Two days ahead of the re-KYC (know your customer) deadline for mutual fund investors, CDSL Ventures, one of the KYC registration agencies, has informed MF distributors that it is no longer mandatory for investors to do their KYC again to continue transacting in their existing portfolio.
“However, these investors would need to undergo fresh KYC as per the extant framework for getting on-boarded with any new intermediary,” the email stated.
The registrar and transfer agents CAMS and KFin Technologies had sent communications to MF distributors saying that investors whose KYC is not done using officially valid documents will have to do the KYC again by March 31, 2024.
Failure to redo the KYC before the deadline would have led to blocking of all transactions in the existing portfolios.
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While investors do not have to redo the KYC, they still have to validate their mobile number/email ID per the KYC records. In an email sent to MF distributors dated March 28, CDSL Ventures said that the investor’s KYC will be put “on hold” with effect from April 1 if they do not do so.
First Published: Mar 29 2024 | 9:58 PM IST