Wednesday, 8 August 2012

[www.keralites.net] SEBI relaxes KYC norms for Mutual Fund Investments

 

 SEBI relaxes KYC norms for Mutual Fund Investments

Investors can now invest upto  Rs. 50,000 annually in a single AMC without a permanent account number (PAN)

Capital market regulator SEBI at the behest of the Ministry of Finance has decided to exempt the requirement of permanent account number (PAN) for investments up to Rs 50,000 in each AMC. The rule is applicable with immediate effect.

Mutual fund investors can now invest up to Rs 50,000 across all AMC, subject to a ceiling of Rs 50,000 in each AMC without a permanent account number (PAN). Earlier investors were allowed to invest up to a maximum of Rs 50,000 per year across all AMCs and a PAN card was mandatory now. People not having PAN can now submit their voter identity card, passport or driving license.

"Micro schemes such as systematic investment plans of mutual funds, micro products of micro finance institutions, up to Rs 50,000 per year per investor shall be exempted from the requirement of PAN. Such schemes may be operationalized with other standard specified identification instruments such as Voted ID Card, Government/Defence ID Card, card of reputed employer, driving license and passport. As per the Ministry of Finance circular, investments in mutual fund schemes (including investments in SIPs) of up to Rs 50,000 per investor per year per mutual fund shall be exempted from the requirement of PAN," states a SEBI communication dated 24th July addressed to AMFI.

"Earlier, investors were allowed to invest up to a ceiling of Rs 50,000 across all AMCs. Now technically you can invest Rs 50,000 in each AMC. There are separate set of KYC guidelines for this rule. These investments are now exempt from PAN. KYC is mandatory even now. However, small ticket size investors can invest without a PAN by submitting either their passport or driving license as a proof to comply with KYC," says an operations head of a leading fund house.

Industry experts say that such a move will boost investments particularly from smaller towns. The move is likely to give a breather to mutual fund advisors who have been complaining about the complexity of KYC requirements in mutual funds. For instance, an investor can invest Rs 50,000 without a PAN card in each AMC. Technically, he/she can invest Rs 22, 00,000 across 44 AMCs.

Officials say that earlier there was no mechanism to track investors investing up to Rs 50,000 across AMCs to comply with SEBI rule. With the relaxed norms, AMCs expect to cut down some of their operational hurdles. Now all AMCs can monitor if their investment has exceeded 50,000 limits.
Effective January 01, 2011 SEBI had made Know Your Customer (KYC) mandatory for all investments irrespective of the ticket size.

Best Regards
Prakash Nair
www.keralites.net

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[www.keralites.net] Know ICICI account Balance just by a missed call

 

Hi,

Just give a missed call to 022-30256767and receive a SMS stating your current balance.

Do remember to call from your registered mobile only.
This is an awesome facility that has been launched by ICICI BANK.

Regards,
RK
www.keralites.net

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[www.keralites.net] What is Love?

 

What is Love?



--

Prince
www.keralites.net

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[www.keralites.net] Ramadan Recipe-21

 

Red Pepper Hummus with Toasted Pita Triangles Recipe

Fun & Info @ Keralites.net
Photo: Red Pepper Hummus with Toasted Pita Triangles Recipe

The Arabic Food Recipes kitchen (The Home of Delicious Arabic Food Recipes) invites you to try Red Pepper Hummus with Toasted Pita Triangles Recipe. Enjoy the Arabic Cuisine and learn how to make Red Pepper Hummus with Toasted Pita Triangles.

Total Time: 18 min
Prep 10 min
Cook 8 min

Yield: about 4 to 6 servings

Level: Easy

Ingredients

4 whole-wheat pita pockets, cut into triangles
Cooking spray
Garlic salt
1 (15-ounce) can chickpeas, drained
1 cup sauteed red peppers
1/4 cup tahini (sesame paste)
2 tablespoons fresh lemon juice
3 to 4 cloves garlic
1 teaspoon ground cumin
Salt and ground black pepper
2 tablespoons finely chopped fresh parsley leaves

Directions

Preheat oven to 400 degrees F.

Place pita triangles on a large baking sheet and spray the surface with cooking spray. Season the tops with garlic salt. Bake 6 to 8 minutes, until golden brown and crisp.

Meanwhile, rinse and drain 1 can of the chickpeas. Place drained chickpeas in a blender and add red peppers, tahini, lemon juice, garlic, and cumin. Process until smooth. Season, to taste, with salt and black pepper. Transfer to a serving bowl and top with parsley.

Serve hummus with toasted pita triangles arranged alongside.

Engr.Sulthan
www.keralites.net

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