Mutual Fund Identification Number (MIN)
December 27, The Assiciation of Mutual Funds of India (AMFI) have lauched a unique mutual fund identification number (MIN). MIN is itroduced to make investments in Mutual Funds more convenient. MIN will be provided free to investors. This will be available at select branches and MF offices.
Currently, the investors has to fulfill the norms of Know Your Customer (KYC), by providing photograph, attested ducuments of proof identity, address and PAN card, and also basic demographic information. But now, the investor has to submit the documents only once to obtain the identification number and using the same he can invest across all the mutual funds. MIN will help in tightening the KYC norms.
Mr.A.P.Kurian, chairman, AMFI said that they would expand this Mutual fund service in a phased manner, starting with 70 to 80 cities. He also said that the investor could quote the number and invest across all the 30 mutual funds and 600 schemes that were alive that day. He added that MIN would be provided absolutely free of cost to the investors, as the entire cost of the service would be borne by the industry.
Investors who make fresh investment of Rs.50000 or more have to obtain MIN from January 1, 2007. Investors can invest in all schemes of all mutual funds without the necessity to submit the KYC documents. All mutual funds have made special arrangements with CDSL Ventures Limited (CVL).
