Know Your Customer (KYC)
We wish to inform you that SEBI has introduced some changes in guidelines on Know Your Client (KYC) norms. This step has been taken to make the KYC process investor friendly and to make it uniform across various SEBI regulated intermediaries in the securities market viz. Mutual Funds, Portfolio Managers, Depository Participants, Stock Brokers, Venture Capital Funds, Collective Investment Schemes, etc.Depository Participants, Mutual Funds, Stock Brokers, Portfolio Managers, etc. These changes aim to eliminate duplication of KYC process across these intermediaries and will make investing more investor friendly.
Thus KYC registration is being centralized through KYC Registration Agencies (KRAs) registered with SEBI. With this Each investor has to undergo KYC process only once in the securities market and the details would be shared with other intermediaries by the KRAs.
Mutual funds are required to formulate and implement a customer identification program as well as verify and maintain records of the identity and address(es) of investors in accordance with the Prevention of Money laundering Act, 2002 ('PMLA'), the rules issued there under from time to time and the guidelines/circulars issued by SEBI.
What documents are required to be submitted along with KYC application?
• Proof of identity
• Proof of address
• Passport copy
• Passport Size Photograph
What are the key changes in the KYC norms from 1st January 2012?
• With effect from January 1, 2012, Centralized KYC registration process through SEBI Registered KYC Registration Agencies (KRAs) has been implemented. Each investor has to undergo a uniform KYC process only once in the securities market.
• Mandatory In Person Verification (IPV) for new investors investing post 01st January 2012 at the time of submission of KYC application request.
• The KYC information of mutual fund investors who have completed their KYC through CDSL Ventures Ltd (CVLMF) up to December 31, 2011 have been uploaded by CVL in their KRA system (CVL-KRA) with the status as "MF - VERIFIED
BY CVLMF".
• While uploading KYC data into the KRA system, intermediaries are required to highlight such 'missing/not available' KYC information of a customer which was either not required or not taken, but is now mandatory based on uniform
KYC guidelines issued by SEBI.
What do investors needs to do?
• In case you are an existing investor of SBI Mutual Fund and if you are already KYC Compliant as per our records then there will be no effect on subsequent transactions (or ongoing SIPs) in the existing folios/accounts which is KYC compliant
under the erstwhile centralized KYC with CVL (CVLMF).
• In case you are an existing investor of SBI Mutual Fund but not KYC Compliant, then you will have to submit the standard KYC Application forms uploaded in form section under Forms and Downloads Or Click here to download along with supporting documents at any of the SEBI registered intermediaries. In Person Verification (IPV) will be mandatory at the time of KYC Submission.
• If you choose to invest with a new mutual fund i.e. invest in a new mutual fund other than SBI Mutual Fund where you have not invested earlier (or opened a folio earlier), you will be required to submit 'missing/not available'
KYC information and complete the IPV requirements.
What to do if individual details are missing or not available?
• Father’s/Spouse Name,
• Marital Status,
• Nationality,
• Gross Annual Income or Net worth as on recent date
In-Person Verification (IPV) The individuals can use the 'KYC Details Change Form'
available in the forms section. (b) In case of Non Individuals, KYC needs to be done afresh due to significant and major changes in KYC requirements. For more details on KYC, investors can also visit https://www.cvlkra.com/
Mutual Funds investments are subject to market risks, read all scheme related documents carefully.
Asset Management Company
SBI Funds Management Limited (A joint venture between SBI & AMUNDI). Trustee Company: SBI Mutual Fund Trustee Company Pvt. Ltd.
List of documents
Individual Investors Proof of Identity
• Photo PAN Card
• In case of Non Photo PAN Card in addition to copy of PAN Card any one of the following :
• Driving License /Passport copy / Voter ID /Bank Photo Pass Book.
Proof of Address
• Latest Telephone Bill: Landline/Mobile (not more than 3 months prior to the date of application).
• Latest Electricity Bill (not more than 3 months prior to the date of application).
• Passport copy
•
Latest Demat Account statement (not more than 3 months prior to the date of application).
• Voter ID.
• Driving License.
• Ration Card.
• Rent Agreement.
HUF
• Units can only be held in the name of Karta on behalf of the HUF
• Proof of Identity
• (any one of the following):
• Copy of PAN Card of the HUF.
Proof of address (HUF)
• Latest Bank Passbook (not more than 3 months prior to the date of application).
• Bank account statement (not more than 3 months prior to the date of application). Alternately, any of the documents listed for proof of address
for an individual can be provided by the karta.
Non individuals (PAN Mandatory) Companies / Bodies Corporate
• Certificate of incorporation.
• Memorandum & Articles of Association.
• Resolution of the Board of Directors authorizing investment in mutual funds.
• Power of Attorney granted to its managers, officers
or employees to transact business on its behalf (Authorized Signatories List).
Partnership firms
• Certificates of Registration, in case of registered Partnership Firms.
• Any other officially valid documents in respect of holding a power of attorney to transact (Authorized Signatories List and resolution / authority to
invest).
Trusts, foundations, NGO's Charitable Bodies, Clubs/Mutual Fund Schemes
• Certificate of Registration, in case of registered Trusts.
• Any other valid documents in respect of holding a power of attorney to transact (Authorized Signatories List and resolution / authority to invest) and resolution
/ authority to invest).
• Offer Document of the Mutual Fund Scheme.
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
Asset Management Company
SBI Funds Management Limited (A joint venture between SBI & AMUNDI). Trustee Company: SBI Mutual Fund Trustee Company Pvt. Ltd.
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