KYC Procedure Info

KYC (Know Your Customer)

We wish to inform you that SEBI has introduced some changes in guidelines on Know Your Client (KYC) norms. This step has been taken to make the KYC process investor friendly and to make it uniform across various SEBI regulated intermediaries in the securities market viz. Mutual Funds, Portfolio Managers, Depository Participants, Stock Brokers, Venture Capital Funds, Collective Investment Schemes, etc.Depository Participants, Mutual Funds, Stock Brokers, Portfolio Managers, etc. These changes aim to eliminate duplication of KYC process across these intermediaries and will make investing more investor friendly.

Thus KYC registration is being centralized through KYC Registration Agencies (KRAs) registered with SEBI. With this Eeach investor has to undergo KYC process only once in the securities market and the details would be shared with other intermediaries by the KRAs.

Mutual funds are required to formulate and implement a customer identification program as well as verify and maintain records of the identity and address(es) of investors in accordance with the Prevention of Money laundering Act, 2002 ('PMLA'), the rules issued there under from time to time and the guidelines/circulars issued by SEBI.

Documents required to be submitted along with KYC application:

  • Proof of identity
  • Proof of address
  • Passport copy
  • Passport Size Photograph

Key Changes in the KYC norms for Mutual Funds with effect from 1st January 2012: 

A. With effect from January 1, 2012, Centralized KYC registration process through SEBI Registered KYC Registration Agencies (KRAs) has been implemented. Each investor has to undergo a uniform KYC process only once in the securities market.

B. Mandatory In Person Verification (IPV) for new investors investing post 01st January 2012 at the time of submission of KYC application request.

C. The KYC information of mutual fund investors who have completed their KYC through CDSL Ventures Ltd (CVLMF) up to December 31, 2011 have been uploaded by CVL in their KRA system (CVL-KRA) with the status as "MF - VERIFIED BY CVLMF".

D. While uploading KYC data into the KRA system, intermediaries are required to highlight such 'missing/not available' KYC information of a customer which was either not required or not taken, but is now mandatory based on uniform KYC guidelines issued by SEBI.

What do an investor needs to do?

I. In case you are an existing investor of SBI Mutual Fund and if you are already KYC Compliant as per our records then there will be no effect on subsequent transactions (or ongoing SIPs) in the existing folios/accounts which is KYC compliant under the erstwhile centralized KYC with CVL (CVLMF).

II. In case you are an existing investor of SBI Mutual Fund but not KYC Compliant, then you will have to submit the standard KYC Application forms uploaded in Downloads section under Forms along with supporting documents at any of the SEBI registered intermediaries. In Person Verification (IPV) will be mandatory at the time of KYC Submission.

III. If you choose to invest with a new mutual fund i.e. invest in a new mutual fund other than SBI Mutual Fund where you have not invested earlier (or opened a folio earlier), you will be required to submit 'missing/not available' KYC information and complete the IPV requirements.

(a) In case of Individuals, missing/not available details are as follows:
• Father’s/Spouse Name,
• Marital Status,
• Nationality,
• Gross Annual Income or Net worth as on recent date
• In-Person Verification (IPV)

The individuals can use the 'KYC Details Change Form' available in the forms section.

(b) In case of Non Individuals, KYC needs to be done afresh due to significant and major changes in KYC requirements.

For more details on KYC, investors can also visit

Mutual Funds investments are subject to market risks, read all scheme related documents carefully.

Asset Management Company: SBI Funds Management Private Limited (A joint venture between SBI & AMUNDI). Trustee Company: SBI Mutual Fund Trustee Company Pvt. Ltd.