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KYC is an acronym for “Know your Client”, a term commonly used for Client Identification Process. SEBI has prescribed certain requirements relating to KYC norms for Financial Institutions and Financial Intermediaries including Mutual Funds to ‘Know’ their Clients.
This would be in the form of verification of identity and address, providing information of financial status, occupation and such other demographic information.
An applicant in mutual fund must be KYC compliant while investing with any SEBI registered Mutual Fund irrespective of the investment amount.