What are the advantages of having CAN or Common Account Number? How long does it take to register the KYC details? I am KYC non-compliant and investing in mutual funds for a year now through two demat accounts. Will KYC be updated for both the accounts if I submit fresh KYC registration?
- Harshad Mishrikotkar
The Common Account Number (CAN) is a reference number issued to MF investors by the new MF Utility platform. The platform facilitates consolidation of an investor's holdings across different fund houses into a single statement. It also facilitates transaction in multiple schemes using a common transaction form.
KYC is an one-time activity and you can invest and transact in any AMC once you are KYC complied.
KYC Registration Process
- Download KYC form from any of the AMC's website or from transfer agent's website or, visit 'Downloads' section ofhttp://www.cvlindia.com/. Take a print out of the KYC application form for individual (for fresh KYC).
- Fill the form as instructed. You need to provide self-attested copies of the following documents and carry originals for in-person verification.
- Proof of identity
- Proof of Address
- PAN Card
- Photograph
- Submit the duly filled and attested form to either
- AMC with which you wish to invest
- Registered Transfer Agent such as CAMS, Karvy, Franklin Templeton or Sundaram BNP Paribas Fund Services. Check websites of respective company for the address.
This article was originally published on November 19, 2015.
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