Understand KYC Requirements
1. What is KYC?

KYC is an acronym for "Know your Client".

All Mutual funds under the aegis of the Association of Mutual Funds of India (AMFI) have facilitated a centralized platform through CDSL Ventures Limited ("CVL"), a wholly owned subsidiary of Central Depository Services (India) Limited, to carry out the KYC procedure on their behalf.

Thus once you are successfully registered with CVL you can invest in any Mutual Fund in India. There is no separate number that is allotted on your successful registration. Your Permanent Account Number (PAN) is the unique identifier.

2. Who is required to be KYC compliant?

Effective 1st January 2011. KYC shall be mandatory for any investment amount.

  • KYC is compulsory for all Individual, Non-individual, NRI and Channel distributor investors.
  • Investors covered under this clause are - Individual , Corporate, Partnership Firms, Trusts, HUF, NRIs including PIOs and all individual and non individual investors of channel distributors.
  • Individuals shall be required to be KYC compliant for any amount of investment.
    Please note that it is mandatory for each applicant /unit holder to be KYC-compliant. Please enclose a copy of the KYC acknowledgement letter issued by CDSL ventures ltd with your application for investment.
  • Guardians to minor applicants need to be KYC compliant.
  • POA holders need to be KYC compliant irrespective of the amount of investment.
3. 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
Individual Investors Non - Individual Investors
 
4. 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
Partnership Firm
Certificate of Registration
Partnership Deed
Documents evidencing authority to invest
Authorised Signatory list with specimen signatures
 
Hindu Undivided Family (HUF)
Deed of declaration
Latest Bank Passbook / Latest Bank Account Statement
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.
5. 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. A KYC Acknowledgement is a must in case you need to invest amounts Rs 50,000 or more in any Mutual Fund scheme.

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.
7. 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