EXECUTIVE SUMMARY: Due to the bilateral deal between India and USA to track assets of their citizen in foreign country, it has now become mandatory for existing investors to update the same before 1st January 2016. The KYC can be updated online and process is explained step by step in this article. Alternatively, investors can also download the form and submit it at the nearest branch of CAMS or Karvy.
Note: If you are not able to update the details online, we suggest you to download the form and submit it at respective offices. Please make sure the process is completed before 1st January 2016, else you will not be able to transact (except redemption). You can also contact your advisor who will help you in updating your KYC status.
The information required for new customers is as under:-
- All new investors to provide additional KYC details such as Income Slab, Occupation, Net Worth, Politically Exposed Status, etc.
- All new Non – Individual investors to provide the Ultimate Beneficial Ownership (UBO) details.
- All investors to submit FATCA (Foreign Account Tax Compliance Act) declaration while opening account on or after 1st November 2015.
- Provide additional KYC details such as Income Slab, Occupation, Net Worth, Politically Exposed Status, etc.
- Provide missing details and complete IPV (In Person Verification) for all MF cases.
- Update the Ultimate Beneficial Ownership (UBO) details in their existing accounts.
How to update the KYC? (Only for existing customers)
There are two ways through which an existing investor can update KYC details, which are:-
- Download the declaration form, (Karvy form and CAMS Form) fill and submit at the nearest CAMS or Karvy branch.
- Investors can also update the details online through CAMS, Karvy, or respective Mutual Fund website. The process of updating through CAMS website is explained below:-