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FAQ's on MF Re-KYC Norms
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FAQ’s on MF Re-KYC Norms
With effect from January 1, 2011, all categories of investors irrespective of amount of investment in Mutual Funds are required to comply with KYC norms under the Prevention of Money Laundering Act 2002 (PMLA) for carrying out the transactions such as new/ additional purchase, switch transactions, new SIP/ STP/ DTP registrations received from effective date i.e. January 1, 2011.
Basis the recent SEBI regulatory guideline, mutual fund investors are required to adhere to Re- KYC guideline w.e.f 1st April,2024. The guideline states that mutual fund investors whose KYC documents do not match with the Officially Valid Documents (OVD) need to update them by 31st Mar'2024 failing which KYC status will be treated as invalid.
1. KYC Status & Applicability
KYC Status | When | Impact on MF Investments | Required to do Re- KYC? |
KYC Validated | Original KYC was based on Aadhar | Can perform MF transaction across fund houses | No |
KYC Registered | Original KYC was based on OVD, except Aadhar | No impact on existing investments, but can't invest in new fund house apart from the one already invested with | Required to do Re-KYC in order to invest in a new fund house apart from the existing one's |
On Hold | Original KYC was based on Non - OVD | Debarred from all MF transactions | Yes |
Rejected | After KYC has been "On hold" for 10-15 days, status becomes "rejected" | Debarred from all MF transactions | Yes |
2. What are Officially Valid Documents (OVD)?
Sr. No | Document | Proof of Identity (POI)* | Proof of Address (POA)* |
1 | The passport | Yes | Yes |
2 | The driving licence | Yes | Yes |
3 | Proof of possession of Aadhaar number | Yes | Yes |
4 | The Voter's Identity Card issued by Election Commission of India | Yes | Yes |
5 | Job card issued by NREGA duly signed by an officer of the State Government | Yes | Yes |
6 | The letter issued by the National Population Register containing details of name address | Yes | Yes |
7 | Any other document as notified by the Central Government in consultation with the Regulator | Yes | Yes |
3. How do I check my KYC Status?
Website | Links |
CVL | |
NDML | https://kra.ndml.in/kra-web/jsps/pos/KYCClientInquiry_NEW.jsp |
CAMS | |
NSE | |
KARVY |
4. How to Update KYC?
The investor can log on to any of the Mutual Fund’s website and visit the page of “Modify/Update KYC” and follow the steps such as entering his/her details and upload documents as required.
Link : WebsiteLinksKYC Updatehttps://investor-web.hdfcfund.com/kyc-verification
5. I am a new investor and would like to invest in Mutual Fund. What steps do I need to follow?
To invest in MF, KYC process is critical and basic requirements is required to be met. Investor has to fill-up the designated KYC form, attach the valid POI and POA documents as prescribed above and subject to validity and completeness, HDFC Bank will open an account and upload the same with one of the KRA, if already not available in any of the KRA records.
6. What is considered as Deemed OVD and what is it relevance now?
In terms of Rule 9(18) of PML rules, 2005, in case the OVD furnished by the client does not contain updated address, the following documents (or their equivalent e-documents thereof) shall be deemed to be officially valid document (OVD) for the limited purpose of proof of address, provided that the client shall submit updated officially valid document (or their equivalent e-documents thereof) with current address within a period of three months of submitting the following documents:
a) Utility bill which is not more than two months old of any service provider (electricity, telephone, post-paid mobile phone, piped gas, water bill.
b) Property or municipal tax receipt.
c) Pension or family pension payment orders (PPOs) issued to retired employees by Government Departments or Public Sector Undertakings if they contain the address.
d) Letter of allotment of accommodation from employer issued by state or central government departments, statutory or regulatory bodies, public sector undertakings, scheduled commercial banks, financial institutions and listed companies and leave and licence agreements with such employers allotting official accommodation.
Any other documents used earlier which is other than the above and as specified in A1 is considered as Deemed OVD.
