HAS YOUR KYC STATUS CHANGED?

Here’s what you need to know.

WHAT IS THE CHANGE FROM 1ST APRIL 2024?

SEBI vide circular SEBI/HO/MIRSD/FATF/P/CIR/2023/0144 dated 11th August 2023, as a risk management framework advised that KYC Registration Agencies (KRAs) shall verify the following attributes of KYC:

PAN (including PAN Aadhaar linkage, as referred to in rule 114 AAA of the Income Tax Rules, 1962)
Name
Address
Client’s Mobile Number and EmailID

The records of those clients in respect of which all the above attributes are verified by KRAs with an official database (such as the Income Tax database on PAN, Aadhaar XML/DigiLocker/M-Aadhaar) shall be considered as validated records.



WHAT ARE THE ATTRIBUTES AFFECTING YOUR KYC STATUS?

The KRAs have changed the KYC status of all existing KYC complied investors after validating above 4 attributes such as PAN, Name and Address with the official database (such as Income Tax database on PAN, Aadhaar XML/DigiLocker/M-Aadhaar) and Email ID/Mobile number(where provided) as follows :

KYC VALIDATED KYC REGISTERED KYC ON HOLD


WHAT ARE THE IMPLICATIONS?

KYC STATUS EXISTING AMC NEW AMC
KYC Validated No implications. No implications.
KYC Registered All financial transactions only in the AMC where investor already has investment are allowed. Investors need to submit the set of KYC documents every time they invest with a new AMC.
KYC On hold Investor will be able to transact after remediating the reason for KYC status On Hold. Investor will be able to transact after remediating the reason for KYC status On Hold.

HOW CAN INVESTORS CHECK THEIR KYC STATUS?

Visit your KRA website (Links to KRA websites given below)
Click on KYC enquiry
Enter your PAN details and submit
The details displayed will indicate the proof used for your KYC
For further assistance, contact the Mutual Fund or RTA helpline

KYC Contact details Validation Links:

KYC PAN Aadhaar Validation Links:

HOW CAN INVESTORS UPDATE THEIR KYC STATUS TO "KYC VALIDATED"?

ONLINE

The investor can log on to any of the Mutual Fund’s website and visit the page of “Modify/Update KYC” and follow the steps such as entering his/her details and upload documents as required. Once the Email ID/Mobile number are validated and also other details entered/uploaded are validated by the KRAs with official data base (such as Income Tax database on PAN, Aadhaar XML/DigiLocer/M-Aadhaar), the KYC status will change to “Validated”.

OFFLINE

To download KYC Form visit our AMC’s website https://www.boimf.in/investor-corner#t3 Submit your KYC form to the nearest BOIMF or kFintech’s branch.

In case you need any clarification please write to us on service@boimf.in



TRANSACT ONLINE