If you had complied with the know your customer (KYC) norms before January 2012, you better get in touch with your broker or asset management company (AMC) or your distributor.
Because, Sebi has made a few changes to the KYC norms after January this year. So, if you had done your KYC before that, you won’t be able to invest in mutual funds, unless you take a few steps.
Now what: Apart from asking for additional information, like your marital status, your father and spouse’s name, gross annual income details and your net worth, Sebi also needs you to do the In Person Verification (IPV).
Srikanth Meenakshi, co-founder, Fundsindia.com, said, “All you have to do is fill "the KYC details change form" and submit to distributor. To get the IPV done, you don’t need to go to CAMS office, any Know Your Distributor compliant Mutual Fund distributor can easily do it for you.” You can also get the IPV done with authorized official of Asset Management Companies.
What happens if you don’t do so:
Rajesh Krishnamoorthy, Managing Director , Fundsupermart.com, said, “ If you don’t get compliant as per the new norms by 1 December, as far as your existing investments and folios go, you won’t be affected. However, you won’t be able to make any new investments (as with new AMCs) after 1 December, if you are not new KYC compliant.”
What you should do: As soon as possible, fill this form and attach the required documents and get in touch with your broker, distributor, AMC or local CAMS/ KRA service centre.
Not sure: If you don’t remember when you got your KYC done or if you need to fill the KYC change detail form or not, you don’t need to worry. Click here to submit your Permanent Account Number (PAN). If the screen shows MF - VERIFIED BY CVLMF then you need to take the above mentioned steps. However, if the screen shows MF- VERIFIED BY CVLKRA, you are already new KYC norm compliant.