Tuesday, December 23, 2008

Mutual Fund investing - Know Your Customer acknowledgement

Here's a simple way to check your KYC compliance

If you wish to invest in excess of 50,000/- in mutual fund (MF), you need to be Know Your Client (KYC) compliant. Download the form from www.amfiinidia.com and submit, along with relevant documents (refer the form to know more about it) at any of the 250 terminals across India. Get a list of such terminals from Amfi website. Within a week or 10 days, you will receive your KYC acknowledgement confirming your KYC compliance. Submit a carbon copy of this acknowledgement every time you invest in a MF, along with your MF application form. 

However, if you misplace your original acknowledgement of KYC, or wish to check the status of your KYC compliance if you have carried out the procedures long time back but aren't sure of that now, visit http://www.cvlindia.com/ and click on the link on the site's home page that says 'Inquiry on KYC'. Type your PAN card number and you will get your KYC acknowledgment. Take a printout and simply, submit this. This way of getting your KYC acknowledgment is only possible if you have originally submitted PAN card copy as one of the supporting documents. 

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