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The Mutual Fund industry has witnessed constant changes with respect to guidelines and regulations. The latest in line is the new additional KYC formalities which Mutual Fund investors must complete to be able to continue investing. However, this may be restricted to some investors only, depending on where you would want to invest. The first round of KYC requirements was supposed to be completed by all Mutual Fund investors last year, wherein the proof of ID and address proof were verified. According to new KYC norms, effective January 2012, the Securities and Exchange Board of India (SEBI) has directed Mutual Fund investors to do their KYC again to update all details which were left out in the first round.
In the case of existing investors who wish to invest in funds where they have already invested, there is no need to do anything extra if they have already complied with KYC requirements last year. If you are such an investor and do not wish to invest in new fund houses, other than your existing ones, you need not complete the new formalities.
However, if you are an investor who already has Mutual Fund investments in a few funds, and wish to invest in new fund houses, then you must complete the new guidelines. Investors need to fill in a new KYC Form, which has additional details like father’s/spouse name, marital status, nationality, gross annual income or net worth. There are separate forms for individuals and non-individuals. Please click here to download the KYC form if you are an individual investor. Non-individual investors need to complete the full KYC again, and forms can be accessed by clicking here.
Other than submitting new documents, an investor must also get the In-person Verification (IPV) done. An IPV is a process where your fund house will verify your physical presence. For this, you will have to personally visit either a KYC registration agency or a Mutual Fund distributor or a Mutual Fund registrar and transfer agent or the fund house itself and submit your documents and photograph. An IPV completes the KYC requirements and you can start investing in new funds.
If you are a new investor who wishes to start investing in Mutual Funds, then the procedure must be done from the scratch. You must fill the KYC application form, submit all supporting documents and also carry out the IPV process to be able to start making investments.
Now what happens when you complete the KYC requirements?
There are four KRAs with several branch offices located across the country, which help you in completing the KYC requirements for equity market investments. When you submit the completed application form along with your documents, photograph and IPV, your information is stored in a central KYC database which is accessed by these KRAs. The KYC norms hold good for all your future stock market investments as well.
The deadline for submitting the new forms was November 30th 2012. Beyond this date, new investments cannot be made. You can check if you are KYC compliant by clicking here and entering the required details under the “KYC Inquiry” section. Although the new KYC norms impact only investors wishing to invest in new funds and new investors, it is recommended that all investors complete these requirements.
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