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KYC

KYC stands for Know Your Client or Know Your Customer

As per the regulatory requirements prescribed by SEBI (Indian Financial Institution regulator), every financial institution needs to ensure that they know their client and perform the necessary client identification procedures. KYC processes are now considered globally important in the wake of financial crimes, fraud, money laundering and terrorist financing activities.

To make it simpler, KYC norms target to verify the identity of applicant and their address. Along with these details, further client specific details are obtained such as marital status, earning capacity, political contacts, occupation, etc.

From 1st January 2011, it has become mandatory for all mutual fund investors in India to be KYC compliant. This is a one time process and involves the following steps:
  • An investor needs to fill the specified KYC form. The form can either be obtained from any mutual fund office, distributors or can be freely downloaded from our download section. Click here to download the KYC form;
 
  • Attach the relevant documents required for KYC;

  • Submit the KYC form with the documents to the nearest KYC Point of Service. This list can be obtained at http://www.amfiindia.com/poskyc.aspx .

  • A KYC acknowledgement letter is provided to the applicant which can then be used for investing into mutual funds till the time KYC status has not been verified and updated with the KYC authorities.

  • KYC status can be obtained at http://www.cvlindia.com/inquiry_kyc01.asp by entering your PAN details.

  • Once KYC has been done, a print out of KYC verified status is attached with the mutual fund application forms. This supplements all requirements of ID & address proofs for investing into all funds in India.

BFA provides free service to their clients in getting their KYC done as a part of our investment offering.
 
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