Let's see if there is a way to not go through the whole KYC documentation process every time before investing
06-Feb-2023 •Chirag Madia
Is there any central platform for KYC for different mutual funds? - Samir Patel
The process of 'know your customer or KYC' involves establishing the identity and address of the investors which is required under laws of anti-money laundering.
At present, there is Central Know Your Customer (CKYC) which is an initiative of the government of India. This allows investors to complete their KYC process only once - investors do not need to go through the KYC documentation process every time they invest in a different mutual fund scheme, fund house, etc. Click here for CKYC.
Investors can also submit documents like PAN card and address proof to the distributor or other capital market intermediary registered with the Securities and Exchange Board of India (SEBI), such as stock broker and depository participant. The information is updated in the central system of the KYC registration agencies (KRAs).
Suggested read: How to check your mutual fund KYC status?