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Know Your Client (KYC) and Mutual Fund - Part III

Q Why do I need to give my Income details? How can I be sure that it will not be misused?

A As per PMLA, it is mandatory for Mutual Funds to obtain financial status details from its investors. It is for this reason that the Income details are sought. Please note that no proof / income documents are required. The information given you in the KYC Application form will be treated in a confidential manner and used for regulatory purposes if called for.

Q Do I need to inform about my change of Income status?

A Yes. If you find an increased/decrease in your income, which would effectively, changed the income bracket that you have declared in the KYC Application form, you should apply to any convenient PoS in the specified form. No proof is needed.

Q Can an investor give a COA (Change of Address) along with redemption request?

A The redemption transaction accompanied by a KYC Acknowledgement form is likely to be processed without effecting the change of address request.

Q Is the KYC Acknowledgement a separate form or is it a part of the Mutual Fund application. Which of the forms require being time-stamped?

A KYC Acknowledgement will be done on the photocopy of the form. Time stamping is not required on the KYC Acknowledgement.

Q What do I do once I have received my KYC Acknowledgement?

A Once the investor is KYC compliant, he will be required to intimate his KYC details to all the Mutual Funds with whom it has investments. The same will be updated in the records of the Mutual Fund.

Q What if I have already completed the earlier KYC (MIN) procedure with CVL ?

Scenario 1
If the KYC (MIN) was completed by submitting the PAN, the Acknowledgement obtained at that time can be enclosed along with the Investment Application Form(s) / Transaction Slip(s) while investing for the first time in every folio as the PAN number will be stated on the said acknowledgement. You need not repeat the process now.

Scenario 2
If the KYC (MIN) was completed without submitting the PAN but with other proof of identity documents, for such cases, CVL will send out a communication to the respective investors requesting them to submit self attested copy of PAN card for KYC compliance.

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