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Why KYC is required?

April 26, 2017kyc

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Why KYC is required?

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With effect from 1 February 2008, any investor (whether new or additional purchase) investing Rs 50,000 or more in mutual funds is required to comply with Know Your Client (KYC) norms under the Prevention of Money Laundering Act 2002. This is applicable for investments from individual investors including joint holding/institutional customers/other non-institutional investors/investments through power of attorney holders/investments of minor through guardian.