Mutual Funds: KYC of mutual funds will not be done through bank statement, now only these documents will work

Mutual Fund Fresh KYC: Market regulator SEBI has made it obligatory for all mutual fund buyers to get recent KYC…

– Advertisement –

Market regulator SEBI has made recent KYC obligatory for mutual fund buyers. Its deadline of March 31 has already handed, however buyers have been given reduction from account blocking. Now an enormous replace has come out concerning documents on KYC.

Changes applied from April 1

SEBI has made some modifications in KYC documentation. According to the modifications applied from the start of the brand new monetary 12 months i.e. 1st April 2024, now buyers can get recent KYC done with some chosen documents only. Many buyers used documents like bank assertion or utility invoice to get KYC done. The regulator has shocked them and eliminated bank statements and utility payments from the listing of legitimate documents.

These documents will be accepted

• Aadhar card.
• Passport.
• driving license.
• Voter ID Card.
• NREGA job card.

Any different doc accepted by the Center beneath the settlement with the regulator.
These documents will not work
SEBI has informed mutual fund distributors that now documents like bank assertion or utility invoice will not be accepted for KYC. In KYC, the investor has to fill a KYC type, together with which id proof and deal with proof documents must be submitted.

This reduction given earlier

Earlier, mutual fund buyers have gotten some reduction within the matter of recent KYC. Earlier it was being mentioned that the mutual fund accounts of buyers who do not get recent KYC done by March 31 will be blocked.

Now giving rest on this, it has been mentioned that if an investor is not in a position to get recent KYC done by March 31, he will nonetheless be in a position to do transactions in his mutual fund folio. If recent KYC is not done by March 31, 2024, mutual fund accounts have not been blocked, however have been placed on maintain. As quickly as buyers get recent KYC done, their mutual fund accounts will be faraway from maintain.

Passport Renew: How to resume passport on-line? Know which documents will be required

– Advertisement –