In case of Video KYC, the investor needs to submit a scanned copy of his/her identity, address and signature along with photograph.
Investors whose records are found to be fake or incomplete will not be permitted to transact in the market.
The Securities and Exchange Board of India (SEBI) through its circular has taken the final call on ensuring KYC re-verification. Mutual fund investors who have used Aadhaar card for KYC have been asked to re-validate it by April 30. 2023. Earlier, the deadline for this was July 1, 2022, and SEBI, through several notifications, has frequently asked investors to re-verify their KYC.
As per its recent circular, all existing customers (who have used Aadhaar as an officially valid document) will have to verify their KYC records within 180 days from November 1, 2022, extension of deadline from July 1, 2022 Have to do Meanwhile, investors whose records are found to be fake or incomplete will not be allowed to transact in the market.
How to complete the re-verification process?
Mutual fund providers may ask their investors to re-verify KYC using Aadhaar-based XML, e-Aadhaar, or Virtual ID if the KRA has not yet approached investors for re-evaluation (VID). According to SEBI, after the re-verification is complete, the Know Your Registration Agency (KRA) has to give a unique client identifier to the investor.
By entering the PAN information on the websites of the KRA or the fund house, it can be determined whether the KYC compliance process has been completed or not. Once the PAN information is entered, the status of KYC compliance, including whether it is completed or not, date of most recent modification and any missing details that are required are displayed.
How to do New KYC?
In case an investor requires fresh KYC, they can obtain a fresh KYC by visiting the KRA or Asset Management Company branch or through online video KYC. In case of Video KYC, the investor needs to submit a scanned copy of his/her identity, address and signature along with photograph. If a physical KYC is required, a form has to be filled and submitted along with address and identity documents (as per the prescribed document list). Physical document verification is done at the time of submission.
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