KYC stands for 'Know your Client', a term commonly used for the Client Identification Process. SEBI has prescribed certain requirements relating to KYC norms for Financial Institutions and Financial Intermediaries, including Mutual Funds, to 'know' their clients. This is in the form of verification of identity and address, financial status, occupation and other personal information. An applicant must be KYC compliant to invest with any SEBI registered Mutual Fund.