CVL to issue Mutual fund Identification Number for easy investment

New Delhi, Dec 27 (UNI) CDSL Ventures Ltd (CVL), a wholly-owned subsidiary of Central Depository Services Ltd (CDSL), in arrangement with the mutual fund companies will provide a Mutual fund Identification Number (MIN) to the investors, to avoid repeated filing of documents.

As per the arrangement, CVL, on behalf of all mutual funds will do the process and issue a unique Mutual fund Identification Number (MIN).

''Investors have to provide documents and information only once to obtain MIN. Quoting the MIN, investors could invest in the schemes of all mutual funds without the necessity to submit the Know Your Customers (KYC) documents,'' Mr A P Kurian, Chairman, Association of Mutual Funds in India (AMFI), an umbrella body of mutual funds said.

In order to comply with regulatory provisions, mutual funds have to follow enhanced norms of KYC.

Further, changes in address or other details could be intimated to any of the Points of Services (POS) and the same will get updated in all the mutual funds where the investor has invested, Mr Kurian added.

MIN will be provided absolutely free of cost to the investors. To begin with, investors investing Rs 50,000 or more will have to obtain MIN effective from January 1, 2007.

The investors have to provide attested photograph, proof of identity, residence proof and the Permanant Account Number (PAN Card) to obtain the MIN.

The originals of these documents along with a copy each to be presented and the original will be returned after verification.

Alternatively, investors can also provide an attested true copy of the relevant documents.

Attestation could be done by notary public, gazetted officer or manager of a scheduled commercial bank.

The MIN can be obtained from POS. Initially, these POS will be the selected branches, offices of mutual funds, registrars and branches of banks.

The application form for applying for MIN will be available from these POS. Also, the application form could be downloaded from the websites of all mutual funds and AMFI (www.amfiindia.com).

UNI CS DKS HT1717