Dec 17, 2010

Mutual Fund Updates India 2011

Non-acceptance of Third Party cheques with effect from 15th November, 2010:
Cheques issued towards investment in Mutual Funds have to be necessarily drawn on a bank account maintained in the name of the investor and cheques issued by other parties will not be accepted except for payments made by
(a) Guardian on behalf of Minor for a value not exceeding Rs. 50,000/-
(b) Employer on behalf of employee under Systematic Investment Plan
(c) Custodian on behalf of an FII or a client.

KYC Mandatory with effect from 1st January, 2011: Irrespective of investment amount, Know Your Customer (KYC) norms will be applicable for all categories of investors.

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