KYC Application - Is it mandatory for me?

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27-09-2011
Raja

KYC Application - Is it mandatory for me?

I am planning for 5000/- per month investment via SIP. While I tried applying online through Birla Sunlife AMC website - it shows a KYC (know your client) checkbox and a note is there "mandatory for investment over 50000/-"

I didn't apply for KYC till now

My question :
1- Do I need to get this KYC done and only after that I am eligible?
2- How long this takes to get KYC ready?
3- I tried to go through the KYC documents - couldn't understand much about this. Is it soem sort of equivalent of PAN (reqd for investment over 50K)

Anyone who has done this - please can you advise?
28-09-2011
Vivek

Quote:

Originally Posted by Raja

I am planning for 5000/- per month investment via SIP. While I tried applying online through Birla Sunlife AMC website - it shows a KYC (know your client) checkbox and a note is there "mandatory for investment over 50000/-"

I didn't apply for KYC till now

My question :
1- Do I need to get this KYC done and only after that I am eligible?

Yes, When you invest more then 50000 in single transaction, you need to submit KYC.

Quote:

2- How long this takes to get KYC ready?

15-30 days approx.

Quote:

3- I tried to go through the KYC documents - couldn't understand much about this. Is it some sort of equivalent of PAN (reqd for investment over 50K)

Anyone who has done this - please can you advise?

Yes, its mandatory by SEBI.
28-09-2011
Expert

All Mutual Fund (MF) investors will have to complete their Know-Your-Customer (KYC) formalities for all purchases, switch transacitons and new systematic investment / transfer plan registrations from January 1, 2011, irrespective of the amount they invest.