What is a KYC?

W.e.f January 1,2016 any subscription whether fresh, additional investment, or switch shall not be permitted by the AMCs if the KYC status of PAN for Mutual Funds is not updated as "KYC Registered-New KYC".

With effect from January 1, 2011, all categories of investors irrespective of amount of investment in Mutual Funds are required to comply with KYC norms under the Prevention of Money Laundering Act 2002 (PMLA) for carrying out the transactions such as new/ additional purchase, switch transactions, new SIP/ STP/ DTP registrations received from effective date i.e. January 1, 2011.

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With effect from 1st January 2011, any investor (all applicants in a folio) investing into mutual funds through the Investment Services Account would be required to be KYC compliant without which the transactions may be liable to be rejected by the respective mutual fund houses.

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