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What is KYC?

April 26, 2017kyc

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What is KYC?

2 Answers

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KYC (Know your Customer) Norms are laid down by SEBI. KYC regulations mandate all Mutual Funds to know / verify Identity and Address of their customers. Mutual Fund KYC relates to a verification process prescribed by AMFI, for which, CDSL ventures Ltd. Is the authorised body appointed by AMFI for conducting KYC. Mutual Fund investors are required to apply for KYC and get their PAN and Address details verified / registered with CDSL Ventures Ltd. This is a one time process which upon completion would establish KYC verification across all participating Mutual Funds in India.

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KYC is an acronym for Know your Client, a term commonly used for Client Identification Process. SEBI has prescribed certain requirements relating to KYC norms for Financial Institutions and Financial Intermediaries including Mutual Funds to know their Clients. This would be in the form of verification of identity and address, providing information of financial status, occupation and such other demographic information. Applicant must be KYC compliant while investing with any SEBI registered Mutual Fund.