MUMBAI (Reuters) - Investors putting in 50,000 rupees or more in a mutual fund from Jan. 1, 2007 will have to provide a mutual fund identification number (MIN) or apply for one, the Association of Mutual Funds in India (AMFI) said on Wednesday.
In keeping with the Securities and Exchange Board of India's norms, mutual fund investors would be allotted the MIN after verification of identity, AMFI chairman A.P. Kurian told reporters.
"Quoting the MIN, investors could invest in the schemes of all mutual funds," Kurian said, adding that investors would not have to fill out forms every time they invest.
AMFI also plans to allot MIN to all mutual fund investors, he said.
Mutual funds have appointed CDSL Ventures Ltd., a wholly-owned subsidiary of Central Depository Services Ltd., to collect documents relating to identity and address of investors and for record keeping.
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