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Business News/ Opinion / Online-views/  Ask Mint Money | You can get KYC details changed through MF that you hold
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Ask Mint Money | You can get KYC details changed through MF that you hold

Ask Mint Money | You can get KYC details changed through MF that you hold

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I am a direct investor into mutual funds (MFs). I recently shifted from Delhi to Kolkata and need to update my address in my know-your-client (KYC) records. I went to one of the KYC points of services (POS) listed on the Association of Mutual Funds in India’s (Amfi) website. I was told that they will take my KYC application if I invest some amount with them. When I asked further, they said the Securities and Exchange Board of India (Sebi) rules have changed and only an asset management company can forward KYC requests. Later, I realized that other than CAMS and Karvy, the rest of the names on the Amfi list were of MF distributors. Why does the website of CVL India, the authority set up for storing KYC information, spits out a blank excel sheet in the name of KYC POS. How can I get my address updated?

—Anindya Bera

When it started out, this registration was required only for people investing above 50,000. It was then expanded to any amount for certain categories of investors such as non-resident Indians or online investors. In January 2011, it was made mandatory for all MF investors to get registered. Finally, in January 2012, Sebi made a significant overhaul to the process.

Until December 2011, there was one registrar for KYC and that was CVL India. They authorized POS across the country to accept applications (both fresh and change requests), do preliminary processing and issue acknowledgements. Starting January 2012, however, all the POS were cancelled (which is why the CVL POS list is empty) and only Sebi-authorized intermediaries such as brokers and MF companies were allowed to process KYC. Also, they were allowed to process them only for their customers (which is why you were asked to invest). Sebi did this to ensure there would be multiple registrars (not just CVL).

This brings us around to your situation. CAMS, Karvy (as authorized operating back office units of MF companies) and MF company offices themselves are the only places where you can get your KYC updated under the current regulations. The best course for you would be to see which MF company you are holding a folio in and go to their office to submit your KYC change request. They should not ask for an additional investment since you are already their customer.

Srikanth Meenakshi is founder and director, FundsIndia.com

Queries and views at mintmoney@livemint.com

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Published: 20 May 2012, 08:51 PM IST
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