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?
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
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
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