How to check Mutual Fund KYC?: Fresh KYC is mandatory for mutual fund investors. That means mutual fund investors need to get KYC done again…
The stormy rise in the stock market that has been going on for months is changing the outlook of investors. Now a large number of investors want to take advantage of the tremendous boom in the market and for this they are changing their investment methods. Mutual funds are benefiting from this change and the number of their investors is increasing rapidly. Meanwhile, some important changes have been made in the rules for mutual fund investors.
KYC mandatory again
An important change is related to KYC i.e. Know Your Customer. Market regulator SEBI has made KYC mandatory for mutual fund investors. Earlier its deadline was fixed as March 31 and it was said that those investors who do not get fresh KYC done before that, their mutual fund accounts will be blocked.
Your account will be put on hold
However, later the regulator gave a big relief to the mutual fund investors and said that even if fresh KYC is not done, the account will not be blocked, but it will only be held. As soon as investors get fresh KYC done, the hold will be removed from their mutual fund account. This is necessary for every mutual fund investor who has done KYC through any other method other than Aadhaar verification.
Check KYC status now
Here it is most important to check how you got the KYC of your mutual fund account done? Now, after the change in rules, do you also need to get KYC done or get it modified? You can know all these things by checking the status of KYC, the process of which is something like this.
Process to check status online
- First visit https://www.cvlkra.com/
- Now click on KYC Inquiry
- You need to submit your PAN account number
- Now you will know about the status of KYC
This information will be available with status
The status of your KYC will be stated as On Hold, Registered, Validated or Rejected. Along with the KYC status, you will also be told which KYC Registered Authority (KRA) is in charge of your KYC. If your KYC status is rejected or on hold then you are going to need fresh KYC.
This loss due to hold
KYC being on hold means that you cannot avail many services. In this situation you cannot start a new SIP (Systematic Investment Plan). You cannot make any new investments. Not only this, but you cannot even redeem old investments. To get all these facilities, you are going to need fresh KYC.
Changes in valid documents also
SEBI has also made some changes in KYC documentation. These changes have come into effect from the beginning of the new financial year i.e. 1 April 2024. Now investors can get fresh KYC done with only some selected documents. Earlier, documents like bank statement or utility bill were used to get KYC done. Now bank statement and utility bill have been removed from the list of valid documents.
Now only these documents are valid in KYC
- Aadhar card
- Passport
- driving license
- Voter ID Card
- NREGA job card.
- Any other document approved by the Center under the agreement with the regulator
This is how you can get fresh KYC done
If you had done KYC with a non-valid document, then you will have to go offline for fresh KYC. For this you will have to visit the office of your service provider or fund house. Investors who have done KYC with valid documents can do fresh KYC through online Aadhaar validation. For this you will have to visit the website of your respective KRA and follow the procedure mentioned.
