What is KYC?
Published On: 05-Jul-2017
- Market Insight
KYC (Know Your Customer) is a regulatory requirement by SEBI to control fraud and illegal activities and thereby protect your money. It enables us to know/understand you and your background to serve you better.Under this process, you will need to provide certain information such as identity, address, financial status, occupation, etc., which is recorded in a central repository and used by all SEBI registered mutual funds.
What are the KYC requirements for a Mutual Fund Investor?
How to become KYC Compliant? Do I have to repeat the KYC process with every Mutual Fund?
Where do I obtain a KYC Application Form?
Do I need to visit the POS personally to obtain KYC Compliance?
Since when is it mandatory for me to be KYC Compliant?
To whom is a KYC applicable? Is there any exemption?
How do I transact in Mutual Funds after completing the KYC process?
In the case of existing investors, when and how will the KYC norms be introduced?
Once an account is opened with a Mutual Fund by the 1st, 2nd, and 3rd holder by completing the necessary formalities and an investor returns to make a fresh investment, do they need to furnish the necessary documents again?
What are the consequences of KYC cancellation/rejection?
Does my KYC Acknowledgement have an expiry date?
What happens if I have multiple folios/accounts with a Mutual Fund?
Is there a charge I need to pay to get myself KYC Compliant?
I am an NRI residing outside India. How do I get myself KYC Compliant?
Are there any special requirements for an NRI?
Is there any special requirement for a PIO (Person of Indian Origin)?
What about a minor becoming a ‘major’?
Whom do I inform about change of Name/Address/Status/Signature, etc.?
If I am already providing my PAN/PAN Proof for my investment in Mutual Fund. Is that not sufficient for meeting the requirement of KYC?
Why do I need to give my Income details? How can I be sure that it will not be misused?
Do I need to inform about my change of Income status?
Can I give a COA (Change of Address) along with the Redemption request?
Is the KYC Acknowledgement a separate form or is it a part of the Mutual Fund application? Which of the forms require being timestamped?
What do I do once I have received my KYC Acknowledgement?
What if I have already obtained an MIN?