L&T Mutual Fund
L&T Mutual Fund

FAQs

KYC means Know Your Customer. As mandated under extant SEBI regulations and provisions of Prevention of Money Laundering Act, every intermediary (including Mutual Funds) is required to have a Client Identification Program and frame a KYC policy, which means knowing your customer by seeking information and supporting documentation about the customer's identity and address, besides other information like address, nationality, residential status, PAN etc
The requirement is applicable to all categories of investors eligible to invest with us i.e. Resident Individuals, Non Resident Individuals, and Persons of Indian Origin (PIO), HUF, Societies, Partnership Firms, Trusts, Companies, Public Sector Undertakings, Body Corporate, Banks, Financial Institutions and such other individuals / institutions including any holders/issuers of Power of Attorney (POA).

KYC is applicable for the following transactions:

  •   Fresh Purchases
  •   Additional Purchases
  •   Switches
  •   New Systematic Investment Plan (SIP)/Micro Sip Registrations
  •   New Systematic Transfer Plan (STP)/Dividend Transfer Plan (DTP) registrations
KYC compliance consists of 2 parts:
Basic KYC compliance can be fulfilled in the below mentioned steps:

Step 1: Fill the KYC Form:
Click here (this can be a hyperlink which takes an investor to the Downloads section of our website) to download the required KYC form. Individual and Non Individual investors are required to fill separate KYC forms. Documentation requirements are also unique to both categories of applicants. Completely fill the form enclosing the relevant self attested as well as externally attested supporting documents as mentioned at the reverse of the form.

Step 2: In Person Verification (IPV):
Information provided in the KYC form has to be verified in person by the AMC, its Registrar and Transfer Agent (RTA), distributors who are AMFI/NISM certified and compliant with Know Your Distributor (KYD) guidelines and officials of schedules commercial banks.

Step 3: Submission of the KYC Form:
The application along with self-attested photocopies of the relevant documents has to be submitted at the nearest Investor Service Centre (ISC) of L&T / CAMS. (Can be a hyperlink). Please carry the originals with you for verification purposes.

Supplementary KYC Compliance:
Financial intermediaries are required to collect additional information from clients such as Occupation details, Gross Annual Income/ net worth and Politically Exposed Person (PEP) status etc. In case of non-individuals, the details of Ultimate Beneficial Owners (UBO) have to be provided. These details are a part of our Common Application Form.
The forms can be downloaded from the websites of the respective KRAs. The KYC forms are also available on our website www.lntmf.com The KYC Supplementary form is also available in our website.
Yes. An investor can submit the KYC form along with an investment application.
There is no need to repeat the KYC process individually for each Mutual Fund/ Scheme. It is a onetime process. Once the KYC procedure is completed in all respects, the investors needs to produce a copy of the acknowledgment to the Mutual Fund where the investor desires to invest.
Yes, however, instead of PAN card, other Photo Identity proof as mentioned in the KYC application form can be submitted for completion of KYC procedure.
Yes, however, instead of PAN card, other Photo Identity proof as mentioned in the KYC application form can be submitted for completion of KYC procedure.
Yes all investors including joint holders within a folio/all other folios need to get KYC compliant. If investment is in the name of a minor, the Guardian has to be KYC compliant. Holders and issuers of Power of Attorney, both have to be KYC compliant.
A nominee needs to be KYC complaint only when stepping into the shoes of the unit holder by virtue of Law. If the nominee is still a minor in such an event, the Guardian of the minor has to be KYC compliant.
For making any changes or any updation in the existing KYC, you need to fill the KYC details Change Form.
KYC status can be checked from any of the below mentioned websites depending on where you have submitted your KYC application form:
After submission of the requisite documents, the KRAs will take 10 working days to update the KYC status.
If any deficiency in documentation/information is observed, it will render the KYC Compliance letter allotted as invalid. The applicant will have to provide the required information/ documents to update the KYC status and investors will not be able to make any transactions till their KYC status is verified .
Compliance with KYC requirements is mandatory to invest in mutual funds irrespective of the investment amount.
In case there are any changes to any of the information provided previously, then you are required to submit an updated form. This new information will override the previous information. In terms of PML Act, all intermediaries are obligated to exercise ongoing due diligence with respect to the business relationship with every client. Accordingly, you may be approached for any additional information.
On receipt of KAF along with the required documents, the KYC Compliance letter will normally be issued across the counter at the designated Official Points of Service after preliminary verification of documents. However, based on final verification of the documents at the back office, the KYC Compliance letter may be invalidated in case of deficiency of documents / incomplete information. The status of KYC is available on the websites of the KRAs.
If a valid document (including attestations / certifications) towards proof of address is in a regional language or a foreign language, they have to be translated into English prior to submission.
Only Permanent Account Number (PAN) card can be submitted as proof of Identity . However, for proof of address a most recent document needs to be submitted which is not more than 3 months old. If proof of address is for example a passport, voters ID, Driving License, etc such a requirement will not apply as long as it is within the validity period.
The KYC details maintained with the KRA consists of only basic information of an investor like address, the contact details, and his tax status. The supplementary KYC consists of others details of the investor such as Occupation details, Gross Annual Income/net worth and Politically Exposed Person (PEP) status )*/ Related to PEP, etc. The supplementary KYC information is to be sought by each intermediary.
Yes. Such applicants must furnish a certified copy of proof of their identity (their PAN). PAN is the sole identification number for KYC compliance. Also a copy of their overseas / local address proof (as applicable) certified by a local authority / Indian embassy / consulate is required. If documents are not in the English language, they must be translated into English. Copy of their Passport to be provided.
Yes. The requirements are same as those applicable to Non Residents Indians.
You may send us a true copy of your documents attested by the Notary Public, Gazetted Officer, Manager of a Scheduled Commercial Bank (Name, Designation and Seal should be affixed on the copy) or by an official from the local office of the Indian Embassy / Consulate. However, the KYC application form has to be in original only.
You may provide your local address proof and a notarized copy of mariner's declaration or your Continuous Discharge Certificate (CDC).
KYC Registration Agency (KRA) is an agency registered with SEBI under the Securities and Exchange Board of India [KYC (Know Your Client) Registration Agency] Regulations, 2011. The KRA will maintain KYC records of the investors centrally, on behalf of capital market intermediaries registered with SEBI.
For more FAQs, on KYC norms and procedures click here