I am a joint holder in a Mutual Fund investment account (folio). Do I need to comply with KYC requirement?
Yes. Each investor, including all joint holders within a folio / all other folios need to get KYC compliant. If investment is in the name of a minor, the Guardian has to be KYC compliant. Holders and issuers of Power of Attorney, both have to be KYC compliant. • Is it necessary for a minor to be KYC complaint? A minor investor does not require to get KYC compliant. In such cases, the Guardian has to be KYC compliant and provide his / her KYC Compliance letter along with the minor’s investment application form. • What happens when the minor becomes a major? On attaining majority, he / she has to apply for his / her independent KYC status, should they choose to invest with us thereafter. Guardians will not be able to use their KYC Compliance letter thereafter for the minor. However they can continue to use such KYC Compliance letter for their individual transactions. • As an existing Investor / Unit holder, I / We do not have investments of / intend to invest Rs. 50,000 or more. Do I / W
Yes. Each investor, including all joint holders within a folio / all other folios needs to get KYC compliant. If investment is in the name of a minor, the Guardian has to be KYC compliant. Holders and issuers of Power of Attorney, both have to be KYC compliant. • Is it necessary for a minor to be KYC complaint? A minor investor does not require to get KYC compliant. In such cases, the Guardian has to be KYC compliant and provide his / her KYC Compliance letter along with the minor’s investment application form. • What happens when the minor becomes a major? On attaining majority, he / she has to apply for his / her independent KYC status, should they choose to invest with us thereafter. Guardians will not be able to use their KYC Compliance letter thereafter for the minor. However they can continue to use such KYC Compliance letter for their individual transactions. • As an existing Investor / Unit holder, I / We do not have investments of / intend to invest Rs. 50,000 or more. Do I /
Related Questions
- The joint holder of the folio cannot sign. Can she/he affix her / his thumb impression on the KYC acknowledgement form?
- Can I register an SIP (in mutual fund units) if I do not have an ICICI Bank account linked to my Investment account?
- I am a joint holder in a Mutual Fund investment account (folio). Do I need to comply with KYC requirement?
