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MF News AMFI urges AMCs and distributors to comply with new CKYC norms

AMFI urges AMCs and distributors to comply with new CKYC norms

AMFI has requested all KYC Registration Agencies (KRAs) to capture the additional KYC information like mother’s name, maiden name and FATCA details on their platforms.
Ravi Samalad Dec 27, 2016

AMFI has requested all KYC Registration Agencies (KRAs) to capture the additional KYC information like mother’s name, maiden name and FATCA details on their platforms.  

AMFI has come up with a uniform set of guidelines for AMCs to implement government’s centralised KYC (CKYC) initiative which went live from July 15.

From February 1, first time MF investors will be required to fill the new CKYC form. The new CKYC forms capture additional details like mother’s name, maiden name and FATCA details. AMCs will have to update this additional information on KRA as well as CKYC platform.

SEBI had introduced KRAs in 2012 to have common KYC norms and eliminate duplication of KYC for all SEBI registered intermediaries. SEBI had given licenses to five KRAs - CDSL Ventures Ltd (CVL), DotEx International Limited (DotEx), NSDL Database Management Ltd (NDML), CAMS KYC Registration Agency (KRA) and Karvy Data Management Services.

Investors who have completed CKYC can invest in mutual funds by quoting the 14-digit key identification number (KIN) allotted by Central KYC Records Registry (CKYCR) agency. To process the application, AMCs will have to download the KYC information of such investors from CKYCR system. Also, they will have to check whether the PAN of such investors is updated on CKYCR system. If not, AMCs have to collect a self-certified copy of investors PAN and upload it on CKYCR system.

Further, AMFI has asked AMCs to modify their scheme application forms to capture the KIN.

The industry body has urged AMCs to inform distributors and investors about complying with the new CKYC norms.

A month back, all financial regulators - SEBI, PFRDA, RBI and IRDAI had issued circulars instructing their respective regulated entities to upload KYC data of their customers on the CKYCR platform.

Over a period of time, all investor data will be stored at a single place which can be accessed by all financial institutions to verify the KYC. All investors need to do is obtain a central KYC number from Central KYC Registry through the financial institutions and use it to invest in any financial product.  There will be no need to do multiple KYC.

1 Comment
ARVIND THAKUR · 3 weeks ago
Indian Government and its Concerened officials should designed a nuiformed and comprehensive investment form which requres all family members and their all natives financial and eating habits informations, PAN CARDS, Passport Voter ID Numbers and other important qualitative and quantitative information.
Government have recuited stupid and follish officials, those have no knowledge about Indian Courruption roots.
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