FATCA and UBO

 No further transactions (except redemptions) will be allowed from 1st January 2016 if declaration is not submitted before 31st December 2015

 

Here is a detailed explanation for reference:

AMFI has asked AMCs to adhere to the following requirements from November 1, 2015:

1. All new investors to provide additional KYC details - income slab, occupation, net worth, politically exposed status, etc.,
2. All new non-Individual investors to provide the Ultimate Beneficial Ownership (UBO) details.
3. All investors to submit FATCA/CRS declaration while opening account from 1st November 2015 and also for all the new accounts opened after 1st July 2014 to 31st October 2015.

Similarly, from 1st January 2016 all mutual funds have been advised to make it mandatory for existing investors to:

1. Provide additional KYC details as mentioned above in order to make additional purchases (including switch) in their MF accounts
2. Provide missing details and complete IPV (In-Person Verification) for all CVL-MF cases
3. Update the Ultimate Beneficial Ownership (UBO) details in their existing accounts

Forms are available at the counters or can be downloaded from the websites of mutual funds or from the website of their transfer agents like cams, karvy. All investors (both individuals and entities) must fill-up the applicable FATCA-CRS Declaration and Supplementary KYC Information and UBO Declaration Form and submit it to mutual fund transfer agencies like CAMS, Karvy or AMC branches for update.

If declaration is not submitted before 31st December 2015, investors won't be able to carry out any transactions (except redemptions) from 1st January 2016.

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