Procedure for KYC compliance

Investors (both individuals and non-individuals) intending to invest must meet certain mandatory requirements in terms of establishing their proper identity and address. Applicants (including new/ existing Unit-holders) will have to submit the following documents:

  • KYC Application Form duly completed by each applicant including joint Unit-holders
  • Documents evidencing Proof of Identity and Proof of Address*

*List of requisite KYC documents for individuals and non-individuals is mentioned in the revised KYC Application Form.

These documents can be submitted at our Investor Service Centres (ISCs) and other intermediaries of KRA's as mandated by SEBI. Upon receipt and verification of the above documents, a KYC acknowledgement will be issued to each applicant. Investor(s) must note that KYC compliance is mandatory at the time of submission of each subscription request with the designated Official Points of Acceptance.

Key changes in the KYC procedure for Mutual Funds:

  • In-Person Verification (IPV): It is mandatory for intermediaries including mutual funds to carry out In-Person Verification (IPV) of its new investors. The IPV carried out by any SEBI registered intermediary can be relied upon by the Mutual Fund. Employees of Asset Management Company and NISM/AMFI certified distributors who are KYD compliant are authorised to undertake the IPV for Mutual Fund investors. Further, in case of any applications received directly (i.e. without being routed through a distributor) from the investors, the Mutual Fund may rely upon the IPV performed by scheduled commercial banks.
  • New 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 our website or AMFI website

Impact on mutual fund investors:

  • Individual Investors who have completed the earlier KYC process with CVL prior to January 1, 2012 - Certain additional KYC details along with IPV is required. Kindly use the 'KYC Details Change' forms.
  • Non-Individual Investors who have completed the earlier KYC process with CVL prior to January 1, 2012 - Need to submit the entire KYC details again in the 'KYC Application Form Non-Individual' form along with the documents / requirements mentioned on the reverse of the form.
  • Investors who have completed the KYC process through any of the intermediaries on or after 1st January, 2012 - such as Depository Participant, Portfolio Management Services, etc., and hold a valid acknowledgement issued by a KRA, can invest with any of the Mutual Funds using the same acknowledgement.

Important points to note:

  • Updation of appropriate KYC information along with IPV is currently a one-time requirement and needs to be completed with any one of the Mutual Funds.
  • Ongoing systematic transactions (SIPs/STPs etc) of investors in their existing folio, which is KYC compliant under the erstwhile KYC conducted with CVL (CVLMF-KYC) will not be impacted.
  • All non-individual investors (corporates / societies / trusts etc) who have completed the KYC process have to submit their balance sheets annually as required.

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