Know Your Customer (KYC)
Know Your Customer (KYC) requirement under Prevention of Money Laundering Act, 2002
With effect from 1 February 2008, any investors (whether new or additional
purchase) investing in mutual funds is required to comply
with Know Your Client (KYC) norms under the Prevention of Money Laundering
Act 2002. This will be applicable for investments from individual investors
including joint holding/institutional customers/other non-institutional investors/investments
through power of attorney holders/investments of minor through guardian.
The KYC requirements can be completed by filling up the prescribed form and
submitting the same along with the other requisite details/proof (attested
true copies of supporting documents relating to proof of identity and address
or verification with the original). Any
subsequent change to address, pin code, country, nationality, occupation, income
details, date of birth, proof of identity need to be communicated to CVL ONLY. In
case the investor has completed the KYC Compliance process, without submitting
a copy of his Permanent Account Number
(PAN) card, he/she must forthwith provide
a copy PAN card alongwith the copy of KYC compliance acknowledgment to CVL.
In view of this, each investor (including joint unitholder) who wishes to
invest an amount of Rs 50,000 or more need to submit a copy of the acknowledgement
of KYC/printout of KYC status (status can be downloaded from CVL website (www.cvlindia.com )
using the PAN number) along with the application form for investing in the
schemes of mutual fund.
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