Nothing original in this post! Just doing a cut n paste of an email that I just received….
“As you are aware that w.e.f 1st January 2011, KYC is mandatory for all investors, irrespective of amount of investment.
Please find the operational guidelines as well as revised guidelines for Micro SIP.
I) KYC will be mandatory for the following trxn
a) New / Additional Purchases.
b) Switch Transactions
c) New SIP Registrations (including SIP related products) received from effective date.
d) New STP Registrations (including STP related products like trigger facilities) received from effective date.
e) New DTP Registrations (including DTP related products) received from effective date.
II) KYC will not be mandatory for the certain nature of transactions and type of clients
a) Micro SIPs upto Rs. 50,000 per year per investor
1) Standard specified identification instruments like Voter ID card, Government/Defense ID card, Card of Reputed employer, Driving License, Passport in lieu of PAN.
2) Proof of address copy, where photo identification documents contains the address of the investor, a separate proof of address is not required.
Supporting documents copy shall be self attested by the investor / attested by the ARN holder mentioning the ARN number or attested by any competent authority.
b) Investments from Investors residing in Sikkim.
Proof of address of Sikkim state and application form should mention the same address.
Address proof shall be self attested by the investor / attested by the ARN holder mentioning the ARN number or attested by any competent authority.
c) Existing SIP / STP / DTP registrations (and similar facilities) including those received till December 31, 2010
d) Dividend reinvestment transactions of any amount. ”
Do not be surprised if suddenly you are told that even for withdrawing you need to be KYC compliant…our regulators are capable of springing such surprises (or shocks?) …so you take care!
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