With effect from 1st January 2011, KYC will be mandatory for all investors irrespective of amount of investment.
In case of investment for a minor, Guardian/Parent who is investing on behalf of the minor must be KYC complaint.
Impact of this move:
1. Even small investors have to now register for KYC.
2. Address updates have to be made in KYC for update in the Folios. However, contact details (phone & email) have to be separately updated with each AMC/for each folio.
Reply> KYC will be mandatory irrespective of investment amount for Individuals and Minors for only those SIPs registered on or after 01-Jan-2011. It is already mandatory for all other investors irrespective of invetsment amount.