[S_U_N]

Originally Posted by faustus77

Hi everybody
The new KYC norms.
I wonder how many of us or the persons investing would like to state their annual income or their net worth?
Personally I wouldnt like to.
What about other members here?
Regards

Do you have income from sources which are not disclosed in your returns?
If yes, then perhaps it is best to not include that in annual income/ net worth.

However, do consult a CA who can exploit the loop holes.

If this is not the case, then you have already paid tax on all income you have earned. In that case, even if you have an income of several million per year, the tax man cannot touch you.
If you have wealth above 30 lacs, (I think 1 house is excluded from this valuation), then you have to pay wealth tax, which probably very few pay), then you have to start paying that soon. That is the only fall out of this disclosure as I see.

[arup.misra]

Have heard that the *new* KYC requires IPV (in person verification) too. Is that true?

[sgiitk]

Originally Posted by arup.misra

Have heard that the *new* KYC requires IPV (in person verification) too. Is that true?

It will be a one-off, probably to try and weed out the duplicate IDs. Not needed for existing KYC holders.

[abdriver2000]

All KYC holders who got KYC completed before 1 Jan 2012 have to re-do the KYC with IPV before 1 Dec 2012, or their transactions are likely to be rejected.

You only have to submit the form and documents at any one of the AMCs. I submitted my forms at HDFC bank and they will forward it on to the relevant dept.

[faustus77]

S_U_N
Hi
Thanks your reply.
The point I was trying to make is that somebody may not like to give details of net worth and income per year to mutual fund houses.
Some people have raised eyebrows as to the purpose of such a move where the house/SEBI needs net worth and income.
It may defeat the purpose of spreading the equity cult in India.
Personally I directly invest in the secondary market.However for my daughter I invest in mutual funds.Maybe for her too I will switch to secondary market.
Regards

[Me-hul]

Originally Posted by sgiitk

Me-hul; Some additional information also needs to be submitted now - Marital Status, Nationality, Annual Income or Net Worth.

Thanks. But do they accept fresh applications? As already mentioned I dont remember through which agency I had submitted the KYC form. Or is it possible to check which document submission is pending?

[sgiitk]

Originally Posted by abdriver2000

All KYC holders who got KYC completed before 1 Jan 2012 have to re-do the KYC with IPV before 1 Dec 2012, or their transactions are likely to be rejected.

What I recall from the mail from Franklin Templeton was that while existing folios continue no new folios can be opened. Also, the number of places who can update the records is reduced - CAMS, Karvy and three more!

[S_U_N]

Just thought of sharing this feature of FundsIndia that I came across today.
Give a missed call from your registered number and you receive the value of your portfolios and the grand total via SMS. This service is free.
Navigate to the end of this link to get the phone numbers.
https://www.fundsindia.com/content/j...e/ContactUs.do
Note: This is for FundsIndia account holders only. Others, please ignore.

[faustus77]

Hi everybody
Something I dont understand and would like somebody's guidance.
My agent has advised me to redeem my daughter's holding in principal personal tax saver(I can redeem as held for more than 3 years).Their returns have been pathetic but when I clicked on their portfolio it is very good.Reliance,Infy,ITC,HDFC and ICICI banks etc.It holds promise for the future.
Another case is HDFC tax saver(ELSS).Their returns havn't been so good in the last few months yet he advises I continue with it.(I have held for more than 3 years so can redeem any time).
A financial website also advises switching from both.
Can somebody please help me to understand the reasoning.
Thanks and regards

[mazda4life]

This KYC is a real pain ( cant mention) especially for investors who have relocated to foreign shores. Dutifully I applied for the KYC before leaving and the level of customer service leaves a lot to be desired. I am still a KYC non compliant and have some serious investment in multiple MFs. None of the funds have stopped the SIP although my status is still set as 'KYC unverified'. Have spent quite some time chasing the agency ( Karvy) about the KYC but its hugely frustrating that they do not respond or do not have the correct information.

[ghodlur]

BHPians.

Anyone aware that wef from Jan 1 2013, most of the equity diversified mutual funds with growth option is now changed to Direct plan growth plan option. This option is available to only those who had subscribed to the mutual fund directly with the Investor service centres rather than through a distributor. The advantages of this new plan is the NAV calculation is devoid of any distribution expenses, commission expenses etc. The NAV in this case is slightly higher than that for the growth plan option which is still available for those who subscribed the MF through an agent.

Regarding this I had a query. The units accumulated under the earlier growth plan option if needed to be switched to Direct plan option will have the STT to be paid. Does the switch between the same mutual fund but different plan optionsd still call for the STT to be paid. Experts pls advise.

[carboy]

Originally Posted by ghodlur

This option is available to only those who had subscribed to the mutual fund directly with the Investor service centres rather than through a distributor.

What is an Investor service centre?

[ghodlur]

Originally Posted by carboy

What is an Investor service centre?

Its the Mutual fund house point of contact in that city. This is the MF's authorized dirrect selling place for MF's. It is the centre where Investors can approach for any issues related to the MF.

[carboy]

Originally Posted by ghodlur

Its the Mutual fund house point of contact in that city. This is the MF's authorized dirrect selling place for MF's. It is the centre where Investors can approach for any issues related to the MF.

What happens to existing MFs brought through ICICIDirect etc?

[ghodlur]

Originally Posted by carboy

What happens to existing MFs brought through ICICIDirect etc?

ICICI Direct is again a distributor, the old growth plan will be applicable whioch would include the distribution expenses, commission expenses etc. Hence NAV will be less than that for the new Direct plan growth option. For eg if the NAV for direct plan option is 34.58, for growth option it would be 34.54. Not a huge noticeable difference.