MFs TO APPOINT AGENCIES FOR ISSUING UNIQUE ID

The Association of Mutual Funds (MFs) in India has allowed fund houses to opt for their own agencies for issuing the unique Customer Identification Number under the “Know Your Client”(KYC) norm so as to prevent money laundering. Under the KYC norms, any investor who wishes to invest Rs. 50,000 and above will have to get a unique ID.