Latest Expert Exchange Queries
sitemapHome | Registration | Job Portal for CA's | Expert Exchange | Currency Converter | Post Matrimonial Ads | Post Property Ads
 
 
News shortcuts: From the Courts | News Headlines | VAT (Value Added Tax) | Service Tax | Sales Tax | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | ICAI | Corporate Law | Markets | Students | General | Indirect Tax | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing
 
 
 
 
Popular Search: ACCOUNTING STANDARDS :: ACCOUNTING STANDARD :: empanelment :: list of goods taxed at 4% :: due date for vat payment :: ARTICLES ON INPUT TAX CREDIT IN VAT :: VAT Audit :: Central Excise rule to resale the machines to a new company :: form 3cd :: TAX RATES - GOODS TAXABLE @ 4% :: articles on VAT and GST in India :: VAT RATES :: cpt :: TDS :: ICAI offer Get Windows 7,Office 2010 in Rs.799 Taxes
 
 
News Headlines »
 How to link your Aadhaar and PAN details to file income-tax returns
 How to calculate capital gains tax on property sold at less than stamp value?
 Return Filing - Under GST, this is how you will file tax returns from July 1
 Income tax filing FAQs part 1
 Filing Income Tax Returns? Things To Keep In Mind As Deadline Approaches
 Filing of online return for 4th quarter of 2016-17- extension of period thereof.
 New tax accounting standards may reduce leeway for infrastructure companies
 GST – CONCEPT & STATUS – As on 01st May, 2017
 Govt extends VAT deadline, relief for developers
 Income Tax Appellate Tribunal Rules, 2017
 Got your Form 16? You should file income tax returns early to enjoy benefits

PAN-like number to be must for MF investors
December, 28th 2006
Come 2007, individuals as well as corporates investing Rs 50,000 and more in single mutual fund scheme would be required to apply for mutual fund investors number (MIN), as prescribed by the know your client (KYC) norms of the Securities and Exchanges Board of India. 
 
In an announcement made here on Wednesday, Association of Mutual Funds in India (Amfi) Chairman A P Kurian said investors who wished to invest more than Rs 50,000 in any single mutual fund scheme in one installment would have to provide original or attested true copies of photograph, proof of identity, address proof and PAN card, on verification of which MIN would be allotted. 
 
Investors have to provide KYC documents and information only once to obtain the MIN, quoting which they could invest in the schemes of all mutual funds without necessity to submit the KYC documents every time they invest. Amfi came into picture to initiate this purpose, where investor would get this identification number without witnessing any hassles, Kurian said. 
 
CDSL Ventures (CVL), a Central Depository Services subsidiary, has been given the task of document verification, MIN allocation and data preservation. 
 
Fund houses, which earlier came out with proposals to set up their own infrastrucutre for this purpose, will now be sharing the cost of MIN allocation, as the subscriber would not be bearing the cost. 
 
In the initial stages, AMCs would be paying for the MIN allocation. We expect to allocate around 8-10 lakh MINs by first six months of 2008, Cyrus Khambata, chief executive officer, CVL, said. 
 
However, as per the the present guidelines, investments over Rs 50,000, done prior to December 31 this year, would not require this identification. 
 
In another case, if an investor puts is an amount which is slightly lower than this limit into different schemes instead of one, he would also be not required to apply for the MIN. 
 
Asked about this, Kurian said, To begin with, we are introducing this limit, which matches the PAN card eligibility criteria. As and when we would fulfill the targets, we could lower this and widen the scope of this identifying more investors. He also clarified that the limit would be same for retail as well as institutional investors. 
 
Amfi, along with MFs, would be making the MIN forms available at various branches of AMCs, registrars and selected banks where the investor could avail the MIN immediately on submission and verification of the documents. 
 
The application form would also be available on Amfi website as well as websites of all mutual funds. The attestation should be done by a Notary, Gazetted Officer or manager of a scheduled bank.
 
 
Home | About Us | Terms and Conditions | Contact Us
Copyright 2017 CAinINDIA All Right Reserved.
Designed and Developed by Binarysoft Technologies Pvt. Ltd.
Binarysoft Technologies - Careers

Transfer Pricing | International Taxation | Business Consulting | Corporate Compliance and Consulting | Assurance and Risk Advisory | Indirect Taxes | Direct Taxes | Transaction Advisory | Regular Compliance and Reporting | Tax Assessments | International Taxation Advisory | Capital Structuring | Withholding tax advisory | Expatriate Tax Reporting | Litigation | Badges | Club Badges | Seals | Military Insignias | Emblems | Family Crest | Software Development India | Software Development Company | SEO Company | Web Application Development | MLM Software | MLM Solutions