For certain nature of transactions and type of clients, PAN is not mandatory. In such cases common standard KYC through CVL will not apply.
In such cases, the client will have to submit certain documents as elaborated below and KYC will be handled by the AMCs/ RTAs directly.
A. Micro SIPs: Micro schemes such as Micro SIPs upto Rs. 50,000 per year per investor.
I. Documents required:
1. Standard specified identification instruments like Voter ID card, Government/Defense ID
card, Card of Reputed employer, Driving License, Passport in lieu of PAN.
2. Proof of address copy. It is clarified that where photo identification documents contains the
address of the investor, a separate proof of address is not required.
3. Supporting documents copy shall be self attested by the investor / attested by the ARN
holder mentioning the ARN number or attested by any competent authority.
II. Please refer to AMFI Guidelines for Uniform Implementation no. 35P/MEM-COR/4/09-10 dated
July 14, 2009 (Annexure I) and Revised guidelines (Annexure II) for more details.
B. Investments from Investors residing in Sikkim
I. Documents required:
1. Proof of address of Sikkim state and application form should mention the same address.
2. Address proof shall be self attested by the investor / attested by the ARN holder mentioning the ARN number or attested by any competent authority.
C. Investments from Central Government, State Government, and the officials appointed by the
courts e.g. Official liquidator, Court receiver etc. (under the category of Government)
I. Documents required:
1. Proof of identity as documentary evidence in support of the claim for such an exemption.
2. Address proof shall be self attested by the investor / attested by the ARN holder
mentioning the ARN number or attested by any competent authority.
For complying with the KYC all the investors should approach Point of Service (POS) for submitting
their KYC Application Form (KAF) and the mandatory documents of Proof of Identity and Proof of
Address.
An investor can apply for KYC to CVL under any of the following categories and sub-categories (based on the Mutual Fund investor categories):
Category/Sub-Category
Individual
1. Resident Indian
2. Non-Resident Indian
Non-Individual
1. Corporate
2. Body Corporate
3. Partnership
4 Hindu Undivided Family (HUF)s
5. Trusts
6 Financial Institutions
7 Foreign Financial Institutions (FII)
8 Association of Person
9 Bank
10 Government Body
11 Defence Establishment
12 Any Other
Note: A minor (less than 18 years old) cannot apply for KYC.
The POS will process the application forms for new KYC application, which will consist of following important functions:
1. Verification of application form and documents received.
2. Data entry in the application software.
3. Dispatch of physical document to CVL.
4. Error Correction and Change Request
Guidelines for Documents Required For Various Categories Important points:
1. Copies of all documents submitted by applicants should be self-attested.
2. The copies of all documents should be accompanied by original for verification by POS.
3. In case the original of any document is not produced for verification then the copies should be properly attested by entities authorized to attest the copy as per the list of persons authorized for attestation.
4. In case of NRIs, a Consular Officer or an authorized official of overseas branches of scheduled commercials banks registered in India can attest the documents.
5. Further, if any proof of identity or address is in a foreign language, then translation in to English is required.
Proof of Identity: - Self attested copy of PAN card is mandatory.
The POS should ensure that PAN field in the application form is not left blank by the investor and the name on the PAN card copy should tally with that mentioned on the KAF.
Proof of Address: - List of documents admissible as Proof of Address:
1. Passport
2. Voters Identity Card
3. Ration Card
4. Registered Lease/ Sale Agreement Of Residence
5. Driving License
(Documents having an expiry date should be valid on the date of submission)
6. Utility bills like Telephone Bill (only land line), Electricity bill, Gas bill – Not more than 6 months old.
7. Demat Account Statement -- Not more than 6 months
8. Bank Account Statement / Passbook -- Not more than 6 months old
9. Proof of address issued by Bank Managers of Scheduled Commercial Banks/ Scheduled Co-Operative Bank/ Multinational Foreign Banks/ Gazetted Officer/ Notary public/ Elected representatives to the Legislative Assembly/ Parliament/ Documents issued by any Govt. Or Statutory Authority
Note 1: If correspondence & permanent address are different then proof for the both has to be submitted.
Note 2: Proprietor: In case of sole proprietors, sole proprietor must make the application in his individual name & capacity. Proprietorship firm comes under the Individual Category.
Investment application may be in the name of his firm but the applicant has to give his/her own
PAN. Other requirements remain same as in case of Individual.
Note 3: Non-Resident Indian: Submission of passport copy is mandatory. (Relevant pages of passport having details of Name, Photo, Date of Birth, Validity Date & Address should be submitted). Also in case of NRI, overseas address is mandatory. (Out of permanent & correspondence address, one address must be that of overseas)
Note 4: In case of Merchant Navy NRIs, Mariner’s declaration or certified copy of CDC (Continuous Discharge Certificate) is to be obtained.
Note 5: Foreign nationals are not allowed to apply, except persons within the definition of “Resident” as per FEMA rules or Persons of Indian Origin (PIO). In such cases appropriate proof must be obtained.
Note 6: In case of “Care of Address”, proper supporting documents must be obtained such as relationship proof or lease/leave license agreement. Otherwise “Care of Address” in the name of third person / company is not acceptable.
