IDs coming for mutual fund investors

Association of Mutual Funds in India (Amfi) will announce the final guidelines for unique customer identification number under the "Know Your Client" norms by the end of the month.

Central Depository Services (CDSL) is likely to be roped in for facilitating the service.

The unique ID will carry the photo identity, proof of residence and PAN
card details of the investor.

Securities and Exchange Board of India (Sebi) has asked mutual funds to come out with unique IDs under the KYC norms to prevent money laundering and know the source of funds.

"We will be announcing a decision on the unique identification number by the end of the month. We have been in discussions with Sebi, finance ministry and CDSL over the issue for quiet some time and will be announcing the final decision soon," A P Kurian, chairman of Amfi, said.

Presently, investors putting in more than Rs 50,000 have to furnish details of their investments. However, under the KYC norms, even investors below this limit will have to register themselves and get a unique ID.