Mutual fund KYC: Examining these updated regulations for investors in mutual funds

Since April 1, 2024, the regulations governing KYC for mutual funds have changed, making it mandatory to complete KYC using PAN and Aadhaar. The MF investor’s KYC status will be validated if he completed the process with both a PAN and an Aadhaar card. All mutual funds are only accessible to investors who have been authenticated.

Mutual fund KYC

Mutual fund KYC: Investors in mutual funds should verify their know-your-customer (KYC) status because new KYC regulations went into effect on April 1, 2024. they should read through all of these guidelines in order to invest hassle-free as under the new regulations, they will need to fulfill specific requirements in order to invest in any mutual fund.

We will examine the new KYC regulations for investing in mutual funds in this article.
Since April 1, 2024, the regulations governing KYC for mutual funds have changed, making it mandatory to complete KYC using PAN and Aadhaar. The MF investor’s KYC status will be validated if he completed the process with both a PAN and an Aadhaar card. All mutual funds are only accessible to investors who have been authenticated.

If voter ID or passport documents are used in lieu of PAN or Aadhaar for KYC, the investor can deal only with the fund for which KYC has been completed and not with any other funds. Additionally, those investors’ KYC statuses will be registered and validated. These investors will need to get To invest in a new fund, complete KYC once more.

The investor’s email address, mobile number, and KYC documents have not been validated if their KYC status is on hold.

It should be mentioned that investors whose KYC status is pending will not be allowed to redeem their mutual fund shares or make any investments.

Mutual fund KYC deadline:

The deadline for validating KYC is April 30, 2024.
How can you access your online MF KYC status?
Here’s how to check the KYC status of your mutual fund online, step-by-step.

1. Sign in to the www.cvlkra.com
2. Next, select “KYC inquiry.”
3. This will open in a new tab after you click on it.
4. Next, fill out the CAPTCHA with your information, including your PAN, and submit it.
5. The JYC status is currently visible

If the investor’s KYC is not verified, they can visit their KRA’s website and use their PAN and Aadhar cards to verify their status.

What happens if investors’ KYC is not verified?
Investors in mutual funds will not be allowed to sell units if their KYC is not authenticated, and their mutual fund folios will be locked. They won’t be allowed to top up in the same folio number as well.

In the event that your PAN and Aadhaar are not connected, or if there are any spelling errors in the present KYC, you will need to visit the KRA office (KYC registration agency) to have the validity of your your KYC. It will be carried out via a tangible manner.

Account opning link:

1. Groww Account- https://app.groww.in/v3cO/kyrp1zph
2. Kotak neo Account https://kotaksecurities.ref-r.com/c/i/32531/109103906