If you have experienced your mutual fund activities being paused, such as Systematic Investment Plans (SIPs), Systematic Transfer Plans (STPs), Systematic Withdrawal Plans (SWPs), or withdrawals, it is possible that your account is currently on hold and in a state of uncertainty.
However, do not worry, there is a remedy to this problem.
The obstacle in your investment process is a result of recent alterations in the Know Your Customer (KYC) guidelines, specifically regarding the requirement for a redo.
This message is being sent to investors whose KYC is not verified using any of the ‘officially valid documents’ or whose email/mobile has not been verified.
The list of officially accepted documents now consists of an Aadhaar card, passport, and voter ID card. However, KYC based on proofs like bank statements and utility bills is no longer considered valid.
In the past, investors had to complete their KYC by submitting a physical KYC form to mutual fund houses or Registrar and transfer agents (RTAs), as stated in the CNBC article “Mutual Funds Redo KYC: Officially Valid Documents List, March 31 Deadline, Process, Eligibility”.
Fortunately, this procedure has now shifted to digital platforms, which is a positive development.
What is the answer then?
To begin, it is necessary to verify your KYC (know your customer) status. This can be accomplished by utilizing authorized KYC registration agencies, including KARVY, CVL, NDML, CAMS, and DOTEX.
For example, if you choose to verify your information with Central Depository Services Limited (CDSL) Ventures Limited – Know Your Customer Registration Agency (CVL KRA):
First Step: Go to the CVLKRA website.
Second Step: Select “KYC Inquiry” at the top of the page.
Step 3: Provide your PAN and select ‘Submit.’
If you have identified your KYC status and are placed in the ‘on hold’ category, you can begin the process of resolving the issue.
To update your details, you can submit an online request through your KRA or mutual fund portal.
By taking this step, you can eliminate the hold status and continue with your investment activities.
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