New KYC Rules for Mutual Funds: Impacts, Statuses, and Resolving On Hold Status
The introduction of revised Know-Your-Customer (KYC) regulations for mutual funds has brought about changes in investor access to schemes. It is imperative for investors to comprehend their KYC status and its implications to navigate the investment process smoothly.
Types of KYC Statuses and Their Impact
KYC Validated:
– Documents have been verified with the issuing source, allowing for seamless investment in any mutual fund scheme.
– Currently, only PAN and Aadhaar can be validated, enabling investors to invest across multiple fund companies.
KYC Registered/Verified:
– Documents provided cannot be directly verified with the issuing authority.
– Investors can invest in any mutual fund company but must resubmit documents for each transaction.
– Re-KYC with PAN or Aadhaar simplifies the process and eliminates the need for additional documentation.
KYC On Hold:
– KYC documents, mobile number, or email ID have not been verified, restricting financial and non-financial transactions.
– Ongoing SIPs, redemptions, and other activities may be affected.
– To resolve, investors must validate email and mobile number, and complete re-KYC with PAN or Aadhaar.
Checking KYC Status Online
1. Visit www.CVLKRA.com
2. Click on “KYC Inquiry”
3. Enter PAN, complete CAPTCHA, and click “Submit”
By following these steps, mutual fund investors can ascertain their KYC status and take necessary actions to ensure uninterrupted transactions and hassle-free investments.
