Independent validation by KRAs (KYC Registration Agency) for KYC records using Non-Aadhaar as Official Valid Document (OVD) - Effective from April 01, 2024
As per the recent Master circular on KYC requirements and various directives from SEBI, KRAs are mandated to do independent validation of KYC records that have been submitted with documents other than Aadhaar as OVD (Officially Valid Documents). As per the process, Email and/or Mobile wherever registered in the KYC records are independently validated by the KRAs. If found as not validated, KYC status will be changed to On-Hold and Mutual Fund investors might be restricted from carrying out financial and non-financial transactions. For a seamless transaction experience, investors are advised to register their valid Email and/or Mobile in the KYC database through any one of the SEBI registered intermediaries by submitting the KYC change form and ensure the KYC status is always valid.
In addition, the registered intermediaries are mandated to periodically update all the documents, data or information of all clients and beneficial owners collected under the Client Due Diligence (CDD) process. In line with this requirement, investors who have completed the KYC process using the OVD applicable at that period and not falling under the current list of OVDs enumerated below, are advised to carry out KYC process again (re-KYC) using the following OVDs to keep the KYC status alive, in turn ensuring seamless transactions in Mutual Funds.
- Passport
- Driving licence
- Proof of possession of Aadhaar number
- Voter's Identity Card issued by Election Commission of India
- Job card issued by NREGA duly signed by an officer of the State Government
- Letter issued by the National Population Register containing details of name address (or)
- Any other document as notified by the Central Government in consultation with the Regulator.
Investors are hereby requested to re-do the KYC process on or before 31-Mar-2024 or any other date as may be advised by the regulator, by submitting any of the above referred OVD to the nearest AMC/RTA branches. You can also download the form from AMC website or from Intermediaries website or download here.
Name and Date of Birth/Incorporation (DOB/I) as per PAN card/Proof of Identity (POI) – Effective from April 30, 2024
As per recent Master circular on KYC requirements of SEBI and changes advised by Income Tax Department in PAN validation process, now it is mandated to quote your Name(s) and DOB/I as per PAN card/POI. All Mutual Funds are mandated to validate the Name and DOB/I against the PAN available with Income tax department. To avoid any failure in such validations, we request investors to quote the Name(s) and DOB/I of all the holders including Guardian, Power of Attorney [POA] holders as per PAN card in all new application forms (physical and digital) and KYC forms.
