Ask Value Research

Joint holding in mutual funds

KYC requirements are applicable to all joint holders

Is KYC required for a joint holder for investing in Mutual Funds?
-Alexander D Almeida

Yes, all joint holders are required to comply with the KYC guidelines. Joint holding has to be specified at the time of investment.

Further, you must also specify the mode of holding. You can choose between the following options:
1. 'Joint': here all holders need to approve the financial transaction, and non-financial transaction requests like change of address, etc. should be signed by all joint holders
2. 'Either or survivor': here any one of the holder may carry out the transaction. Please note that if this mode of holding is not specified, the mutual fund house will consider the mode of holding as 'joint' by default.

This article was originally published on May 29, 2017.

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