What is KYC?

Published On: 05-Jul-2017

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.

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01

What are the KYC requirements for a Mutual Fund Investor?

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02

How to become KYC Compliant? Do I have to repeat the KYC process with every Mutual Fund?

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03

Where do I obtain a KYC Application Form?

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04

Do I need to visit the POS personally to obtain KYC Compliance?

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05

Since when is it mandatory for me to be KYC Compliant?

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06

To whom is a KYC applicable? Is there any exemption?

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07

How do I transact in Mutual Funds after completing the KYC process?

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08

In the case of existing investors, when and how will the KYC norms be introduced?

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09

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?

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10

What are the consequences of KYC cancellation/rejection?

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11

Does my KYC Acknowledgement have an expiry date?

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12

What happens if I have multiple folios/accounts with a Mutual Fund?

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13

Is there a charge I need to pay to get myself KYC Compliant?

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14

I am an NRI residing outside India. How do I get myself KYC Compliant?

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15

Are there any special requirements for an NRI?

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16

Is there any special requirement for a PIO (Person of Indian Origin)?

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17

What about a minor becoming a ‘major’?

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18

Whom do I inform about change of Name/Address/Status/Signature, etc.?

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19

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?

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20

Why do I need to give my Income details? How can I be sure that it will not be misused?

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21

Do I need to inform about my change of Income status?

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22

Can I give a COA (Change of Address) along with the Redemption request?

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23

Is the KYC Acknowledgement a separate form or is it a part of the Mutual Fund application? Which of the forms require being time­stamped?

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24

What do I do once I have received my KYC Acknowledgement?

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25

What if I have already obtained an MIN?

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26

General FAQs

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