Considering its limited purpose, investors are advised to use any of the allowed OVDs and provide valid Email and/or Mobile for seamless transactions with SRI/MFs.
Investor should be requested to complete KYC process using Aadhaar as OVD through Online mode and got successfully validated, then there will not be any requirements to do re-KYC and avoid submission of KYC documents to each of the MF.
7 . Why Re-KYC required and for what type of KYC records?
As per SEBI Master circular on KYC norms for the securities market clause 6 - The registered intermediaries shall periodically update all documents, data or information of all clients and beneficial owners collected under the CDD (Customer Due Diligence) process.
Basis the above requirements, investors have to do re-KYC. In the interest of investor inconvenience, Intermediaries are required to facilitate re-KYC where Deemed OVDs (as listed above) has been used as of now and KYC status in KRA records are available as “KYC Registered”.
8. What type of restrictions will be made from April 01, 2024?
Following will be the restrictions in accordance with KYC type that will get applied effective from April 01, 2024.
S. No. | Type of OVD used | Existing KYC status | KYC Status w.e.f. 1-4-2024 | Implications for the investor |
1 | Aadhaar | Validated | Where OVD data is validated with the issuing authority, i.e. UIDAI, PAN-Aadhaar linking done, Email and/or Mobile validated – KYC Validated. | No change. |
Investors can continue to transact with the existing funds and also open an account with any of the SRIs. | ||||
2 | Aadhaar (Physical) | Validated | Where Aadhaar OVD data could not be validated with the issuing authority i.e. UIDAI, PAN-Aadhaar linking seeded and Email and/or Mobile is validated – KYC Registered. | In case of new investor, they should be requested to submit fresh Aadhaar copy where QR code is scannable and validated. |
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All financial transactions with the existing MF where investor PAN is found to be available and KYC status is Registered / Validated as on 31st March’24 – No change. | ||||
3 | Non-Aadhaar OVDs (Allowed OVDs). | Registered / Verified. | Where the proof cannot be validated with the issuing authority and Email and/or Mobile is validated – KYC Registered. | All financial transactions with the existing MF where investor PAN is found to be available and KYC status is Registered / Validated as on 31st March’24 – No change. |
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Account opening/transaction with any new MF – Investor need to submit the allowed OVD to transact and concerned intermediary to upload the same as KYC modification requests with the respective KRA. | ||||
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Investor should be requested to complete KYC process using Aadhaar as OVD through Online mode and got successfully validated, then there will not be any requirements to do re-KYC and avoid submission of KYC documents to each of the new MF. | ||||
4 | Non-Aadhaar OVDs (Allowed OVDs). | Registered | Where the proof cannot be validated with the issuing authority and Email and/or Mobile is not validated – KYC On-Hold | Investor will be required to submit valid Email and/or Mobile with the existing Intermediary or through any other Intermediary and to be uploaded as KYC modification request with the concerned KRA. |
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Investor should be requested to complete KYC process using Aadhaar as OVD through Online mode and got successfully validated, then there will not be any requirements to do re-KYC and avoid submission of KYC documents to each of the new MF. | ||||
5 | Deemed OVDs (other than Allowed OVDs). | Registered | Where the proof cannot be validated with the issuing authority and Email and/or Mobile is validated – KYC Registered. | All financial transactions with the existing SRI/MF where investor PAN is found to be available and KYC status is Registered / Validated as on 31st March’24 – No change. |
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Account opening/transaction with any new MF – Investor need to submit the allowed OVD to transact and concerned intermediary to upload the same as KYC modification requests with the respective KRA. | ||||
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Investor should be requested to complete KYC process using Aadhaar as OVD through Online mode and got successfully validated, then there will not be any requirements to do re-KYC and avoid submission of KYC documents to each of the new MF. | ||||
6 | Deemed OVDs (Other than Allowed OVDs). | Registered | Where the proof cannot be validated with the issuing authority and Email and/or Mobile is not validated – KYC On-Hold. | All financial and select non-financial transactions will be restricted unless remediated documents are submitted. |
