It aims at facilitating easy process to fresh investors
Investors should obtain MIN beginning January 1 Facility to be available in 70 to 80 cities across the country
HYDERABAD: The Association of Mutual Funds in India (AMFI) has announced the launch of mutual fund identification number (MIN) aimed at facilitating easy process to investors who are at present forced to submit several documents every time they make an investment.
All that investors need to do is to submit photograph, photo identity card, proof of address and PAN card that will be processed and a unique identification number given to them. After obtaining the number, investors can quote the MIN and invest in the schemes of all mutual funds without being asked to fulfil the KYC (know your customer) norms time and again.
Announcing this at a press conference here on Thursday, AMFI Chairman A.P. Kurian said the investors planning to invest Rs. 50,000 and more need to obtain MIN beginning January 1 in tune with SEBI regulations.
It was decided to concentrate on fresh investors without touching those who had already made investments.
The facility would be available in 70 to 80 cities across the country by January first week and it would be extended to other places by the month-end.
The required application for obtaining MIN could be obtained from the points of service that would include all mutual funds, CMC and registrars.
It could also be downloaded from websites of all mutual funds and AMFI (www.amfiindia.com) , Mr. Kurian added.