In line with SEBI Circular No. MIRSD/Cir- 26 /2011 dated December 23, 2011, SEBI KYC Registration Agency (KRA) Regulations, 2011 and SEBI Circular No. MIRSD/SE/Cir-21/2011 dated October 5, 2011 regarding uniformity in KYC process in the securities market and development of a mechanism for centralization of the KYC records, the following procedural changes shall be carried out with effect from January 1, 2012.
The primary objective of the revised norms is to implement uniform KYC norms and eliminate duplication of KYC across SEBI registered intermediaries in the securities market. For this purpose, KYC registration is being centralised through KYC Registration Agencies (KRA) registered with SEBI.
Thus each investor has to undergo KYC process only once in the securities market and the details would be shared with other intermediaries.
To bring uniformity in KYC process, SEBI has introduced a common KYC application form for all the SEBI registered intermediaries viz. Mutual Funds, Portfolio Managers, Depository Participants, Stock Brokers, Venture Capital Funds, Collective Investment Schemes etc. All the new investors are therefore requested to use the Common KYC application form to apply for KYC and mandatorily undergo In Person Verification (IPV) requirements with SEBI registered intermediaries including Mutual Funds.
|Key changes in the KYC norms for mutual funds:|
|1.||In-Person Verification (IPV) – It is mandatory for all the intermediaries to carry out IPV of their clients. For mutual fund investors, the IPV can be done by the AMC or the Registrar and Transfer Agents (RTA) or mutual fund distributors who have successfully completed the Know Your Distributor (KYD) procedure. Unless the IPV process is completed, the investor will not be considered as KYC compliant under the new KYC compliance procedure and hence will not be permitted to make any investment in mutual funds.|
|2.||KYC application form – Some changes have been made in the existing KYC application form in light of the revised KYC norms. The new forms can be downloaded from AMFI website (www.amfiindia.com|
|KYC- Change of details|
|If you want to make changes in address in mutual fund records, now that is possible only when you go through changes in KYC details.|
If you are KYC Compliant through CDSL Ventures Limited ( CVL ), please fill in KYC Details Change Form for Individual( For Change of Address ). You would also require to provide attested copy of the Identity proof and address proof as mentioned on the form. To check if you are KYC complaint visit http://www.cvlindia.com Inquiry on KYC. You need to submit the change of address form and the relevant document at any of Point of Services (POS)
|Only the Address details provided overleaf will be changed in the records of|
the Mutual Funds/ Registrars. Such change will be effected for all folios
(identified by PAN). All other details viz. Name, Tax Status and Contact Details
will have to be communicated separately to the respective Mutual Funds/
Registrars for updation in their records.