Mutual Fund Customer Identification under Prevention of Money Laundering Act, 2002
Prevention of Money Laundering Act, 2002 (PMLA) came into effect from July 1, 2005 and consequently SEBI mandated that all intermediaries (which includes Mutual Funds) should formulate and implement a proper policy framework as per the guidelines on anti money laundering measures and also adopt a Know Your Customer (KYC) Policy. Your attention is drawn to the addendum dated August 31, 2006 issued by HDFC Mutual Fund (Mutual Fund) / HDFC Asset Management Company Limited (AMC) on PMLA. In view of this, presently each investor (including joint Unitholders) who wishes to invest an amount of Rs. 50,000 or more need to obtain their Mutual Fund Identification Number (MIN) and thereby be KYC compliant as required by law. The Mutual Fund / AMC reserves the right to prescribe a lower threshold subscription amount for customer identification. Process of applying for / allotting a MIN
Investors (both individuals and non individuals) intending to invest Rs. 50,000 or more must meet certain mandatory requirements in terms of establishing their proper identity and address. Applicants (including new / existing Unitholders) will have to submit the following documents :
Application Form for MIN duly completed by each applicant including joint Unitholders
Documents evidencing Proof of Identity and Proof of Address ** List of requisite KYC documents is mentioned in the Application Form for MIN.
These documents can be submitted at a few of our Investor Service Centres (ISCs) or designated “Points of Services” (PoS). A complete list of PoS will be available on our website and the website of AMFI at www.amfiindia.com. Upon receipt and verification of the above documents, a MIN will be allotted to each applicant. Investor(s) must note that quoting the MIN is mandatory at the time of submission of each subscription request with the designated Official Points of Acceptance. The MIN is presently being issued free of cost.
Important points to note for Investors :
Investors not meeting our complete KYC requirements will not be able to invest with HDFC Mutual Fund.
Incomplete / insufficient and illegible documents are liable to be rejected.
In the event of any MIN Application Form being subsequently rejected for lack of information / deficiency / insufficiency of mandatory documentation, the investment transaction will be cancelled and the amount will be mandatorily redeemed at applicable NAV, subject to payment of exit load, wherever applicable. (In case of an ELSS Scheme or a New Fund Offer, the original amount invested will be refunded). Such refunds will be despatched within a maximum period of 21 days from date of allotment of units. In respect of New Fund Offer the refunds will be despatched within a maximum period of 6 weeks from the closure of New Fund Offer. In view of the above, we request you to ensure KYC compliance at the earliest. Necessary application forms for allotment of a MIN are available at all our ISCs / downloadable from our website www.hdfcfund.com.
Investors (both individuals and non individuals) intending to invest Rs. 50,000 or more must meet certain mandatory requirements in terms of establishing their proper identity and address. Applicants (including new / existing Unitholders) will have to submit the following documents :
Application Form for MIN duly completed by each applicant including joint Unitholders
Documents evidencing Proof of Identity and Proof of Address ** List of requisite KYC documents is mentioned in the Application Form for MIN.
These documents can be submitted at a few of our Investor Service Centres (ISCs) or designated “Points of Services” (PoS). A complete list of PoS will be available on our website and the website of AMFI at www.amfiindia.com. Upon receipt and verification of the above documents, a MIN will be allotted to each applicant. Investor(s) must note that quoting the MIN is mandatory at the time of submission of each subscription request with the designated Official Points of Acceptance. The MIN is presently being issued free of cost.
Important points to note for Investors :
Investors not meeting our complete KYC requirements will not be able to invest with HDFC Mutual Fund.
Incomplete / insufficient and illegible documents are liable to be rejected.
In the event of any MIN Application Form being subsequently rejected for lack of information / deficiency / insufficiency of mandatory documentation, the investment transaction will be cancelled and the amount will be mandatorily redeemed at applicable NAV, subject to payment of exit load, wherever applicable. (In case of an ELSS Scheme or a New Fund Offer, the original amount invested will be refunded). Such refunds will be despatched within a maximum period of 21 days from date of allotment of units. In respect of New Fund Offer the refunds will be despatched within a maximum period of 6 weeks from the closure of New Fund Offer. In view of the above, we request you to ensure KYC compliance at the earliest. Necessary application forms for allotment of a MIN are available at all our ISCs / downloadable from our website www.hdfcfund.com.
You may also SMS HDFCMF to 6767 / email to kyc@hdfcfund.com or contact any of our ISCs / your distributor, if any, for further clarifications.
For your detailed understanding of the KYC requirements, a list of Frequently Asked Questions (FAQs), which should answer most queries is available on our website. We request your urgent attention to this letter to ensure that your future investments are processed smoothly.
For your detailed understanding of the KYC requirements, a list of Frequently Asked Questions (FAQs), which should answer most queries is available on our website. We request your urgent attention to this letter to ensure that your future investments are processed smoothly.
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