KYC norms for investors effective December 1, 2012

KYC norms for investors effective December 1, 2012

SEBI has announced few changes to  KYC  Norms for investors  after January 1, 2012. The changes will take effect from December 1, 2012. Are you an investor who has completed your KYC before 01 Jan 2012? You need to complete additional KYC norms as prescribed by SEBI before 01 Dec 2012 to be fully comply with KYC norms for investors.

What you need to do to comply with KYC Norms for investors effective Dec 01, 2012

If you have completed your KYC after 2012 then you need not to do anything. But, if you have completed KYC norms before 01 jan 2012, then you need to fill KYC details update form

This form asks for details like marital status, your gross annual income and net worth. SEBI norms also prescribe that you do an In Person Verification (IPV). Investors can approach their distributor (who is Know Your Distributor complaint) or asset management company for this.

You can check the status of your KYC by visiting https://www.cvlkra.com/ (Under KYC Inquiry Tab enter your PAN No).  The following details are populated which will help you to check whether you comply with KYC Norms for investors effective 01 Dec 2012.

PAN No. :XXXXXXXXXX
Name :XXXXXXXXX
Status :XXXXXXXXXXXXX
KYC / Modified Date :Date and Time

If the result shows MF – VERIFIED BY CVLMF then you need to take the above mentioned steps. However, if the screen shows MF- VERIFIED BY CVLKRA, you are already new KYC norm compliant, and need not do anything.

What if you do not update KYC norms for investors effective Dec 01, 2012

If you don’t get compliant as per the new norms by 01 Dec 2012,  your existing investments and folios will not be effected. However, you won’t be able to make any new investments (invest in a new AMC)

 

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