The KYC Conundrum: A Tale of Two Investors
Raghav and Priya, are both passionate about investing in mutual funds. Over the years, they had built solid portfolios, but recently, they found themselves in a discussion about the new KYC norms in the mutual fund industry.
Raghav: “Hey Priya, have you heard about the new changes in the KYC rules? I was reading about it this morning.”
Priya: “Yes, I did! It seems like a big deal. I’m a bit worried, though. My KYC was done years ago, and I used my driver’s license back then. Do you think that’s going to cause any problems?”
Raghav: “Actually, it might. The new mandate relaxes some of the previous requirements, but it’s important to check if your KYC status is ‘validated’ or ‘registered.’ If it’s ‘on hold,’ you could face restrictions on your ongoing SIPs, STPs, SWPs, and even redemptions.”
Priya: “That sounds serious! How do I know if my status is ‘on hold’?”
Raghav: “Well, if your KYC was done using documents other than those specifically listed, like Aadhar or Passport, and your email or mobile number isn’t verified, your KYC could be put ‘on hold.’ This happened to a friend of mine. She used her voter ID, but her email wasn’t verified, so she had to update her details online.”
Priya: “Oh no! My email wasn’t verified back then because I didn’t have one linked to my account. What should I do now?”
Raghav: “Don’t worry. You don’t have to redo everything physically like before. You can submit an online request through your KYC Registration Agency (KRA) or directly on your mutual fund’s portal. If your KYC status is ‘on hold,’ just update your details online.”
Priya: “That’s a relief! But what about you? Did you check your KYC status?”
Raghav: “Yeah, I did. I used my Aadhar card and verified my email and mobile number, so my status is ‘validated.’ That means I’m in the clear, and I won’t need to worry about submitting documents again for future investments.”
Priya: “You’re lucky! I need to check mine right away. How do I do that?”
Raghav: “It’s simple. Just visit one of the five KRA websites like KARVY, CVL, NDML, CAMS, or DOTEX. They have links where you can check your KYC status. If it shows ‘validated,’ you’re good to go. But if it’s ‘registered’ or ‘on hold,’ you’ll need to take action.”
Priya: “Thanks, Raghav! I’ll check it out right now. I guess it’s better to sort this out before any restrictions come into play.”
Raghav: “Absolutely! It’s always better to stay ahead of these things. Plus, the process has become more streamlined now with online submissions. It’s much easier than before.”
Priya nodded, feeling reassured. As the two friends parted ways, Priya made a mental note to check her KYC status and update her details online. She was grateful for the heads-up and knew that staying informed and proactive would keep her investments safe and secure.
—————————————————————–
You can check your KYC status on the following links:
NDML KYC Check the shortened link :- https://shorturl.at/XT62O
CVL KYC Check the shortened Link :- https://shorturl.at/0wRrW
Simplified Money Talks 