Know-Your-Customer, or KYC, norms will be mandatory for all mutual fund investors irrespective of the amount you invest after January 1, 2011.
KYC-Compliance: CDSL Ventures (CVL), a wholly-owned subsidiary of Central Depository Services-India (CDSL), has been appointed by the mutual fund industry to do KYC verification of investors. So, an investor needs to submit the following mandatory documents at CVL Points of Service or POS locations:
• Completed KYC application form (which can be downloaded from www.amfiindia.com)
Attached for your ready reference and use.
2 Attachments: For ‘Individual applicant’ and other for ‘non-individual applicant’
• Address Proof: A utility bill, passport, letter from your employer or housing society, ration card, voter ID card, or drivers licence. All these are acceptable forms of address proof.
• PAN Card: You will need to have the original documents with you as well as the copies to be processed. The originals will be returned to you after they are verified as accurate. If you send the document through a courier, documents need to be attested by a notary, gazetted officer, or manager of a scheduled commercial bank. As of now, there are no charges or fees levied for KYC verification.
January 2011, while making an investment for the first time in a mutual fund, a copy of the KYC acknowledgement needs to be attached along with the investment application forms and transaction slips. Any application form not accompanied by a KYC acknowledgement can be rejected.