All mutual fund investors,new as well as existing,will need to mandatorily furnish their PAN (Permanent Account Number) details from next year irrespective of the size of their investment. The move is part of the revised Know-Your-Customer (KYC) compliance norms to be adopted by fund houses from next year in order to comply with money laundering prevention rules. Currently,individual investors need to quote PAN only for investments of Rs 50,000 or more,although non-individual investors are required to quote their PAN for all amounts. All the fund houses have been asked by industry body Amfi to comply with new KYC norms,which would include collecting details like PAN,address proof and photograph of all their new and existing investors,with effect from January 1,2011.
