancial

institutions and mutual funds to know their clients in accordance with

the Prevention of Money Laundering Act, 2002. This requires verification

of identity, address,financial status and other information as prescribed

by the rules. Association of Mutual Funds ofIndia (AMFI), vide their

circular 35/MEM-COR/62/10-11 dated 07th October 2010, has revised

the existing KYC compliance requirements by making KYC compliance

mandatory forall investors effective January 2011, irrespective of

amount of investment. Now KYC is mandatory for all resident individual

investors, non-resident investors, persons of Indian origin investors,

OCIs, non-individual investors, and investors investing through channel

distributors/channel partners for any amount of investment. AMFI, along

with all the mutual funds, has made arrangements with CDSL Ventures

Limited (CVL) to undertake centralised record keeping of KYC

documents. On completing one-time process of common standard

KYC with CVL, investor can transact across multiple mutual funds without having to repeatedly submit documents with each

mutual fund. KYC application form can be downloaded fromhttp://www.cvlindia.com/downloads01.html. Different applications for

different categories of investors like individual and non-individual investors are available for both fresh KYC and change request.

The completed application form may be submitted at any of the Points of Service (POS) of CVL

(http://www.cvlindia.com/include/excel/POS List for AMFI Website1.xls). Individual Investors are required to submit the proof of

identity and proof of address along with their application. For identity proof, OriginalPAN Card along with self attested copies is

required. The original PAN card will be returned over the counter after verification. For proof of address, any one of the documents

like driving licence, ration card, passport, election identity card, latest electricity bill, latest telephone bill, latestbank passbook,

latest bank account statement, latest demat account statement, registered sale or lease agreement of residence, proof of address

issued by gazetted officer, notary public, elected representatives of state legislatures or Parliament, mangers of scheduled

commercial banks, or any document issued by any statutory authority or government. After submission, the POS will issue an

acknowledgement which is to be submitted along with the mutual fund investment application for the first transaction. Thereafter,

you need not submit the acknowledgement again and again. However, if there is any change in address, you need to submit thechange form only once at any POS. It will be automatically reflected in all the mutual funds. To check your KYC status any time, visit

CVL website and click Inquiry on KYC. So, please check your KYC status and if not KYC compliant, please get it quickly. Otherwise

your investment application in any mutual fund will be rejected.

Tags: Money & Investing AMFI CVL Know Your Client KYC mutual fund

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