How to get KYC/PAN compliant in the Market- Here's the way.
We would like to take this opportunity to inform you about certain compliance requirements that have come into effect this year.
1. Permanent Account Number (PAN) is compulsory for all Unit Holders w.e.f 01 January 2008, for any investment.
- PAN & PAN card copy are mandatory for all investments irrespective of amount
- Form 49A / Form 60/61 will not be accepted and transactions are liable to be rejected.
- In case of Minor, PAN & PAN card copy of Guardian are required, even if the Minor holds a PAN Card
- Change Form acknowledged by Income Tax for any changes being made in PAN card will be acceptable.
2. Know Your Customer (KYC) compliance is compulsory for all investments w.e.f 01 February 2008.
- All investors (including guardians, joint holders, NRI’s and power of attorney holders) need to complete the process of KYC by submitting a duly filled-up KYC application form along with photograph, photocopy of PAN card and proof of address for individuals or corporate documents for bodies corporate, in accordance with the Prevention of Money Laundering Act, 2002, Rules issued there under and related guidelines/circulars issued by SEBI.
- Completion of the KYC process is mandatory for any investment, whether by way of first time purchase or subsequent purchase, if the investment is for a value of Rs. 50,000 or more
Investors will need to submit the following at the designated ‘Point of Service’ Centers of CDSL Ventures Ltd (CVL) for one-time completion of PAN and KYC formalities.
- Completed KYC application form : •Individual •Non Individual
- Recent passport-size photograph to be affixed on the form
- Copy of PAN card
- Prescribed documents for proof of address / constitution.
Please note that the above documents need to be in the form of either:
- A self attested copy along with originals (originals will be returned across the counter after verification) or
- A copy attested (in original) by a notary public/gazetted officer/manager of scheduled commercial bank (designation seal to be affixed)
The POS official will issue investors a KYC acknowledgement letter across the counter after verifying the KYC documents.
Please submit a copy of the KYC acknowledgement letter along with the fresh investment application form / additional purchase request or along with a covering letter containing the folio number for updating of PAN/KYC compliance.
In order to continue transacting smoothly with us, we request you to ensure that the necessary compliance requirements are met. For further clarifications please visit contact us or any Investment Service Center / your distributor.