1.3 crore mutual fund accounts on hold due to incomplete KYC; how MF investors can check KYC status online
As per a Times of India news report, “The need to reclassify KYCs under various categories arose after it was found that KYCs of many investors were still not updated with PAN and Aadhar, and the linkages were missing. Several of these KYCs were done using documents like utility bills (electricity, telephone), bank account statements etc., which are no longer accepted as valid documents for KYC compliance by Sebi.”
The report further said, “Of nearly 11 crore investors, about 7.9 crore or 73% have valid KYC. KYCs of about 1.6 crore investors are under the registered category, who now have limited access to investing, while 12% of the total can’t operate their demat accounts and MF folios.”
Hence, it is important for a mutual fund investor to check his/her KYC status before undertaking any transactions. Here is how you can check the KYC status of your MF account.
How to check KYC status online
An investor can check their KYC status easily online by following the steps below:
Step 1: Go to any KRA website. In this example, we have visitedwww.CVLKRA.com. One can also visit www.CAMSKRA.com to check their KYC status.
Step 2: On the CVLKRA website, click on “KYC Inquiry”
Step 3: A new webpage will open. Enter your PAN, click on captcha and click on “Submit”.
The KYC status will be displayed on the screen based on the PAN entered. An investor's KYC status can be any of the three categories: validated, registered, or on hold.
It is important to understand the meaning of different KYC statuses. This will help investors
