KYC FAQ's

KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered intermediary (broker, DP, Mutual Fund etc), you need not undergo the same process again when you approach another intermediary.

SEBI circular MIRSD/SE/Cir-21/2011 dated October 5, 2011 and MIRSD/Cir- 26 /2011 dated December 23, 2011 on uniform KYC

At present, as an investor who invests with different intermediaries in the security market, you need to undergo separate KYC processes with each of them. To create uniform procedures for all SEBI Registered intermediaries, including Mutual Funds, brokers and depository participants, and to avoid duplication of KYC, SEBI has introduced uniform KYC guidelines for the securities market effective January 1, 2012.

  • Stock Brokers
  • Depository Participants (DPs)
  • Mutual Funds (MFs)
  • Portfolio Managers (PMs)
  • Venture Capital Funds (VCFs)
  • Collective Investment Schemes (CIS)

You need to download the enhanced application form (New KYC Application) from our website ? www.sundarammutual.com or from www.amfiindia.com or from the website of any other SEBI registered KYC Registration Agencies (KRA), for example, www.cvlkra.com.

You need to fill up the new application form and submit at the offices of any SEBI registered Intermediaries, including Mutual Funds.

Upon submission of documents, and completion of In -Person Verification (IPV) you would receive a temporary acknowledgement from the place you submit the New KYC Application.

The documents are then sent to the KRA either by the Mutual Fund or the Registrar & Transfer Agent (R&T). Within 10 working days after receipt of the same, the KRA will, after verification of the documents, send a letter to you confirming KYC compliance status / the "final acknowledgement" or intimating any deficiency observed in the documents submitted.

The new KYC procedure is applicable for new investors only.

If you are an existing investor in a Mutual Fund and were already KYC compliant before January 1, 2012 you can continue to use the KYC acknowledgement issued for investments in Mutual Funds only. However for investments in the Securities Market, where you may deal with SEBI registered intermediaries other than Mutual Funds, you would need to complete the new KYC procedure.

Yes, if you were already KYC compliant before 31st December 2011. However, for those investors who are not already KYC compliant as on 31st December 2011 and for new investors from 01st January 2012, the intermediary can accept the new KYC application only if it is accompanied by a financial transaction.

You can submit the KYC applications in any of the branches of Sundaram Asset Management Company Limited. For a list of branches, please visit our website www.sundarammutual.com

Yes. Micro SIP application will be accepted along with the required Proof of Identity and Proof of Address as defined in the KYC application form.

Notary Public, Gazetted Officer / Manager of a Scheduled Commercial / Co-operative bank or Multinational Foreign Banks (Name, Designation & Seal should be affixed on the copy).

In case of NRIs, authorized officials of overseas branches of Scheduled Commercial Banks registered in India, Notary Public, Court Magistrate, Judge, Indian Embassy / Consulate General in the country where the client resides are permitted to attest the documents.

No. You would need to make use of the new KYC Application form available at www.sundarammutual.com, website of AMFI or of any SEBI registered KRA.

In-Person-Verification or IPV: It is mandatory for all SEBI-registered intermediaries to conduct IPV of their clients. For Mutual Fund investors, the IPV can be done by either the AMC or the Registrar & Transfer Agents (RTA) or by AMFI/NISM certified Mutual Fund distributors who are KYD compliant, or by Scheduled Commercial Banks in case of direct application for subscription to Mutual Fund units. In addition to existing KYC verification procedures, once the IPV process is also completed, the investor may then be considered KYC compliant under the revised KYC norms, and hence permitted to invest in Mutual Funds (MFs).

KYC application form: In view of these enhancements, there are a few changes to the KYC application form. The revised application form is available on our website www.sundarammutual.com and is also accessible atwww.amfiindia.com .

Existing Investors: If you are an existing MF investor who was already KYC compliant before January 1, 2012, you need not repeat the KYC procedure for investing in Mutual Funds, and you could continue to use the KYC acknowledgement form issued to you for MF investments. However for investments in the Securities Market, where you may deal with SEBI registered intermediaries other than Mutual Funds, you would have to complete the new KYC procedure.

New Investors: New investors in Mutual Funds have to complete the new KYC process and can use the acknowledgement form issued by the KRA for investing in Mutual Funds and for opening account / transacting with other SEBI-registered intermediaries in the securities market. New investors who were already KYC compliant with other intermediaries in the securities market before January 1, 2012, would still need to undergo the new KYC process once to invest in Mutual Funds.

SEBI circular MIRSD/Cir-5/2012 dated April 13, 2012 on updating missing/not available KYC information of a customer

Pursuant to SEBI circular no. MIRSD/Cir-5/2012 dated April 13, 2012, mutual fund investors who were KYC compliant on or before December 31, 2011 are required to submit 'missing/not available' KYC information and complete the 'In Person Verification' (IPV) requirements if they wish to invest in a new mutual fund, where they have not invested / opened a folio earlier, effective from December 03, 2012: Individual investors have to complete the following missing/not available KYC information:

  • Father's/Spouse Name,
  • Marital Status,
  • Nationality,
  • Gross Annual Income or Net worth as on recent date,
  • In-Person Verification (IPV).

To update the missing information, investors have to use the "KYC Details Change Form" for Individuals Only available at www.sundarammutual.com or www.amfiindia.com . Section B of the form highlights 'Mandatory fields for KYCs done before 1 January 2012' which has to be completed.

In case of Non Individuals, KYC needs to be done afresh due to significant and major changes in KYC requirements by using "KYC Application form" available for Non-Individuals only in the websites stated above.

Duly filled forms with IPV can be submitted along with a purchase application, to the new mutual fund where the investor is investing / opening a folio. Alternatively, investors may also approach their existing mutual funds at any investor service centre to update their 'missing/not available' KYC information.

SEBI circular CIR/MIRSD/ 13 /2013 dated December 26, 2013 on simplification of KYC form

As per the circular, certain details which were forming part of uniform KYC (Know Your Customer) form viz. Occupation details, Gross Annual Income/networth and Politically Exposed Person (PEP) status was decided to be shifted to intermediary specific application forms so that the KYC form is kept uniform across the intermediaries.

Accordingly, the updated KYC form and application form can be accessed at www.sundarammutual.com.

Subsequent to the issue of this circular, point no. d) Gross Annual Income or Net worth as on recent date mentioned under the "missing/not available KYC information" in the KYC form covered in Q.15 stands removed as this information has been moved to the intermediary specific application form. Rest of the missing information has to be provided by the investors who intend to invest in a new mutual fund, where they have not invested / opened a folio earlier.

Further, investors who have used the updated KYC form but old application form (one without the details as underlined above) while subscribing to the units of Schemes of Sundaram Mutual Fund should also submit the Additional KYC details form available in www.sundarammutual.com.