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  #1  
Old 3rd December 2012, 11:20 AM
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Default Update KYC for Continuing Mutual Fund Investment



While going through Firstpost site found this article.

I guess it will be helpful to many people over here.

Quote:
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 https://www.cvlkra.com/kycpaninquiry.aspx to submit your Permanent Account Number (PAN). If the screen shows MF – VERIFIED BY CVLMF then you need to take the above mentioned steps(steps details shown on site). However, if the screen shows MF- VERIFIED BY CVLKRA, you are already new KYC norm compliant.
You won’t be able to invest in Mutual Funds now if … | Firstpost
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  #2  
Old 3rd December 2012, 12:15 PM
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For those who don't know:

CVL is "CDSL Ventures Limited".

CVLKRA is "CVL KYC Registration Agency".

Also, I got a question.

The article says:

Quote:
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.”
Does that mean new investment with an AMC is still possible if the investor already has an investment with it?
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  #3  
Old 3rd December 2012, 12:57 PM
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Even if you have updated your KYC with CDSL Ventures Limited then also slowly fund houses are asking for IPV (In Person Verification) to their offices.

I am not sure if this can be feasible for a person who lives ina small town as they only have offices in a few big cities in a state.

Quote:
Latest :The IPV (In Person Verification) can be done either by the AMC or by the Know Your Distributor (KYD) registered broker.
I did not understand why AMC need further verification in person after CDSL venture Ltd verification and updated?

Is there any common In person verification that can be done once like "updation of KYC last time" and submit the same copy of acknowledgement to each mutual fund house.

I heard even you can submit one copy of acknowledgement of KYC updated print out to Karvy office.

They can update all AMCs instead of keep stepping in each fund houses offices.

Can anyone confirm that too?
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  #4  
Old 3rd December 2012, 01:44 PM
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Thanks magnet.

I got following status for all my family members -

Quote:
Status : VERIFIED BY CVLKRA (MOD REQST RECD ON - 30 Nov 2012)
BUT I have not submitted anything in the last one month for getting KYC done.

Also all KYC were done a couple of years back, definitely before 1 Jan 2012, so as per the FirstPost news my status should have been non-compliant
Quote:
If you had complied with the know your customer (KYC) norms before January 2012,
...
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.
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  #5  
Old 3rd December 2012, 06:49 PM
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Quote:
Originally Posted by Alchemist View Post

Does that mean new investment with an AMC is still possible if the investor already has an investment with it?
I feel old folios will work and problem might arise with new folio. Or might happen that new investment won't be allowed at all. Need to check that.

SEBI announces additional KYC norms for investors effective December 1, 2012 - The Economic Times

Quote:
Originally Posted by San Yad View Post
Even if you have updated your KYC with CDSL Ventures Limited then also slowly fund houses are asking for IPV (In Person Verification) to their offices.

I am not sure if this can be feasible for a person who lives ina small town as they only have offices in a few big cities in a state.



I did not understand why AMC need further verification in person after CDSL venture Ltd verification and updated?

Is there any common In person verification that can be done once like "updation of KYC last time" and submit the same copy of acknowledgement to each mutual fund house.

I heard even you can submit one copy of acknowledgement of KYC updated print out to Karvy office.

They can update all AMCs instead of keep stepping in each fund houses offices.

Can anyone confirm that too?
IPV is the more troublesome part. Though it says every distributor or some might have IPV facility and doing at one might update the registration hence I guess one doesn't need to visit each AMC.
Verification done at one is more than enough. But I guess some detail document signing is part of this process.

Quote:
Originally Posted by Atiker View Post
Thanks magnet.

I got following status for all my family members -



BUT I have not submitted anything in the last one month for getting KYC done.

Also all KYC were done a couple of years back, definitely before 1 Jan 2012, so as per the FirstPost news my status should have been non-compliant
Your's compliant. How not compliant?
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  #6  
Old 3rd December 2012, 08:20 PM
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Quote:
IPV is the more troublesome part. Though it says every distributor or some might have IPV facility and doing at one might update the registration hence I guess one doesn't need to visit each AMC.
Verification done at one is more than enough. But I guess some detail document signing is part of this process.
Are you saying that it's enough to do IPV at any one of mutual fund house or CAMS?

And that would be valid for every mutual funds?

I highly doubt according as per the SEBI circulation.

One has to visit every fund house office for IPV.

Actually it's confusing.

I think if you have existing folio with fund house then you don't have to worry.

If you want new folio then you need all these stupid things. .

Happy Investing!
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  #7  
Old 3rd December 2012, 08:44 PM
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KYC is starting to become a headache.

I am not a fan of investing in gold but the headaches there are much less. Maybe I should start buying physical gold.
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  #8  
Old 3rd December 2012, 10:05 PM
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Quote:
Originally Posted by San Yad View Post
Are you saying that it's enough to do IPV at any one of mutual fund house or CAMS?

And that would be valid for every mutual funds?

I highly doubt according as per the SEBI circulation.

One has to visit every fund house office for IPV.

Actually it's confusing.

I think if you have existing folio with fund house then you don't have to worry.

If you want new folio then you need all these stupid things. .

Happy Investing!
Well I haven't read SEBI circular but from content on Firstpost and ET it looks only doing at one might do. I feel its idiotic to go at 30+ houses that only not you each and every member of your family for KYC to be done.

This is really getting weird. Really don't know what has happened that such a move has been proposed.

I'll say better wait and watch right now.
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  #9  
Old 3rd December 2012, 10:49 PM
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Quote:
Originally Posted by San Yad View Post
Are you saying that it's enough to do IPV at any one of mutual fund house or CAMS?

And that would be valid for every mutual funds?

I highly doubt according as per the SEBI circulation.

One has to visit every fund house office for IPV.

Actually it's confusing.

I think if you have existing folio with fund house then you don't have to worry.

If you want new folio then you need all these stupid things. .

Happy Investing!
All related info and documents required can be found here

Quote:

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 HDFC Mutual Fund or AMFI website Welcome to AMFI !.


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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  #10  
Old 12th December 2012, 04:05 PM
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Business Line : Opinion : The tyranny of KYC norms.
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  #11  
Old 23rd December 2012, 10:32 PM
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Why there is a column of tick politically exposed person or related to politically exposed person?

Does it mean if you know none we will raid you. Or if you tick you know someone depending on party a check on black money conversion will be done for party not in power?
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