Mutual Funds: PAN,KYC, MIN and Other Documents

[Robbie]

MIN and bear it: Heres what you need to know

MIN and bear it: Heres what you need to know

The mutual fund identification number (MIN) seems like a nasty surprise for many investors going by the immediate implementation of its applicability. Here are several practical elements that will come in play while an investor is looking to take the number.

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Please share your views and post your comments on MIN and bear it: Heres what you need to know below!

 

[bangerabs]

Re: MIN and bear it: Heres what you need to know

Will it see the same fate as that of MAPIN?. What difference is there between MAPIN or MIN. I feel, PAN would hv been sufficient to serve the purpose. All these nothing but harassment.

 

[RSI]

Re: MIN and bear it: Heres what you need to know

What the hell is this new identity card? Anyway, how many identity cards should one possess? We already have identity card issued by Election Commission of India, ration card (many city dwellers many not bother about this one), PAN Card, MAPIN CARD, driving licence, passport, identity cards issued by the institutions where one works........... I am fed up remembering all those identity cards. You misplace even one of them, you are sure in trouble. If the regulator cannot control the market participants with one identity card, then it is unlikely that he is going to achieve with 100 cards by different name. By the way, initial round of MAPIN card required finger impressions as well - Not one fingure but two or three fingures of both hands, if my memory is correct. IMHO, the fingure impressions of all the fingures are taken only for criminals at police station or jail. Does it mean that investors also belong to the same catagory? After taking all these thumb impressions and photographs, if the regulator is unsure about the identity of the market participants, then it is better this practice of issuing identity card be stopped once for all.

 

[vince]

Re: MIN and bear it: Heres what you need to know

What the hell is this new identity card? Anyway, how many identity cards should one possess? We already have identity card issued by Election Commission of India, ration card (many city dwellers many not bother about this one), PAN Card, MAPIN CARD, driving licence, passport, identity cards issued by the institutions where one works........... I am fed up remembering all those identity cards. You misplace even one of them, you are sure in trouble. If the regulator cannot control the market participants with one identity card, then it is unlikely that he is going to achieve with 100 cards by different name. By the way, initial round of MAPIN card required finger impressions as well - Not one fingure but two or three fingures of both hands, if my memory is correct. IMHO, the fingure impressions of all the fingures are taken only for criminals at police station or jail. Does it mean that investors also belong to the same catagory? After taking all these thumb impressions and photographs, if the regulator is unsure about the identity of the market participants, then it is better this practice of issuing identity card be stopped once for all.

Since it is the markets which are the cause of these cards why not close down the markets.

Na rahe baans na .....

It is the documents that make the man nowadays.

 

[bangerabs]

Re: MIN and bear it: Heres what you need to know

Oot of this one thing is certain. It shows the calibre of our controllers. We need carry hand bag just to accommodate the so called i-cards. Yes, inspite of all these fraud/scam do not find end. In the past our rulers made enough of it which may suffice their generation after generation.

The govt should implement only one card which should serve multipurpose. I hv obtained MAPIN for all of my family members and it has never been used anywhere. Is it not waste of money and time?. What a forethought of our Controllers. Will the MIN also find the same fate?. Time will tell.

 

[Robbie]

Investors, it's time to get your MIN

Investors, it's time to get your MIN

At present, those who make fresh investments in any scheme from any fund house require a MIN.

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Please share your views and post your comments on Investors, it's time to get your MIN below!

 

[james]

Re: Investors, it's time to get your MIN

Only if you are investing > 50,000 in some mutual fund

 

[niranjan190]

Re: Investors, it's time to get your MIN

Here is the press release from AMFI

http://amfiindia.com/showhtml.asp?page=pressreleasemin


PAN REPLACES MIN


MIN stands withdrawn effective March 2, 2007. Investors have to give PAN and such other Documents and information as are required to comply with Know Your Customers (KYC) under Prevention of Money Laundering Act (PMLA).

In order to help the Investors give the required Documents and Information only once, the current system of providing the Documents and information with Points of Service of CVL will continue. No new number will be issued. The PAN will be the only identification and reference number.


Mumbai
March 01, 2007

 

[james]

Re: Investors, it's time to get your MIN

Thanks for the update Niranjan. Now Finance ministry is making sure that PAN is the only number that is required whenever you are making any investments anywhere. I think its going to make tax payer's life little easier.

 

[milind]

Hi All,

If you had applied for MIN numbers last year, and also submitted the KYC form recently, your KYC application must have been rejected with "PAN already exists" remark. If so -

1. You can submit a copy of the acknowledgement received last year along with the MIN number as a proof of KYC compliance

2. If you don't have the ack mentioned in #1, you can go to the place where you applied for MIN and ask for a copy of ack.

3. If that doesn't work, go to http://www.cvlindia.com/index01.html and click on Inquiry on KYC, feed your PAN number. A print out of the result may be sufficient (thats what folks at Franklin told me, I have to test it yet.).

4. If not, call CVL helpdesk at 022 3246 2767/2559. Its quite likely that nobody picks up the phone

Hope it helps.

-- Milind