I had opened my demat account recently with ICICI Bank on December 12. My KYC documents are registered with CVL KRA. I invest in two mutual funds -- SBI AMC and AXIS AMC -- through SIPs on my demat account. Should I do a KYC update and FATCA compliance? And should I apply for CAN?
- Deepak
For new investors the additional personal, tax and beneficial owner information and certain certifications and documentations were made mandatory from November 1. So chances are that you may have already provided the extra information at the time of opening the demat account and starting the SIPs. However, you should check with the bank and confirm this.
If you obtain a Common Account Number or CAN from MF Utilities, you can transact in multiple mutual funds using a Common Transaction Form and making a single consolidated payment for purchases. If you have CAN, you also don't have to fill up an Account Opening Form every time you transact in a new mutual fund. You can also eliminate duplication of procedure and documentation and update all changes in one place. CAN will also facilitate registration of one bank mandate for multiple SIP registrations using a CTF in schemes across mutual funds.
This article was originally published on December 30, 2015.
Ask Value Research 
New episodes every Friday 
New Process Alert 
Seems like you've uploaded a wrong QR code. Please upload the QR code downloaded from MF Central platform.
