KYC MF deadline: Mutual fund (MF) investors must redo their KYC (know your customer) by March 31 deadline. This applies to MF investors whose KYC is not based on any ‘officially valid documents’. These investors have to complete their KYC again before March 31 or they will not be allowed to do MF transactions like SIPs (systematic investment plan), SWPs (systematic withdrawal plan) or redemptions from April 1.
Which are the officially valid document for MF KYC?
The officially valid documents include Aadhaar card, passport, voter ID card, among others as KYC based on proofs such as bank statements and utility bills will no longer be valid after March 31.
Why is KYC being redone for MF investors?
The need to redo KYC is in compliance with a SEBI master circular on KYC norms for security market and the Prevention of Money-Laundering (Maintenance of Records) Rules, 2005.
How to redo your KYC?
An investor can redo KYC only by submitting a physical KYC form along with the relevant documents to mutual fund houses or RTAs. After this, information is passed on to the KYC registration agencies (KRAs) and the updated KYC gets reflected across all MF investments made under the linked PAN.
Is there an online way to do this?
No, redo of KYC cannot be done online.
How to know if you need a redo of KYC?
This depends on whether you submitted an officially valid document when you first did KYC for your MF investments. You can check what documents you submitted on the CVL KRA website as well. You can also call up the mutual fund houses or RTA helplines to find out if they need to redo their KYC.
How long can this process take?
KYC registration can take anywhere from two to 21 days.
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