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Effective January 01, 2011, KYC has been made mandatory for
all category of investors who wish to invest in the schemes of Mutual
Fund irrespective of investment amount for all transactions.
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What is the Regulation?
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Securities and Exchange Board of India (SEBI) has issued
guidelines under The Prevention of Money Laundering Act, 2002 (PMLA)
which requires Mutual Funds to follow enhanced Know Your Customer (KYC)
norms.
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What is the Prevention of Money Laundering Act (PMLA)?
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The Prevention of Money Laundering Act, 2002
("PMLA") created under the aegis of Financial Action Task Force
("FATF") forms the core of the legal framework put in place by
India to combat money laundering required to be followed by banking companies,
financial institutions and intermediaries by administering KYC and other
reporting requirements such as suspicious transactions reporting, etc.
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What is KYC?
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KYC is an acronym for "Know Your Customer", a term
commonly used for Customer Identification Process. SEBI has prescribed
certain requirements relating to KYC norms for Financial Institutions and
Financial Intermediaries including Mutual Funds to 'know' their clients.
This entails In-Person Verification (IPV), verification of identity and
address, financial status, occupation and such other personal information
as may be prescribed by guidelines, rules and regulation.
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TO SUMMARIZE:
Step 1 Download and Fill-up the revised KYC form (effective January 01, 2012)
For Individuals : Please Click here for (New) KYC Form
For Non-Individuals : Please Click here for (New) KYC Form
Step 2 Attach the following
documents:
For Individuals and Non-Individuals:
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Documents evidencing Proof of Identity and Proof of
Address
(List of requisite KYC documents for individuals and non-individuals
are mentioned in the revised KYC Application Form)
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Step 3 In-Person
Verification (IPV):
Complete IPV from any of
the following:
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NISM/AMFI certified
distributors who are KYD compliant
Step 4 Submit the KYC form
along with necessary documents At our office.
Please Note:
Please download (See attach file) and print the KYC
Details Form both sides on A4 SIZE PAPER i.e front and back on
same paper.
Fill
in the information as mentioned above in Sections of the Form with black pen. Complete IPV by producing your original
ID, Pan Card, Proof of Address ,with a copy of documents on
A4 Page (Self Attested) for verification and submit the
Form .
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Investor(s) must note that
KYC compliance is mandatory at the time of submission of each subscription
request with the designated Official Points of Acceptance.
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Applications by investors
without valid KYC are liable to be rejected.
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We strongly recommend all our Investors to be KYC Compliant by
completing the KYC formalities, in accordance with applicable KYC rules in
force from time to time, at the earliest so they can continue to invest
with us smoothly.
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