Anil Patil, Enforcement, S. P. Wealth, Kolhapur
RBI has made it mandatory for all financial institutions in the country to complete the KYC (Know Your Customer) process under the Customer Due Diligence (CDD) rules before providing any financial transaction service to customers.
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New KYC norms have come into effect from 1 April 24 as per SEBI rules. If you have invested in mutual funds, you should check your status. If KYC is not completed, then once again submit your documents and complete KYC.
If you remain negligent in this regard, there may be difficulties in financial transactions for you. The SIP investment may close every month and you may also face difficulty in withdrawing the money. It is necessary to wake up on time for that.
KYC process
It is necessary to get your KYC status. For that go to this website and enter your PAN CARD number and check. If you are invested in mutual funds, you will see four types of conclusions. REJECTED, ON HOLD , REGISTERED, VALIDATED
1) If your KYC status shows as KYC IS ON REJECTED, you have invested in mutual funds, then your documents are incorrect after filling the KYC form, then your KYC is shown as rejected. For that once again your KYC should be validated by submitting official documents.
2) If your KYC status concludes as KYC IS ON HOLD, then it means that the documents you provided are insufficient. In this state, however, you will not be able to do any financial transactions like investing in mutual funds, making classes, withdrawing money etc. If your KYC is insufficient then KYC must be done by submitting official documents. If you neglect and want to withdraw your investment, your financial transaction request may be rejected at the right time. For that, be careful and complete your KYC on time. Get your KYC VALIDATED.
3) If your KYC status is KYC IS ON REGISTERED, then your current investment will continue. SIPs will also continue; But one cannot invest in a new scheme. For that you need to submit your documents and get KYC compliance VALIDATED.
4) If your KYC status is KYC IS ON VALIDATED, then you don't need to do anything. Your investment will continue properly and can be withdrawn at any time. All transactions will go smoothly. While investing in the capital market, you should complete your KYC as per the new method. Aadhaar Card, PAN Card, Mobile Number, Mail ID, Bank Account should be linked at four places. It is important to complete your KYC by submitting Aadhaar Card, PAN Card, Driving License, Voter ID Card, Passport, Job Card issued by NREGA, letter issued by National Population Register with name and address and any other documents.
Official valid document
All KYC details of all capital market investors are asked to be submitted officially. Investors' Aadhaar Card, Passport, Driving Licence, Voter ID etc. are certified as OFFICIALLY VALID DOCUMENT (OVD). Investor's Aadhaar Card, Mobile Number, Mail ID, Bank Account, PAN Card should be linked with each other during KYC. At the same time, the name of the person should be same in all three places i.e. Aadhaar Card, PAN Card, Bank Account. If there are mistakes in spelling it will not work. If you submit the same, it may get rejected. It is important to change your name on all the above important documents in time.
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