SEBI vide circular SEBI/IMD/CIR No.12 /186868 /2009 dated December 11, 2009 has reiterated that the requirements mentioned in the SEBI master circular on anti money laundering (covered in this blog here) are applicable to the Mutual Funds/ AMCs. Hence AMCs should maintain all the documentation pertaining to the unitholders/investor including Know your Client (KYC)details and Power of Attorney (PoA).
Recently SEBI had noticed that documentation related to the investor including Know your Client (KYC) and Power of Attorney (PoA) in respect of transactions/requests made through some mutual fund distributors is not available with the AMC/RTA of the AMC. AMCs stated that these documents are maintained by the respective distributors. It is in this context that SEBI has asked AMCs to maintain all the documents and advised them to take immediate steps to obtain all investor/ unit holders documents in terms of the AML/ CFT, including KYC documents / PoA as applicable. SEBI has also directed AMC’s to stop payment of any commissions, fees etc. to defaulting distributors till the full completion/compliance of the SEBI mandate.
A copy of the circular is available here.
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