Article

Mutual Funds KYC Registration and Compliance
June 06 , 2012

One of the things Indian Government is worried about is illegal money being parked in the system- in banks, mutual funds, shares, etc. To counter this, it insists on identifying every customer who invests money in these places. If anything suspicious is found, the customer is then easily traceable. 

The set of procedures that are followed for this purpose are collectively known as Know-Your-Customer (KYC) norms. They are typically one-time processes, and exist in banks, funds, share markets, etc (even if known by different names).

Mutual fund KYC

The term KYC itself has come to be associated more with mutual funds. Mutual fund KYC is a simple one-time process, as described below. It only requires a photograph, the PAN card and a proof of address to be provided.

Broadly three sets of details are required to be filled by you- identity, address and income details.

Documents required for KYC

All documents should be attested by you and accompanied by originals during verification by authorized officials. Following documents are accepted as proof.


Documents for identity proof in MFs KYC: 
1. PAN card with photograph 
2. Aadhar, Voter ID, Passport, Driving license 
3. ID card/document with photograph, issued by a Govt department, PSU, Scheduled bank, University affiliated colleges, Professional bodies like ICAI, ICWAI, Bar Council, and Credit/Debit card issued by Banks

Documents for address proof in MFs KYC: 
1. Ration card, Voter ID, Passport, Driving license, Insurance copy, Registered agreement of residence 
2. Electricity bill, Telephone (landline) bill, Gas bill not more than 3 months old 
3. Bank account statement, Passbook not more than 3 months old 
4. ID card/document with address, issued by a Govt department, PSU, Scheduled bank, University affiliated colleges, Professional bodies like ICAI, ICWAI, Bar Council

If address proof is in the name of spouse or a parent it will be accepted if you provide document (like ration card) to establish the relation.

If you are an NRI applying for KYC verification you need to mandatorily attach copy of passport and overseas address proof. If the language in the address proof is in a foreign language, it should be translated to English.

Checking KYC verification status

Complete KYC form has to be submitted along with documents at either a mutual fund AMC, mutual fund distributor or mutual fund Registrar for verification. They will also perform In-Person Verification. So you need to go there in person or a distributor's agent might come to you. In case of NRIs mutual und KYC verification can also be performed by an authorized official in an overseas branch of an Indian scheduled bank. 

Once you are done, you can log on to website of CAMS, Karvy, CVL or whichever KRA the verification process has been done in ad enter your PAN number to make KYC inquiry. A message will be displayed with your KYC status-whether your KYC verification is competed with date of verification or it is under process. Typically once the agent submits your KYC form to KRA it takes 10-14 days for verification to be over. Once KYC is verified you can start making investments.

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