KYC stands for Know Your Customer. It is a mandatory legal requirement by many financial institutions and government bodies. It helps in verification of the information provided by the investors and acts as a precautionary measure against illegal acts.

The KYC Form ensures complete disclosure of the investor’s financial status, investment related know-how and risk tolerance. Certain documents such as PAN Card, Passport, Election ID Card, etc. are identified as documents which can be submitted for KYC Verification. KYC needs to be completed for all major financial transactions such as opening a bank account, investing in mutual fund, etc.