Credit to : Tax Evasion News : You have to update your KYC details for mutual fund investments

Fund houses and R&T agents have already started alerting investors to furnish Fatca and KYC details

Mutual fund (MF) investors have to submit declarations to their fund houses to comply with the Foreign Account Tax Compliance Act (Fatca), which was passed in the US in 2010 (read more on this here http://mintne.ws/1P0VCuk ). In addition to the Fatca details, fund houses are now required to implement the know-your-customer (KYC) requirements more thoroughly. Fortunately for you, the investor, both these details will be part of the same form that the fund house will ask you to fill.
Be informed guys, time to update your KYC