Life would be so much simpler if we could just use our PAN for all investment purposes as well. But AMFI disagrees.
02-Jan-2007 •Research Desk
It's a brand new year and the Association of Mutual Funds in India (AMFI) has a brand new request from you. Produce a MIN if you are investing more than Rs 50,000 at one go in a mutual fund.
An abbreviation for Mutual fund Investor Number, this one is mandatory from now on. It can be used for investing in any mutual fund from any fund house for amounts above Rs 50,000.
This is all part of the Know Your Customers (KYC) norms implemented by SEBI.
Documents needed for MIN
2) Proof of Identity
3) Proof of Address
4) PAN Card
You will have to submit the originals of these documents along with a copy. The latter will be verified and the originals returned. Or, you yourself can provide an attested true copy of the relevant documents. Attestation could be done by Notary Public/ Gazetted officer/ manager of a scheduled commercial bank.
Nothing. You get this free of cost.
Where to get it
You will have to get your hands on the application form. This you can obtain from various Points of Services (POS) which are selected branches/offices of mutual funds, registrars and selected branches of banks.
Or, just download it from the websites of all mutual funds and AMFI (www.amfiindia.com).
Once you fill up the form and have your documents ready, contact the offices of mutual funds, registrars or mutual fund distributors (ARN Holders) to obtain the MIN.
Happy hassle-free investing in 2007!