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1. What is KYC?
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KYC is an acronym for "Know your Client". All categories of investors investing
Rs 50,000 or more in mutual funds are required to comply with Know Your Client (KYC)
norms under the Prevention of Money Laundering Act 2002.
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All Mutual funds under the aegis of the Association of Mutual Funds of India (AMFI)
have facilitated a centralized platform through CDSL Ventures Limited ("CVL"), a
wholly owned subsidiary of Central Depository Services (India) Limited, to carry
out the KYC procedure on their behalf.
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Thus once you are successfully registered with CVL you can invest in any Mutual
Fund in India. There is no separate number that is allotted on your successful registration.
Your Permanent Account Number (PAN) is the unique identifier.
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2. What do you need to do to complete the KYC process?
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You need to submit an application form along with relevant supporting documents
to CVL through its Points of Service (POS). The list of PoS is available on
www.cvlindia.com and www.amfindia.com.
Once the KYC process is duly completed in all regards, the investor needs to produce
a copy of the acknowledgement when investing for the first time in a Mutual Fund.
There is no need to repeat the KYC process individually for each mutual fund.
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Please click on the links given below to download the respective
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Individual
Investors
Non-Individual
Investors
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Individual Investors
Non-Individual Investors
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3. What are the supporting documents required to be submitted along with the KYC
application form?
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For Individual Investors
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Individual investors will have to produce their proof of identity and proof of address.
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List of documents admissible as proof of identity:
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- Original PAN card + self-attested photocopies (originals
will be returned over the counter after verification
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List of documents admissible as proof of address:
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- Driving License
- Latest telephone bill
- Latest electricity bill
- Latest bank passbook
- Latest bank account statement
- Latest demat account statement
- Passport
- Ration Card
- Registered Lease / Sale Agreement of Residence
- Voter Identity Card
- Proof of address issued by Bank Managers of Scheduled
Commercial Banks / Multinational Foreign Banks / Gazetted Officer / Notary Public
/ Elected Representatives to the Legislative Assembly or Parliament / a document
issued by any Government or Statutory Authority
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For Non-Individual Investors
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List of mandatory documents to be submitted are
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Company / Body Corporates
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- Certificate of Incorporation
- Memorandum and Articles of Association
- Resolution of the Board of Directors
- Authorised signatories list with specimen signatures
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Hindu Undivided Family (HUF)
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- Deed of declaration
- Latest Bank Passbook / Latest Bank Account Statement
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Partnership Firm
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- Certificate of Registration
- Partnership Deed
- Documents evidencing authority to invest
- Authorised Signatory list with specimen signatures
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Trusts, Foundations, NGOs, Charitable Bodies, Clubs / Mutual Fund Schemes
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- Certificate of registration
- Trust deed
- Authorised Signatory list with specimen signatures
- Scheduled Commercial Banks and Registered Financial
Institutions not incorporated under the Companies Act, 1956 / Regulatory Bodies
/ Army / Government Bodies / Any other bodies created / incorporated / registered
under state or central legislation being eligible to invest in Mutual Funds
- Copy of Constitution / Registration documents
- - Documents evidencing authority to invest
- - List of authorized signatories
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Unincorporated association or a body of individuals
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- Proof of Existence / Constitution Document.
- Documents evidencing authority to invest.
- Authorised Signatory list with specimen signature.
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Foreign Institutional Investors (FIIS)
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- Letter and Certificate of Registration issued by SEBI.
- Authorised Signatory list with specimen signature
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For non resident Indians
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Non resident Indians residing out of India need to submit the following supporting
documents as proof of identity and address
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- Certified true copy of the passport
- Certified true copies of proof of overseas address
and permanent address
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If any of the documents (including attestations / certifications) towards proof
of identity or proof of address specified above are in a foreign language, they
have to be translated into English before submission.
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4. How does an investor transact in Mutual Funds after completing the KYC process?
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Investors must attach their KYC acknowledgement letter along with the Investment
Application Form(s) / Transaction Slip(s) while investing for the first time in
a folio of a Mutual Fund. This has to be done for each folio. Applications Forms
/ Transaction Slips not accompanied by the KYC Acknowledgement are liable to be
rejected by Mutual Funds. A KYC Acknowledgement is a must in case you need to invest
amounts Rs 50,000 or more in any Mutual Fund scheme.
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5. Does the KYC Acknowledgement have an expiry date?
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No. Once the KYC Acknowledgement is obtained and informed to a Mutual Fund, it will
be registered against the folio. The same will exist in perpetuity, unless cancelled
by CVL.
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6. What do I do if I need to inform of a change in Name/Address/Status/Signature
etc.?
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You should intimate your change of Name / Address / Status / Signature etc. to any
PoS. You need to submit a copy of your KYC Acknowledgement and proof of new address
(in case of change of address) along with the application for the change.
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For any change request, the application form can be obtained from
www.cvlindia.com. All details of holders as changed and updated with CVL
will be replaced in the records of all Mutual Funds.
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Please provide for at least 7 days for the changes to take effect with all the Mutual
Funds with whom you are invested. Remember that the address registered with CVL
is the final address. Intimating your change of address to Axis Mutual Fund or to
the Registrar of Axis Mutual Fund is not sufficient.
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For further details, please refer to
www.amfiindia.com or www.cvlindia.com.
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