If you are an investor who invests Rs 50,000/- or more in mutual funds then it is mandatory to comply with Know Your Client i.e. KYC norms and to to fulfill the same an investor needs to provide additional documents. KYC is used for Client Identification Process.
Documents and Information to be provided by investors:
1. Proof of Identity
A copy of any one of the following document can be provided as as proof of identity.
- Photo PAN Card
- Driving License
- Passport Copy
- Voter ID
- Bank photo pass book
2. Proof of Address
A copy of any one of the following document can be submitted as proof of address:
- Latest Telephone Bill: Land-line (not more than 3 months prior to the date of application).
- Latest Electricity Bill (not more than 3 months prior to the date of application).
- Passport copy.
- Latest Bank Passbook/Bank Account Statement (not more than 3 months prior to the date of application) .
- Latest Demat Account statement (not more than 3 months prior to the date of application).
- Voter ID.
- Driving License.
- Ration Card.
- Rent Agreement.
3. PAN Card
For non individual investors PAN is mandatory.
A mutual fund investor can get the KYC form from mutual fund houses or distributing agents or it can be accessed directly from AMFI India website also. http://www.amfiindia.com/spages/Individual-KYC.pdf (Form for individual investor)
CVL (CDSL Ventures Limited) through its Points of Service (POS) will accept KYC Application Forms, verify documents and provide the KYC Acknowledgment (across the counter on a best effort basis). List of POS is available here.
Remember: Currently KYC procedure is done free of cost by CVL.
Latest news update for mutual fund industries in India.
- Canara Robeco Asset Management Company launched its open ended equity scheme—Canara Robeco Large Cap+Fund. The objective of this fund is to provide capital appreciation by predominantly investing in companies having a large market capitalisation. more …
- AMFI proposes more accountability, bigger role for MF trustees. more …
- UTI Mutual Fund has declared the dividend on the face value of Rs 10 per unit under dividend option of UTI Fixed Income Interval Fund – Series II Quarterly Interval Plan VII. The record date for dividend has been fixed as 5 July 2010 and the quantum of dividend will be 100% of distributable surplus as on the record date. more …
- IDFC Mutual Fund has announced the revision of exit load structure for IDFC Asset Allocation Fund of Fund (Conservative Plan, Moderate Plan and Aggressive Plan). The changes will be effective from 1 July 2010. more …
News update for mutual fund industries in India.
- Fortis Mutual Fund has launched a new fund named as Fortis High Yield Fund, an open ended income scheme with the objective to generate income and capital appreciation by investing in fixed income securities of various maturities, credit profiles and across the yield curve. Read more.
- ICICI Prudential Mutual Fund has launched an open ended fund named as ICICI Prudential Gold Exchange Traded Fund. The new issue is open for subscription from 28 June and close on 27 July 2010. More details.
- Motilal Oswal Mutual Fund announced the launch of Motilal Oswal MOSt Shares M50 ETF. This will be India’s 1st fundamentally weighted ETF based on Nifty and will extend the ETF product set towards a new pattern. More here.
- Mutual funds industry body AMFI is open to become a self regulatory organisation in a gradual manner. More.
- Reliance Mutual Fund has extended the closing date for the New Fund Offer (NFO) of Reliance Fixed Horizon Fund – XV – Series 6, from 29 June 2010 to 2 July 2010. More.
Association of Mutual Funds in India (AMFI) incorporated in August 1995 is the umbrella body of all the Mutual Funds registered with SEBI (Securities and Exchange Board of India). It is a non-profit organisation committed to develop the Indian Mutual Fund Industry on professional, healthy and ethical lines and to enhance and maintain standards in all areas with a view to protecting and promoting the interests of Mutual Funds and their unit holders.
AMFI has its own web presence i.e. http://www.amfiindia.com which contains lots of information for mutual fund investors.
- It explains the concept, organisation, types and advantages of Mutual Funds
- It publishes Mutual Fund Testing Programme Workbook, Investor’s Guide, Code of Ethics, Guidelines and Norms for Intermediaries etc
- It publishes monthly, quarterly updates on AMCs.
- It provides the latest Net Asset Value (NAV) of Mutual Funds
- It lists the New Fund Offer (NFO) and also existing fund details
In short its a one place to get all the information related to every aspects of Mutual Fund industries in India.
It is advisable to go through this investor guide by AMFI before making any investment in Mutual Funds.