Have You Checked Your KYC Status?

Over the past month, several mutual fund investors would have received a mail from their fund house to update their Know-Your-Customer (KYC) details. In September, the Association of Mutual Funds in India (AMFI) directed AMCs to adhere to the following requirements for individual investors from 1 November 2015:

1. Make it mandatory for all new investors to provide additional KYC details such as income details, occupation, net worth, political association, etc.

2. Not accept purchase and switch transactions for investors whose status is "KYC-On Hold", unless the investor submits the missing information or updates KYC.

3. Ensure that new investors submit Foreign Account Tax Compliance Act (FATCA) or Common Reporting Standard (CRS) declaration while opening an account.

By 31 December 2015, fund houses are advised to make it mandatory for existing investors to provide the missing details above and complete IPV (In-Person Verification). Failing these parameters, all purchase and switch transactions of the investor will be rejected. Will you be affected?

 Check your KYC Status online

You can check your KYC status by visiting the website of any of the below KYC Registration Agencies (KRAs) and submitting your PAN number.

CAMS KRA - https://camskra.com/

CDSL KRA - https://www.cvlkra.com/

KARVY KRA - http://www.karvykra.com/

NDML KRA - https://kra.ndml.in/

NSE KRA -https://www.nsekra.com/Launch/kra_index.aspx

What does the status mean?

KYC Registered - The record is registered with KRA as per the Uniform Know Your Client (KYC) Requirements for the Securities Markets. This is nothing to be done.

Under Process - KRA has accepted KYC record for processing as per the Uniform Know Your Client (KYC) Requirements for the Securities Markets. The verification of KYC is under process at the KRA. There is nothing to be done

On Hold- KYC kept on hold due to discrepancy in KYC documents. Deficient documents need to be submitted

KYC Rejected – The KRA has rejected the KYC record after verification of PAN with other KRAs since such PAN is available with other KRA.

Not Available - The KYC record is not available in any KRAs.

Under Process - Incomplete/ Existing / Old KYC - This KYC record is incomplete and needs to be updated for missing information. Fresh KYC documents need to be submitted.

KYC Registered - Incomplete / Existing / Old KYC Record - This KYC record is incomplete and needs to be updated for missing information. Fresh KYC documents need to be submitted.

On Hold - Incomplete / Existing / Old KYC Record - KYC kept on hold due to discrepancy in KYC documents. Fresh KYC documents need to be submitted.

KYC Rejected - Incomplete / Existing / Old KYC Record - KRA has rejected the KYC record after verification of PAN with other KRAs since such PAN is available with other KRA. Fresh KYC documents need to be submitted.

It’s very easy to update FATCA ( Individuals) via the below link as its gets updated instantly for Pan whose details are submitted in the given link.

PS# Best feature no signature required and instantly.

http://www.camsonline.com/FATCA/COL_FATCAOnlineIndividualForm.aspx