•What is KYC?
-KYC is an acronym for “Know your Client”, a term commonly used for Client Identification Process. SEBI has prescribed certain requirements relating to KYC norms for Financial Institutions and Financial Intermediaries including Mutual Funds to ‘know’ their Clients. This would be in the form of verification of identity and address, providing information of financial status, occupation and such other demographic information. Applicant must be KYC compliant while investing with any SEBI registered Mutual Fund.
•Why do we need KYC?
-Currently it is mandatory to be KYC compliant for making and investment across all Financial Intermediaries like Mutual Funds/Insurance companies/Banks etc. This is a One Time Process and is free of cost. The KYC Identification Number (KIN) generated, once registration is complete, does not have any expiry date and hence does not require to be renewed.
•What documents are required for completion of KYC registration?
- The documentation required, varies with each TAX identity. For a resident individual of India the documents are as stated below:
i.A Passport size photograph
ii.Self Attested PAN card Photocopy, as an Identity Proof
iii.An Address Proof, in the form of – AADHAR Card, Passport, Voter ID, Driving License, or any other government issued proof
**Originals must be produced for verification purpose along with the copy of these documents.
•How to register for KYC ?
-One can become KYC compliant by following the below given steps:
i.Download the CKYC Form from the website à https://www.idfcmf-new.com/download-centre/form-center and download the form labelled as “CKYC – Individual” Form
ii.Take a print out of this form, fill the form as instructed and enclose the required proofs. Carry the originals of these proof for ‘In-Person Verification’ (IPV) by the KYC registration personnel
iii.Submit the form alongside the required proofs to any KYC Point of Service(PoS) such as AMCs/Registrars/Distribution Houses/Registered Individual Financial Advisors.
i.What if your existing KYC is invalid/ requires modification?
-Incase you have earlier submitted the necessary documents but yet the status is ‘invalid’, you need to re-do the process by duly filling up the CKYC form and re-submit the documents to any of the PoS. For modification, a CKYC change form and submit to a PoS.
Procedure to register / change bank details:
•Investors are cautioned to deal only with the Mutual Funds registered with Securities and Exchange Board of India (SEBI)
•Details of Registered Mutual Funds can be verified on
SEBI’s website --> Intermediaries / Market Infrastructure Institutions --> Recognised Intermediaries --> Registered Mutual Funds
|Redressal of Investor Complaints:|
•The Securities Exchange Board of India (SEBI) lays down a TWO spoke Grievance Redressal system
•Investors are required to file their complaints with the registered mutual fund through their designated investor service contact points