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Know Your Customer New Norms

Written By Sambasivarao on Thursday, November 29, 2012 | Thursday, November 29, 2012

KYC new norms

SEBI has made a few changes to the KYC norms after January 1, 2012. These changes will be effective from December 1, 2012. So all investors who have complied with their KYC norms prior to January 1, 2012 need to complete the additional KYC formalities.

What you need to do

If you have done your KYC anytime after January 1, 2012, you do not have to do anything. However, if you have done your KYC before January 1, 2012, you need to fill in an KYC details update form.

This form asks for details like marital status, your gross annual income and net worth. SEBI norms also prescribe that you do an In Person Verification (IPV). Investors can approach their distributor or asset management company for this.

IPV can be done by any mutual fund distributor who is KYD (Know your distributor) complaint. You can also get your IPV done with authorized officials of asset management companies

Now in case you do not remember when you got your KYC done or whether you need to fill the KYC change detail form, you can do the following. Go to www.cvlkra.com submit your Permanent Account Number (PAN).

If the result 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, and need not do anything.

What if you do not update it

If you don't get compliant as per the new norms by December 1, 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 (invest in a new AMC).

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