What the New KYC Norms Mean for Your Mutual Fund Investment

All mutual fund investors, whether new or existing, will have to provide additional Know Your Customer (KYC) details to their fund houses.

Here is a 10-point cheat-sheet:

1) In September this year, the Association of Mutual Funds of India (AMFI) came out with a circular directing mutual fund companies to collect additional information from new investors from November 1, 2015 to comply with norms of the Foreign Account Tax Compliance Act (FATCA) and the Common Reporting Standard (CRS). The mutual fund body advised fund houses to make the additional KYC information mandatory for investors from January 1, 2016.

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