KYC is an acronym for "Know Your Customer", a term commonly used for Customer Identification Process. Know Your Customer (KYC) norms are now mandatory for ALL applicants/investors (including existing investors and joint holders) to make investments in mutual fund irrespective of the amount of investment.
KYC is applicable for which type of transactions?
- New / Additional Purchases.
- Switch Transactions.
- New SIP/MICRO SIP Registrations (including SIP related products) received from effective date.
- New STP Registrations (including STP related products like trigger facilities) received from effective date.
- New DTP Registrations (including DTP related products) received from effective date.
It is clarified that KYC norms are applicable on a prospective basis. For existing SIP / STP / DTP registrations (and similar facilities), KYC norms as applicable on the date of acceptance of the request are applicable, unless specifically mentioned.
We strongly recommend all our existing Investors to complete their KYC formalities and submit the KYC Acknowledgement letter along with a list of the folio(s) to our registrars for updation so that they can continue to invest smoothly.
Customers can also send us an email on firstname.lastname@example.org mentioning their folio numbers and attaching the scanned image of KYC acknowledgement received from KRAs like CISPL or CVL.
After verification, the KYC status shall be updated w.r.t. to the said folio(s) and investors shall be able to invest in schemes.
With effect from January 01, 2012 (KRA guidelines by SEBI):
To bring uniformity in securities markets, SEBI vide its circular MIRSD/SE/Cir-21/2011 dated 05th October 2011 has prescribed uniform KYC form and supporting documents to be used by SEBI registered intermediaries such as DPs, MFs, AMFI, PMs, Collective Income Schemes and Venture Capital Funds.
For this purpose, KYC registration is centralized through KYC Registration Agencies (KRAs) registered with SEBI. Thus each investor has to undergo a uniform KYC process only once in the securities market and the details would be shared with other intermediaries by the KRAs.
Any customer desirous to open an account or transact with DSP BlackRock Mutual Fund should either get the KYC done through DSP BlackRock Mutual Fund or should produce a valid acknowledgement issued by KRA. However, DSP BlackRock Mutual Fund mutual fund may choose to carry out enhanced due diligence based on its internal client due diligence policy.
All application/transaction requests are liable to be rejected if the KYC requirements as applicable on the date of investment are not complied.
Investors/unit holders should further note that the KYC norms may undergo changes from time-to-time. Hence, investors/unit holders are requested to apprise themselves about KYC applicability before submitting their applications/transactions to avoid rejections.
Investors may contact their investment advisors or contact us at any of the Investor Service Centres (ISCs) of the Fund or Registrar to know more about KYC applicability and process.
For more details on KYC, investors can also visit KRA agencies’ website like www.camskra.com