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Investor will be required to submit valid Email and/or Mobile or PAN-Aadhaar link to be made and confirmation to be submitted to the existing as well as with new MF and uploaded as KYC modification request with the concerned KRA. | ||||
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Investor should be requested to complete KYC process using Aadhaar as OVD through Online mode and got successfully validated, then there will not be any requirements to do re-KYC and avoid submission of KYC documents to each of the new MF. | ||||
7 | Non-OVDs (other than listed above). | Registered | On-Hold | All financial and select non-financial transactions will be restricted unless remediated documents are submitted. |
Investor will be required do re-KYC in the existing as well as in new MF using current set of prescribed OVDs. | ||||
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Investor should be requested to complete KYC process using Aadhaar as OVD through Online mode and got successfully validated, then there will not be any requirements to do re-KYC and avoid submission of KYC documents to each of the new MF. | ||||
8 | Invalid contact details [Email and / or Mobile] – irrespective of OVDs submitted. | Registered | On Hold | All financial and select non-financial transactions will be restricted unless remediated documents are submitted. |
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Investor will have to provide new contact details before transacting with existing MF. | ||||
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Investor should be requested to complete KYC process using Aadhaar as OVD through Online mode and got successfully validated, then there will not be any requirements to do re-KYC and avoid submission of KYC documents to each of the new MF. |
9. How Investor or Distributor/Broker or SRI/RTA branches will be aware about which Intermediary has done the initial KYC or subsequent modification?
As of now, there is no direct provision for any of the stakeholders. Each Intermediary should have its own internal mechanism to identify such instances and insist on the fresh set of KYC documents as mandated by SEBI.
10. What will be the impact on financial (FTs) & non-financial transactions (NFTs) effective from April 01, 2024?
New folio creation in the new MF is subject to KYC status.
If the KYC status is Validated, then they can continue seamlessly without submission of any KYC documents, subject to no change in the KYC information already submitted.
If KYC status is other than KYC Validated, investor has to submit the KYC documents again.
If the KYC status is On-Hold, as per the current process, both FT & select NFT transactions will be restricted until the KYC status is remediated by submission of modification request with respective KRA through any of the intermediary to become KYC Validated.
11. Will there be an impact on the existing investors (who has updated PAN with MF and KYC status is Validated/Registered?
No impact in the existing Fund(s) for any financial transactions including redemption, switches, SIP triggers where such PAN exists in those Funds and KYC status is Validated / Registered.
As per the current process, if the KYC status is other than Validated / Registered and not remediated, all financial and non-financial transactions might get impacted.
12. What will be the impact on the LIVE systematic registrations?
No impact. Systematic transactions registered in the existing folios will continue to be triggered. As per the existing process, further triggers will be restricted in the folios where KYC status is other than Validated / Registered, i.e., KYC On-Hold.
13. Is this applicable for all transaction sources?
Yes.
14. What is the recourse to remediate such PANs?
Investors must provide a modification request with the valid email and/or mobile number or fresh set of KYC documents as applicable to the respective KRA through any of the intermediary. Post successful validation at KRA’s end, the respective KRA will change the status as “Validated” and will send an unsolicited feed to the RTA. Once the same is updated in the RTA records, the investor can transact.
Investor should be requested to complete KYC process using Aadhaar as OVD through Online mode and got successfully validated, then there will not be any requirements to do re-KYC and avoid submission of KYC documents to each of the new MF.
15. For HUF investors, what is the supporting documents to be submitted for address proof?
HUF Investors can submit bank statement/bank passbook containing the name of HUF and their address as address proof.
16. Is there any impact for Non-Individual investors like Corporate, Firms, Trusts, Societies, etc.?
No impact, subject to other validation requirements like new UBO/NPO requirements.