The journey of a thousand miles begins with one step- Lao Tzu
Many people are interested in investing in mutual funds but are not sure how to go about it? The first step in mutual fund investing is to fulfil “know your customer” or KYC requirement. This requirement has been put to ensure that the person in whose name investments are being made is the actual beneficial owner of the investments. No one is using someone else’s credentials to launder money.
Few things about KYC:
- One time activity
- Valid across mutual funds
- Applicable for all investors (except some exemptions where invested amount is very small)
- Flexible – details can be updated once there is any change
More details in the below video:
Disclaimer: The above content is just for information and should not be construed as an offer to buy or sell or recommendation. Contact your financial advisor for guidance on any investment related query.
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