Investors in mutual funds to provide certain documents

Hyderabad, Dec 28 (UNI) The investors in mutual funds schemes have to provide documents such as photograph, proof of identify, proof of address and PAN card to obtain Mutual Fund Identification Number (MIN) from January 1, 2007.

For the convenience of mutual funds investors, all funds had made special arrangements with CDSL Ventures Limited (CVL), a totally owned subsidiary of Central Depository Services Limited under the initiative and umbrella of Association of Mutual Funds in India (AMFI).

Instead of providing the required documents again and again to different mutual funds in which one would like to invest, CVL on behalf of all mutual funds would do the process and issue a unique mutual funds identification number.

Announcing the launch of the MIN, Chairman AMFI A P Kurian said investors have to provide Know Your Customers (KYC) documents and information only once to obtain MIN. Quoting the MIN, the investors could invest in the schemes of all mutual funds without the necessity to submit the KYC documents.

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

UNI BR VR 1756