wealthforumtv

good suggestion . the kyc form should full & final. Common transaction form and also common applications for lumsum and also for sips should be same for all the amcs and should be available through amfis web site. so that it is very easy for the investors and also for the distributors.

As advisor we face lot of strains on chaning scenario on KYC.An additional burden to find individual investors details making our work more complicated. Any way this is one more change and we can abide. I agree with you for common transaction forms across total MF orbit. Business has to be simplified. In fact folio also can be designed to suit convenience across MFs

Mr. R. P. Bansal, ARN-64749 is spot on. Most of the financial transactions are done through cheques and electronic means which require a bank account. We know that KYC is mandatory for opening the bank account too. It is important to note that KYC is brought in to dissuade money laundering activities and RBI which regulates banks, also has a similar responsibility as SEBI does, regarding money laundering. If the aim is same, why do we need this duplication? It still surprises me why we do not have at least common transaction forms(leave aside the common application forms), even after more than 2 decades of existence as an industry. May be we do not bother about the pains faced by advisors/distributors and investors. Probably this kind of insensitivity(not providing common forms and in local languages, not providing web sites in local languages- which Google, an outsider, does with ease etc.,) is the root cause of the state of affairs in industry.

Why not add 2 more things to KYC form & make it a common application form for the whole mf industry. These 2 things are:- 1. nomination 2. bank particulars

Very very true

Why separate KYC for mutual fund investors, while all transactions are done through bank e.g. cheque,neft,rtgs etc. Bank accounts are opened after kyc process has been done. This process only for wastage of money and time for investor, distributor, amc and all other intermediatary between the process of kyc.

I SUGGES COMMON APPLICATION AS PER SEBI S FORMET & COMMEN TRANSCTION FORM SHOULD BE COMMEN FOR ALL AMCS & SHOULD BE AVAILABLE ON AMFIS SIGHT

IT IS TOTAL CONFUSION REG KYC.BECAUSE THERE ARE DIFFERENT KYC REGISTRARS WHERE SHARING OF KYC DETAILS TO ALL AMCS ARE NOT DONE PROPERLY.

No more need to kyc, because all the transactions have been done by bank e.g. cheque,neft,rtgs etc. Bank account will be open after kyc process has been done, so why need to kyc. This process only for wastage of money and time for investor, distributor, amc and all other intermediatary between the process of kyc.

Total confusion is there in the fund houses regarding KYC. Some AMC say they have not received any clarification regarding KYC, another told me KYC with documents and photo is to be done while another told me only Change in KYC is to be done. Now doing business takes a back bench and KYC being primary focus will AMFI take a call on this? Regards