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NSE NMF Online Transact Facility
Online Purchase In Existing Folios

Fund Report Card

 
  Know Your Clients Back
1. What is KYC?
KYC is an acronym for "Know your Customer", a term commonly used for Customer Identification Process. The Prevention of Money Laundering Act, 2002 ("PMLA") forms the core of the legal framework put in place by the Indian Regulators to combat money laundering to be followed by banking companies, financial institutions and intermediaries by administering KYC process and other reporting requirements such as suspicious transactions reporting, etc. SEBI has prescribed certain requirements relating to KYC norms for Financial Institutions and Financial Intermediaries (such as Mutual Funds) to 'know' their customers.
 
Applicability of KYC norms:
Category of Investors Up to December 31, 2010 W.e.f. January 1, 2011
Resident Individuals Rs. 50,000 and more Any Amount
Non Resident Investors/ Persons of Indian Origin Any Amount Any Amount
Investors investing through Channel Partners / Distributors Any Amount Any Amount
Non Individual Investors (Corporate, Partnership Firms, Trusts, HUF, etc.) Any Amount Any Amount
 
This is applicable for All Client Categories and Any Amount of investment
1. New / Additional Purchases.
2. Switch Transactions.
3. New SIP Registrations (including SIP related products) received from effective date.
4. New STP Registrations (including STP related products like trigger facilities) received from effective date.
5. New DTP Registrations (including DTP related products) received from effective date.

Requirements For KYC From 1st Jan-2011
 
2. What do you need to do to complete the KYC process?
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.
 
Please click on the links given below to download the respective
 
KYC Forms KYC Change Forms
Individual Investors Individual Investors
Non-Individual Investors
 
 
3. What are the supporting documents required to be submitted along with the KYC application form?
For Individual Investors
Individual investors will have to produce their proof of identity and proof of address.
List of documents admissible as proof of identity:
  • Original PAN card + self-attested photocopies (originals will be returned over the counter after verification
List of documents admissible as proof of address:
  • 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
For Non-Individual Investors
List of mandatory documents to be submitted are
Company / Body Corporates
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Resolution of the Board of Directors
  • Authorised signatories list with specimen signatures
Hindu Undivided Family (HUF)
  • Deed of declaration
  • Latest Bank Passbook / Latest Bank Account Statement
Partnership Firm
  • Certificate of Registration
  • Partnership Deed
  • Documents evidencing authority to invest
  • Authorised Signatory list with specimen signatures
Trusts, Foundations, NGOs, Charitable Bodies, Clubs / Mutual Fund Schemes
  • 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
Unincorporated association or a body of individuals
  • Proof of Existence / Constitution Document.
  • Documents evidencing authority to invest.
  • Authorised Signatory list with specimen signature.
Foreign Institutional Investors (FIIS)
  • Letter and Certificate of Registration issued by SEBI.
  • Authorised Signatory list with specimen signature
For non resident Indians
Non resident Indians residing out of India need to submit the following supporting documents as proof of identity and address
  • Certified true copy of the passport
  • Certified true copies of proof of overseas address and permanent address
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.
4. How does an investor transact in Mutual Funds after completing the KYC process?
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.
5. Does the KYC Acknowledgement have an expiry date?
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.
6. What do I do if I need to inform of a change in Name/Address/Status/Signature etc.?
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.
 
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.
 
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.
 
For further details, please refer to www.amfiindia.com or www.cvlindia.com.

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