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Come December 1, you may not be able to invest in mutual funds if you have done your KYC registration before January 2012.
The Securities and Exchange Board of India (Sebi) has introduced some changes in the KYC registration norms starting January this year. As per the new rules, inclusion of some personal details, such as father's or spouse's name, have been made essential for the KYC registration. Now, all mutual fund investors who completed their KYC registrations before January this year will have to fill a KYC change form and update their data.
How do the new norms affect you?
The last day to submit your KYC change form is November 30, 2012. If the form is not submitted, you will not be allowed to make new investments in mutual funds from December 1. However, if you already have a folio, you may continue investing in the same folio.
What happens to your existing MF folio?
The new norms will not affect your existing investments or folios and you can redeem your units any time. However, your AMC will not allow you to create a new folio.
What can you do?
Submit a KYC change form along with a copy of your Permanent Account Number (PAN) card by the end of this month. You may download the change form here. You only need to fill the first two sections. And do remember to attach a self-attested photo copy of your PAN card.
Where can you submit the form?
You may send the form to a local CAMS/Karvy service centre or send it directly to your AMC where you already have a folio.
