If you're looking to invest or are already invested in a mutual fund, you have to complete a simple verification process before the calendar changes. Mutual funds will not accept new payments unless an investor has obtained a know-your-customer (KYC) acknowledgement. All fresh investments, including switches and existing SIPs that go via auto debit, will be stopped. Earlier, KYC compliance was required only for investments over 50,000. From 1 January 2011, even a 100 investment needs a KYC. It actually saves you the pain of submitting documents with a different fund house each time. The documents are to be submitted only once to be maintained by CDSL Ventures. You can download the forms (amfiindia.com, amfiindia.com / poskyc.aspx or cvlindia.com) or take physical forms from MF houses, service centres or distributors. Fill in your name, PAN card details, address in the form and attach your ID and address proofs along with photographs. Carry originals and copies of documents signed by you. The originals will be returned over the counter. The form along with these documents can be submitted in centres including Mumbai, Delhi, Kolkata, Chennai, Agra, Ahmedabad, Vadodara and Visakhapatnam
Visit
amfiindia.com/poskyc.aspxor cvlindia.com/downloads01.html
for addresses of these centres. Once submitted, these documents will be stored in your name, and an acknowledgement number or a slip over the counter will be given. The acknowledgement letter will be given within 15 days at the same office.
If you have investments in any MF, the KYC acknowledgement will have to be notified to the fund house. If you want to withdraw MF investments made years ago, you will have to complete this procedure to receive your money. So, even if you'd invested in the past, notify the fund house of the completion of the verification procedure. Include your folio number when sending the acknowledgement letter to the fund house.
Forms available at :
• MF offices
• Websites of Amfi and mutual funds
• MF Distributors
• Registrars like CAMS, Karvy MF Services
Documents required:
For identity: PAN card, passport-size photos For address (any one):
• Ration/voter card
• Gas/electricity/phone bill
• Passport (essential for NRIs)
• Latest demat/ bank account statement or passbook
• Leave and licence agreement
• Documents issued by government/statutory authority
Submission centres
• Bajaj Capital Investor Services
• CAMS
• Deutsche Investor Services
• ICICI Brokerage Services
• IL&FS Ltd
• Integrated Enterprises
• Karvy Computershare
• Kotak Securities
• BRICS Securities
• ING Mutual Fund