Non-Individual: Additional documents to be obtained for non-individual, over & above POI &
POA, are mentioned below.
Corporate Bodies:- Mandatory self certified true documents to be submitted.
1. Certificate of Incorporation
2. Memorandum & Articles of Association
3. Authorized signatories list with specimen signatures
4. Board resolution for investment in Mutual Fund
Partnership Firm: - Mandatory certified documents to be submitted.
1. Certificate Of Registration (for registered partnership firms only)
2. Partnership Deed
3. Authorized signatories list with specimen signatures
Hindu Undivided Family (HUF): -
Proof of Identity: - Self attested copy of PAN card in HUF name is mandatory.
Mandatory certified documents to be submitted.
1. Deed of declaration of HUF or PAN in name of Karta AND Bank pass book / bank statement / Demat statement in the name of HUF.
Trusts: - Mandatory certified documents to be submitted.
1. Certificate of registration (for registered trusts)
2. Trust deed
3. Authorized signatories list with specimen signatures
Unincorporated association or a body of individuals: - Mandatory certified documents to be submitted.
1. Proof of Existence/Constitution document {Resolution of the managing
body & Power of Attorney granted to transact business on its behalf are
mentioned currently)
2. Authorized signatories list with specimen signatures
Banks/Institutional Investors: Mandatory certified documents to be submitted.
1. Copy of constitution/registration documents.
2. List of authorized signatories.
Foreign Institutional Investors: - Mandatory certified documents to be submitted.
1. Certificate of registration with SEBI.
2. Authorized signatories list with specimen signatures.
Army / Government Bodies: - Mandatory certified documents to be submitted.
1. List of authorized signatories.
2. Self-certification on letterhead. (It was copy of constitution/ registration documents earlier)
GUIDELINES TO FILL UP KYC FORM
The KYC Application Form (KAF) or Change Request Form (CRF) should be filled as per instructions – i.e. in legible block letters with each letter in appropriate box provided in blue or black ink only (preferably in black ink).
1. Applicant has to fill in all the required information as per the KAF Instructions.
2. There should not be overwriting in the KAF. Any overwriting in the application form is counter signed by the applicant.
3. In case any information is struck off, then the applicant has to sign the same and the signature matches with the signature in the signature block.
4. PAN field is not to be left blank and copy of PAN card copy should be submitted.
5. If the applicant name as mentioned on the KAF does not match with the PAN card name then additional document for proof of identity should also be provided.
6. Applicant has to submit Proof of Identity & Proof of Address as per list of admissible documents – list mentioned in this document and also available on the KAF / CRF. In case of change in name by the applicant, POI for the new name should be submitted and POA would be required if the applicant wishes to change any of the addresses.
7. Copies of all documents submitted should be legible and signed by the applicant.
8. There is no prima facie evidence to suspect tampering with the original documents or the copies submitted by applicant.
9. When the applicant does not submit the original document for verification, the copies should be properly attested by entities authorized to attest the copy as per the list of persons authorized for attestation. In such case, the attested copy submitted should be original. Photocopy of attested document would not be acceptable as Proof.
NOTE: List Of Entities Authorized To Attest The Documents.
Notary Public, Gazzeted Officer, Manager of a Schedule Commercial / Co-operative Bank or Multinational Foreign Banks (Name, Designation & Seal should be affixed on the copy)
10. When the Present Address is other than the Current / correspondence address, proof is equired for both the addresses. In case the applicant has written the same address at both the places instead of writing “SAME AS ABOVE’, only one proof for the address provided would be sufficient. The address proof should not be more than three month old.
11. When documents like Passport, Driving License carrying an expiry date is submitted as proof
of address; the document must be current on the date of acceptance.
12. Affix most recent colour photograph of size 30mm * 40mm & applicant has to sign across the photograph.
13. Applicant should sign the KAF in the specific space provided for. Authorised person in case of non-individual case should sign the KAF with proper stamp.
When can the POS reject KYC application form (KAF)
1. Any of the mandatory fields are left blank in the KYC Application Form (KAF).
2. The age of the applicant is less than 18 years i.e. if a minor has applied for KYC.
3. Permanent Account Number (PAN) is not provided in the application form, except for PAN exempt category.
4. POI and POA and any constitution documents for Non-Individuals not submitted.
5. If the name in PAN card does not match with the name in KYC application form and if not accompanied with a Marriage certificate OR Gazette notification. POS has to ensure that the name in the marriage certificate and Gazette notification matches with the application form.
6. Changes/ overwriting in the application form have not been signed or the signature does not match with the signature on the KAF.
7. Electricity bill, Telephone bill (land line) Gas bill, Bank passbook, Bank statement, Demat account statement submitted as proof of address should be valid on the day of submission to the POS i.e. not more than 6 months old.
8. Any evidence of tampering with the original document for proof copies submitted.
9. If the copy of supporting documents are not legible.
10. If the photo has not been affixed & the applicant have not signed across the photo.
11. Passport copy not submitted in case of NRI.
12. Details in the application form do not match with the document/s submitted.
13. Respective form, Individual or Non-Individual, according to investor’s category, is not used.
14. If application is not signed by the applicant. |