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MIN
- Mutual Fund Identification Number
made compulsory...
effective date: 1st January 2007.
All investors (individuals
or Non Individuals) who wish to make
an investment of
Rs. 50,000 or above
in Indian Mutual Funds will be
required to obtain a MIN
(Mutual Fund Identification Number).
Keeping in mind
investor convenience, Mutual Funds
have come together to
provide a common
platform for facilitating the KYC
process (know your customer).
An
Investor will have to obtain a Mutual Fund
Identification Number ("MIN")
through this platform after completion of the verification
process relating to proof
of identity
and proof of address. This MIN can be quoted while
transacting with
any Mutual Fund.
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Currently,
MIN is issued free of cost. (however
we at Nriinvestindia do charge a one
time $12
fees for the time & effort we put
through our NRI services, to get an
MIN for our NRI clients).
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Once the payment is done,
you would forward your
bill/transaction/incvoice number
to contact@nriinvestindia.com
After getting that information from
you, we would forward
you the MIN form(MAF) via email to you
which could be easily filled by you
with the
help of our investment advisor.
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Some very important MIN FAQs:
# From
what date is MIN mandatory?
The effective date
for quoting a MIN with your investment
transaction of Rs. 50,000
and above is 1st January 2007.
# Do
I have to visit a POS personally to
obtain a MIN?
No. If you are not
in a position to visit a POS
personally, you may send the MAF
along with the necessary documents through
your distributor or representative,
who
can arrange to obtain the MIN for you
from POS.
# Is
there a charge I need to pay to obtain
a MIN?
Currently, MIN is
issued free of cost. (however we at
Nriinvestindia do charge certain
fees for the time & effort we put
in to get an MIN for our NRI clients).
# I
am an NRI residing outside India. How
do I get a MIN?
At present, there
are no POS available outside India.
You may obtain the MAF from
the AMFI / Mutual Fund website. MAF
duly completed along with the
necessary
documents can be mailed
to your representative or Distributor
who can obtain the
MIN for you.
# Are
there any special requirements for a
NRI?
Yes. In addition to
the certified true copy of the
passport, certified true copy of the
proof of overseas address and
permanent address will also be
required.
If any of the documents (including
attestations / certifications) towards
proof of
identity or address is in a foreign
language, they have to translate into
English for
submission. The documents can be
attested by the Consulate office or
overseas
branches of scheduled commercials
banks registered in India.
__________________________________________________________________
Currently,
MIN is issued free of cost. (however
we at Nriinvestindia do charge a one
time $12
fees for the time & effort we put
through our NRI services, to get an
MIN for our NRI clients).
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