KYC (Know Your Customer) is a regulatory requirement by SEBI. This is meant to control fraud and illegal activities and thereby protect your money.
Under this process, you need to provide certain information that is recorded at one place and used by all the mutual funds. You need to do KYC only once. Once you sign up with Scripbox, we will take care of KYC registration if required.
Complying with the KYC norms is mandatory for every investor. AMC's (Asset Management Companies) are required to formulate rules and implement a customer identification program in accordance with the Prevention of Money laundering Act, 2002 (PMLA). These rules and regulation gets updated and is issued by SEBI from time to time. The KYC process is free for the investors.