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Home > Know Your Distributor
Know Your Distributor
AMFI vide their circular 35P/ MEM-COR/ 13/ 10-11 dated August 27, 2010 has introduced Know Your Distributor (KYD) norms for Mutual Fund Distributors with effect from September 1, 2010 which would be similar to that of Know Your Client (KYC) for investors, requiring the distributors to submit mandatorily identity proof, address proof, PAN and bank account details with proof. It is also decided to introduce bio-metrics as a part of KYD process.
KYD norms will be applicable for fresh ARN registration and ARN renewal effective from September 1, 2010. The existing ARN holders would also be required to comply with KYD norms within 6 months i.e. by end of February 2011, failing which AMCs shall suspend payment of commission till the distributors comply with the requirements.
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