From February 1, 2008, mutual fund investing would not be that simple for those who wish to invest or redeem (selling of your units) Rs 50,000 and above. This is subsequent to the guidelines issued by the Securities and Exchange Board of India (SEBI) and Association of Mutual Funds in India (AMFI) relating to the requirements of the Prevention of Money Laundering Act, 2002. As per the new rule all mutual funds are now required to verify the identity and maintain records of all their investors through the mandated Know Your Customer (KYC) process effective today.
 

KYC formalities are required to be completed for all unit holders, including power of attorney holders and guardians, for any investment (new/additional purchase/new SIP or redemption) of Rs 50,000 and above. 

For the convenience of investors, all mutual funds have made special arrangements with CDSL Ventures Ltd. (CVL). The investors can download the form [Click Here to download] the Presha Investment website and submit the same with the following required documents at designated centers or mail them to Presha Investments.

Required Documents

• Proof of Address

• Passport Size Photograph

Proof of Address Valid Document Types 

The following is the list of documents that will be accepted as the proof of address

Latest Telephone Bill

Latest Electricity Bill

Passport

Driving License

Latest Bank Passbook

Latest Bank Account Statement

Voter Identity Card

Ration Card

Latest Demat Account Statement

Registered Lease / Sale Agreement of residence

Proof of Address issued by Bank Managers of Scheduled Commercial Banks / Multinational Foreign Banks / Gazetted Officer/ Notary Public / Elected Representatives to the Legislative Assembly / Parliament / Document issued by any Government or Statutory Authority

These documents should not be more than three months old as on the date of submission of this form.

Investors should note that they need to carry original documents for verification along with a copy each to be presented. To make the process simpler, investors also have the option of providing an attested copy (attested by Notary Public/Gazetted Officer/Manager of a Scheduled Commercial Bank) of the relevant documents. This is a one time process and investors will be issued an acknowledgement when they submit the form. The copy of acknowledgement receipt along with mutual fund application will be a mandatory requirement for investment / redemption of above Rs. 50,000.

Earlier AMFI had started issuing MIN (Mutual Fund Identification Number) to make the investing process 'transparent and easier'. Subsequently MIN was withdrawn and PAN was declared as the sole identification number for investing in funds. This facility (of KYC) is being provided free of cost to the investors, Presha Investments is with all of it’s customers to hand hold and take them through the process of being KYC compliant.