With effect from 01 January 2011, investor investing in mutual funds would be required to complete the KYC process irrespective of amount and be a KYC Compliant.
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 customers. This could be in the form of verification of PAN Number, identity and address, financial status, occupation and such other personal information.
Guidelines for Documents Required For Various Categories
Important points :
- Copies of all documents submitted by applicants should be self-attested
- The copies of all documents should be accompanies by original for verification by POS
- In case the original of any document is not produced for verification then the copies should be properly attested by entities authorized to attest the copy as per the list of persons authorized for attestation
- In case of NRIs, a Consular Officer or an authorized official of overseas branches of scheduled commercials banks registered in India can attest the documents
- Further, if any proof of identity or address is in a foreign language, then translation in to English is required
Proof of Identity : – Self attested copy of PAN card is mandatory
Permanent Account Number (PAN) – As per the regulatory guidelines quoting Permanent Account Number (PAN) for all investment in Mutual Fund is mandatory. To comply with the same PAN has been made mandatory for all categories of investors.
PAN field in the application form is a mandatory field. The POS should ensure that PAN field in the application form is not left blank by the investor and the name on the PAN card copy should tally with that mentioned on the KAF.
Proof of Address : – List of documents required :
- Voters Identity Card
- Ration Card
- Registered Lease/ Sale Agreement Of Residence
- Driving License
( Documents having an expiry date should be valid on the date of submission )
- Utility bills like Telephone Bill (only land line), Electricity bill, Gas bill – Not more than 6 months old
- Demat Account Statement — Not more than 6 months
- Bank Account Statement / Passbook — Not more than 6 months old
- Proof of address issued by Bank Managers of Scheduled Commercial Banks/ Scheduled Co-Operative Bank/ Multinational Foreign Banks/ Gazetted Officer/ Notary public/ Elected representatives to the Legislative Assembly/ Parliament/ Documents issued by any Govt. or Statutory Authority