About KYC: |
Verification of Documents
After receiving the KYC Application Form (KAF) and the mandatory documents of proofs from the prospective investor the POS will verify all the documents. Both the KAF and the KYC documents should be verified with the original of the documents.
Verification of KYC Application Form (KAF) and Mandatory Documents of Proofs:
Guidelines for Verification of KYC Application Form:
1. The applicant should not be a minor.
2. Name in KAF should exactly match with the name mentioned in the proof of identity.
3. All the mandatory fields are filled by the applicant
4. In case of PAN, Passport, Voter ID card or UIN provided as proof of identity or address, the document number is mentioned in the space provided.
While verifying the contents of KAF the POS should follow the following checks: |
| Individual: |
| Non-Individuals: |
| |
1. Name – The name in the application form should match with the name mentioned in the Proof of Identity document.
2. Father’s Name – Father’s name should be provided for married women also.
3. Date of Birth – DOB should be provided in dd/mm/yyyy format only. Also, as minors are not allowed to apply for KYC, it should be checked that the applicant age is not less than 18 years.
4. Nationality – Nationality should be provided in the space provided.
5. Status – The status of individual can be either Resident Indian (RI) or Non Resident Indian (NRI). PAN will be mandatory document for all status of individuals (NRIs also need to submit PAN no. along with the proof of PAN document).
6. Permanent Account Number (PAN) – As per the regulatory guidelines quoting Permanent Account Number (PAN) for all investment in Mutual Fund is made mandatory. To comply with the same PAN has been made mandatory for all categories of investors.
PAN field in the application form is now a mandatory field. The POS should ensure that PAN field in the application form is not left blank by the investor and PAN card copy should be provided as proof of PAN is submitted along with the other mandatory documents.
PAN can itself serve as proof of identity but if there is a major mismatch in the name appearing in the PAN card and name mentioned in the KAF then the investor should submit one additional document as proof of identity from the permissible list of document for proof of identity.
7. Proof of Identity – If PAN is submitted as Proof of Identity (PoI) then one self attested copy of the PAN card should also be submitted. If any other document is submitted as PoI then proof for PoI as well as PAN should be submitted.
List of documents admissible as Proof of Identity:
1. Permanent Account Number (PAN) (with photo)
2. Valid Passport
3. Unique Identification Number (UIN)
4. Director Identification Number (DIN)
5. Voter’s Identity Card
6. Driving License
7. Photo Debit Card
8. Photo Ration Card
9. ID card issued by any central/ state government and its departments.
10. Self declaration by a high court or Supreme Court Judge
11. Photo identification issued by
(a) Bank Manager of Schedule Commercial Bank
(b) Gazetted Officer
(c) Elected representatives to the Legislative Assembly or Parliament
Guidelines for verification of Proof of Identification –
• Self attested copy of Proof of Identity should be verified with the original.
• Attested copies by Gazetted officer should be accepted in original only.
• The name in the KAF should match with the name in proof of identity.
• The appropriate box should be ticked in the application form for proof of identity.
• In case of PAN, Passport, Voter ID Card or UIN the applicant should mandatorly write the document number in the space provided in the KAF. POS should carefully capture this number in the software at the time of data entry.
• POS should check for any proof of tampering with the copy of the document.
• After the POS completes verification they should stamp the copy of proof of identity with “Original of
verified.”
• For documents produced in vernacular the POS should verify the contents of the document with the details provided in the application form and stamp it with “Original of
verified”. The name of the document i.e. ration card, driving license etc. should be clearly mentioned on the stamp.
• For vernacular documents in non-local languages, which cannot be verified by the POS staff, the client should also submit the translated copy attested by a judicial court.
• Verifying officer should sign against the stamp of the POS, which should contain the name of the POS, POS ID (for the identification of branch) and name of the verifying officer.
8. Present address & Permanent address – Present address will be treated as the address for correspondence and all communications to the client will be addressed to the present address. Address proofs for both the addresses should be provided.
9. Proof of address – The proof of address copy should be verified with the original copy of the document. All Proof of Address documents should be valid on the day of submission at the POS i.e. not more than 3 months old.
List of documents admissible as proof of address
1. Passport
2. Voter Identity Card
3. Ration Card
4. Registered Lease/ Sale Agreement of Residence
5. Driving License
6. Continuous Discharge Certificate (CDC)
7. Telephone Bill
8. Electricity bill
9. Bank Passbook
10. Bank Account Statement
11. Demat Account Statement
Note: POA in point no. 7 to 11 should not be more than 3 months old.
Guidelines for verification of Proof of Address:
• Self attested copy of Proof of Address should be verified with the original.
• The proof of address should be on A4 paper size only and one sided copy.
• Document submitted should not have expired on the day of submission at POS
i.e. it should not be more than 3 months old.
If any of the guidelines are not followed the application is liable to be rejected at the verification stage at CVL.
10. Annual Income – The client should tick the appropriate income slab from the list provided in the KAF. Only one of the options must be ticked.
11. Occupation – The client should tick any one of the options provided in KAF as his/her primary occupation. Only one of the options must be ticked.
12. Signature – Signature should be provided within the space specified in the application form. Black Ink should be preferred for signing the application form.
13. Photograph – One recent colour photograph should be pasted (not stapled) at the specified region in the application form. The applicant should sign across the photograph and the signature should match with the signature on the application form. The photograph should also be matched with photograph on Proof of Identity document provided by the investor. |
| |
| Top |
| |
1. Name - Name should match with the name mentioned in the document for Proof of Identity submitted.
2. Date of Registration/ Incorporation – The date of registration/ incorporation should match with the date mentioned in the Memorandum and Article of Association.
3. Status – The best applicable choice should be selected from the list provided in the application form.
4. Present and Permanent Address – Present address will be used for all correspondence. Permanent address for FII should be overseas address. Address proofs for both present and permanent address should be provided and it should be verified with the original.
5. Authorised Signatures – The persons signing KAF should be one of the persons authorised by the Board Resolution to open an account for investment in mutual funds.
List of Mandatory Documents to be submitted –
• Corporate Bodies –
a. Certificate of Incorporation. ( can be a part of the MOA)
b. Memorandum and Article of Association.
c. Resolution of the Board of Directors to open an account for investment in Mutual Funds Schemes.
d. Authorised signatories List.
• Partnership Firm –
a. Certificate of Incorporation. (for registered partnership firms only)
b. Authorised signatories List.
• Hindu Undivided Family (HUF) –
a. Deed of declaration of HUF. (for registered HUF)
b. Bank Statement for proof of address.
• Trusts –
a. Certificate of registration. (for registered trusts)
b. Trust deed. (for registered trusts)
c. Power of Attorney to transact.
d. Authorised signatories list.
• Unincorporated association or a body of individuals -
a. Resolution of the managing body.
b. Power of Attorney granted to transact business on its behalf.
c. Authorised signatories list.
• Banks/ Institutional Investors -
a. Authorised signatories list.
b. Self-certification on letterhead.
• Foreign Institutional Investors –
a. Certificate of registration with SEBI
b. Authorised signatory list.
• Regulatory Bodies –
a. Authorised signatories list.
b. Self-certification on letterhead.
• Army/ Government Bodies –
a. Authorised signatories list.
b. Self-certification on letterhead. |
| |
|
| Downloads |
|
|
