Does KIM have to be updated every 6 months?

False.

The procedure for updating of KIM shall be done at least once in a year and filed with SEBI forthwith. Hence, the given statement is undoubtedly false.

KIM stands forKey Information Memorandum as it contains the key information of the scheme about which an investor should know. KIM is said to be a summary of SID & SAI as it comes attached along with the application form of the scheme.