The investor must submit scanned copies of their identification, address and signature along with a picture in the case of video KYC.
Investors whose records are found fraudulent or incomplete will not be allowed to do transactions in the market.
The Securities And Exchange Board of India (SEBI), through its circular, has given a final call to ensure KYC re-validation. Mutual funds investors, who have used an Aadhaar card for KYC have been asked to re-validate it by April 30. The exchange board has asked investors with the KYC process completed before November 1, 2022, to re-validate it by April 30, 2023. Earlier, the deadline for the same was July 1, 2022, and SEBI through multiple notifications has often asked investors to re-validate their KYC.
By its recent circular, all current customers (who have used Aadhaar as an Official Valid Document) must have their KYC records verified within 180 days starting November 1, 2022, extending the deadline from July 1, 2022. Meanwhile, investors whose records are found fraudulent or incomplete will not be allowed to do transactions in the market.
How to complete the re-validation process?
Mutual fund providers can ask their investors to revalidate the KYC using Aadhar-based XML, e-Aadhaar, or virtual ID if the KRAs have not yet contacted investors for revalidation (VID). After the re-validation is complete, according to SEBI, the Know Your Registration Agency (KRA) must give the investor a special customer identifier.
By entering PAN information on the KRA or fund house websites, one can determine whether the KYC compliance procedure has been finished. Once PAN information has been entered, the state of KYC compliance, including whether it has been completed or not, the recent modification date and any missing details that are necessary, are displayed.
How to do New KYC?
If an investor requires a new KYC, they can obtain one offline by going to the KRA or asset management company branch, or online through video KYC. The investor must submit scanned copies of their identification, address and signature along with a picture in the case of video KYC. If a physical KYC is required, a form must be filled out and submitted along with address and identification documentation (as per the prescribed document list). Physical document verification is done at the moment of submission.
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