Many Mutual Fund investors have recently complained of facing issues with they KYC. They have been informed by mutual fund companies that their KYC has expired.
Investors, who had previously done non-Aadhaar based KYC, have been asked to do the KYC again to continue their investments. This has happened on basis of a SEBI circular.
Investors need to be aware of the fact that KYC is valid only for a specific time period and must be renewed before you can continue investing. Also, the KYC can become invalid if there are any changes in your personal information or if the government introduces new regulations. Know what to do if your KYC has expired here.
How to Check Mutual Fund KYC Status?
Here’s how an investor can verify the status of their mutual fund KYC before investing to avoid any shocks. According to AMFI, investors can verify the status of KYC compliance on the websites of any of the five KYC Registration Agencies (KRAs) listed below.
- CVL KRA
- NDML KRA
- DOTEX KRA
- CAMS KRA
- Karvy KRA
The investor can enter the PAN and confirm that he or she is not a robot by entering the captcha code. This allows them to check the KYC status.
Documents Required as Proof of Identity
During the KYC process, the investor must produce any of the documents that have been photocopied and signed. They must contain original documents for verification purposes.
It is necessary to provide a PAN Card with a photograph issued by the Income Tax Department for KYC. Many AMCs and registrars now request an extra document like an Aadhar Card linked to a PAN Card, Address proof, Mobile Number, and email ID as evidence of identification as per the latest KYC rules by (AMFI).
Also Read: SIP vs Mutual Fund Lump Sum Investment: Know the difference
Keep in mind that even if the annual investment is less than Rs 50,000, PAN KYC is still required for redemptions of these units. Some documents accepted as proof of identity for KYC are mentioned below:
- Aadhaar card, as obtained from the UIDAI website or as created digitally by the Income Tax Authority.
- Passports are also recognized as proof of identification. NRIs must have a passport for KYC purposes.
- Voter ID Card issued by the Election Commission.
- Driving License granted by a qualified state-level RTO.
- Any other recognized identity card with a photo issued by the central or state governments, government agencies, regulatory bodies, or public sector undertakings.
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Disclaimer: The above content is for informational purposes only. Please consult a SEBI-registered investment advisor before making any investment decision.
