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The old rules allowed a KYC-compliant investor to seamlessly invest in MF schemes of any of the mutual fund houses. However, the new rules allow only those investors who meet certain criteria to make such investments.
They can be three cases of your KYC status:
KYC Validated: It means the documents provided by you are validated and you can continue to invest in multiple mutual fund companies.
KYC Registered/Verified: This means the documents given by you cannot be independently verified from the issuing authority. This means that mutual fund investors can invest in any mutual fund house by producing the required documents again. Such individuals can undergo a re-KYC process by submitting PAN / Aadhaar to invest in schemes of different mutual fund houses i.e. shift to the ‘KYC validated’ category of individuals.
KYC – on hold: This shows the KYC documents as well as the mobile number and email ID of the mutual fund investors are not validated. All financial and certain non-financial transactions will be restricted till the required documents are submitted. This would mean that current SIP transactions, redemption transactions, etc., will be impacted.
In such a case, the mutual fund investor will have to verify their valid email and mobile number to do transactions in their existing mutual fund schemes. Further, mutual fund investors should undergo the re-KYC process to avoid the submission of various documents again while making fresh investments.
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#KYC #mutualfund #investing #financialtransactions #rekyc #investmentcriteria #verificationstatus #kycvalidated #kycregistered #KYConhold | Posted on 08/May/2024 21:37:03
