MF investors who have done their KYC before January 01, 2012 are required to provide certain additional mandatory information to invest in new mutual funds from November 30th.
Mutual Fund investors who have done their KYC before January 01, 2012, are required to provide additional mandatory information like father’s/spouse name, marital status, nationality, gross annual income or net worth and in-person verification (IPV) if they wish to invest in a new mutual fund (new AMC). Existing investors in a fund who are KYC compliant can continue to invest if their KYC status is verified by CVL KYC Registration Agency (KRA).
All investors investing after November 30, 2012 with a new fund house need to comply with this rule. Only after complying with the new KYC norms, investors would be able to open a new account/folio with any other new mutual fund. Individual investors can download the form to update their KYC information here.
Non-individual investors need to do their full KYC again. They can download the KYC form here. The KYC requirements for non-individual investors are stringent as compared to individual investors. For instance, corporates need to provide a copy of the balance sheets for the last two financial years, copy of latest share holding pattern, copies of the memorandum and articles of association and certificate of incorporation, among other things.
Distributors can check the KYC status of their clients at www.cvlkra.com.
The new KYC rules form a part of the minimum KYC requirements set out by SEBI in its circular issued on 5th October 2011.
