The Hindu Business Line : ID number for mutual fund investors

Mutual fund investors will now bear a number styled MIN — Mutual fund Identification Number — to be given by CDSL Ventures Ltd in association with the Association of Mutual Funds of India (AMFI).

The AMFI Chairman, Mr A.P. Kurian, said, "Every investor with a fresh investment of over Rs 50,000 in mutual funds will have to get MIN effective January 1."

Investors will have to submit proof of identity and residence apart from the PAN card number. AMFI has tied up with CDSL Ventures to store these documents for access by Asset Management Companies in line with enhanced `Know Your Client' norms, said Mr Kurian. Investors can submit them at the offices of CDSL and asset management companies.

MIN will come free for the investors. Plans are on to later give MIN ID to investors with investment below Rs 50,000.

Mr Kurian was speaking at Mutual Fund Convention 2006 organised by the Indian Merchants Chamber.

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