Mutual Fund investors need to be KYC compliant compulsorily w.e.f. 1st Jan, 2011. Investment both by a lump sum or through a SIP need to be KYC compliant. The reason of this post is the following question:
I was trying to buy a mutual fund of XXX. Then I got a message that I need to have a MF KYC. Does it mean that one needs to set up the KYC with each and every AMC?
No, it need not be done for each AMC. The said KYC requirements must be completed through CDSL Ventures Limited (CVL) (website), which has been appointed to complete the verification of the KYC norms of investors investing in mutual funds schemes.
You need to hand over the following documents at any points of service (POS) locations in India :
* A filled in application form (Available at the CVL website under “Downloads”)
* Your PAN card
* An address proof (passport, ration card, voter ID card, electricity bill, drivers license)
* A passport size photograph
Upon submission, the POS will verify all your documents and dispatch it to CVL. You will receive a letter of Know Your Customer (KYC) acknowledgment.
For NRIs, they don’t have anything that can be done online, but at least they have outlined a process for them.