For a partnership firm investing in a mutual fund scheme, do all partners have to comply with the KYC requirements or merely the Authorised Signatory (ies)?
The Partnership entity is required to be KYC compliant and not the individual partners. Hence all requirements as applicable to a non-individual applicant will apply. • Can the address proof and identity documentary proof, be of any date? Only Permanent Account Number (PAN) card can be submitted as a Identity Proof. However, for proof of address a most recent document has to be submitted (not more than 3 months old). If proof of address is for example a passport, such a requirement will not apply as long as it is a valid passport. • Can a document serve two purposes i.e. both as proof of Identity and Address? No, Only Permanent Account Number (PAN) card can be submitted as a valid identity document. • All applicants from a folio have the same address. Do we need to give separate documents evidencing address? Yes. KYC compliance is for each applicant. Unique sets of documents are required from each applicant. Please note that this is a one time requirement unless there are changes in th
The Partnership entity is required to be KYC compliant and not the individual partners. Hence all requirements as applicable to a non-individual applicant will apply. • Can the address proof and identity documentary proof, be of any date? Only Permanent Account Number (PAN) card can be submitted as a Identity Proof. However, for proof of address a most recent document has to be submitted (not more than 3 months old). If proof of address is for example a passport, such a requirement will not apply as long as it is a valid passport. Can a document serve two purposes i.e. both as proof of Identity and Address? No, Only Permanent Account Number (PAN) card can be submitted as a valid identity document. –> • All applicants from a folio have the same address. Do we need to give separate documents evidencing address? Yes. KYC compliance is for each applicant. Unique sets of documents are required from each applicant. Please note that this is a one time requirement unless there are changes in
Related Questions
- One of our firms partners has recently joined (or departed) our firm. Is our new partnership considered a new firm according to the firm registration and peer review requirements?
- For a partnership firm investing in a mutual fund scheme, do all partners have to comply with the KYC requirements or merely the Authorised Signatory (ies)?
- What criminal sanctions are there for failing to comply with any of the requirements of the scheme?
