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new KYC norms

Date : 12-01-2013

Name: venkateswaran ARN NO :87541

Firm Name : pisces investment solutions City : trivandrum

Hi,

I have been planning to write for some time about this new KYC norms .

I have been wondering why the industry and distribution community has kept silence on this issue. Why should a company (pvt or public) give its financials for KYC compliance? when a company (other than a listed entity) is a Pvt Ltd company why should they share the financials with anyone other than the regulator( ROC or tax authorities) ?

This is creating a huge impediment for business expansion and its high time both the distribution community and AMCs need to raise their voices over this irrational regulation. i can appreciate the PAN requirement and KYC but sharing the financials is far fetched.

Share your comments

(Type INV if you are an investor)

Comments Posted

Manilal ARN NO :20532 Trivandrum, 20 Feb 2013

True .. Venkat.. The KYC norms are bullshit.. Here in india One can buy GOLD, Mercedez benz, Land etc..etc.. with cash and without KYC.. But to buy a 500 rupee SIP..???????

kaustubh ARN NO :79352 pune, 14 Jan 2013

i agree. why would a company give its financial for KYC? moreover it also needs to submit balance sheets of last 2 yrs at the time of submitting kyc for the first time as wel as every yr.

S K Jerath ARN NO :43312 Chandigarh, 13 Jan 2013

Disclosing Net Worth is most irrelevant. God save the MF industry from the whims and fancies of SEBI . Many of the clients are not interested in disclosing the Net Worth.

N.S.KIRAN ARN NO :68936 MYSORE, 13 Jan 2013

Why AMC will do anything? Everyday SEBI WILL BRING ONE RULES AMC IS QUITELY WATCHING IT.

Shankara K ARN NO :3891 chamarajanagara, 12 Jan 2013

I personally appreciate your comments.

A.K.JAISWAL ARN NO :9563 MANDSAUR, 12 Jan 2013

why should anyone disclose his financial worth for KYC. It is funny provision.

Sam Koshy ARN NO :5727 KOLLAM, 12 Jan 2013

This is a very important issue. Why a company should disclose thesis financials to the AMCs. Those who formulated this norm should realize the need for such a thing. On what basis are they asking this? This is too much... Somebody should raise this issue to the SEBI Board. AMCs must take this up to SEBI.

G.somasundaram ARN NO :16932 Nagercoil, 12 Jan 2013

appreciate your effect