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Tata Capital > Blog > Mutual Fund KYC: Process, eKYC, Status Check & Recent Guidelines 

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Mutual Fund KYC: Process, eKYC, Status Check & Recent Guidelines 

Mutual Fund KYC: Process, eKYC, Status Check & Recent Guidelines 

Summary: Mutual funds KYC process requires the address and identity verification of investors.  Online KYC is also possible as an alternative to physical processes. Upon registration with the KRA, you can easily check the KYC status and update when required. Staying up to date of the applicable validation requirements may help to maintain the compliant and accurate KYC records. 

KYC (Know Your Customer) is a mandatory procedure under SEBI where mutual fund investors have to verify by submitting their identity and address proofs. A KYC process involves the submission of certain personal and documents of investors to an authorised dealer or KYC Registration Agencies (KRAs). Online and offline KYC procedures are possible. You can complete it either by visiting authorised branches or completing the Aadhaar-based eKYC online.

What is KYC for Mutual Funds?

KYC (Know Your Customer) is a compulsory procedure where the investor shares personal information and documents for verification through the KYC framework. The procedure is to provide investors with information through which verification will be done.

KYC records submitted in a SEBI-registered KYC Registration Agency (KRA) are valid across all eligible mutual fund investors and AMCs as long as the status is applicable. So, there is no change to the information and the investor details are still valid in the KRA. The investor does not need to complete the full KYC process for each fund house.

Who Manages MF KYC? KRAs Explained

KYC Registration Agencies (KRAs) maintain KYC records of mutual fund investors and also process these KYC records. Major KRAs are CAMS KRA, CVL KRA, Fintech KRA, NSE KRA and NDML KRA. These are SEBI-registered agencies, and they hold your KYC information, which can be retrieved by your intermediaries.

Mutual Fund KYC Form: Documents Required

To complete the mutual fund KYC form, investors should submit the documents to verify their ID and address. The exact requirements may vary based on whether the KYC is completed offline or through the online process.

Document/RequirementPurpose
KYC FormCollect the personal, ID, and address details
PAN CardUsed for identity and tax verification
Address ProofUsed for address verification of the investor through the Aadhaar passport utility bill or bank statement
Passport-Sized PhotographRequired during paper-based KYC processes
In-Person Verification (IPV)Verify the investor’s identity through an authorised person, if needed
Aadhaar & Registered MobileUsed for Aadhaar-linked eKYC and OTP verification

How to Do Mutual Fund KYC: Step-by-Step

Mutual funds KYC process can be done offline or online. In the offline process, you need to fill the KYC form and submit the essential documents. The eligible investors can also complete online KYC through eKYC. Here is how to do KYC for a mutual fund offline by following the given steps:

  • Step 1: Get KYC Form: Obtain the KYC form from an authorised KRA entity or download it online.
  • Step 2: Fill Form: In the form, fill your name, PAN number, contact number, etc.
  • Step 3: Documents Submission: You need to submit the copies of your PAN & address proof.
  • Step 4: In-Person Verification: Visit the KRA office, AMC office or authorised intermediary office to complete the in-person verification.
  • Step 5: KYC Confirmation: Submit the form by cross check all details. Wait for KYC confirmation to be done and your KYC status will update accordingly. 

Also Read – What Is Debt Fund Investment?

eKYC for Mutual Funds: Online KYC Process

Eligible investors can easily perform the eKYC on the official portals. Here are the step-by-step process to follow:

  • Step 1: Visit an Authorised Portal: Visit the website of an AMC, KRA or authorised mutual fund platform offering eKYC facility.
  • Step 2: Enter PAN and Aadhaar Details: Input PAN and Aadhaar details.
  • Step 3: Get OTP: You will get an OTP on your registered mobile number with Aadhaar.
  • Step 4: Submit OTP: Enter the received OTP to verify the data.
  • Step 5: eKYC Verification: Once the verification is complete, your KYC status is automatically reflected on the KRA portal.

Note that the Aadhaar-based OTP eKYC may be subject to investment or transaction limits under applicable regulations.

How to Check Mutual Fund KYC Status

If your mutual fund KYC status has shown some changes, you can use the KYC Registration Agency (KRA) to confirm it. The KRA result can show if your KYC paper is a validated, not registered, hold on or rejected. Here is a step-by-step process to check your KYC status:

  • Step 1: Log in KRA Website: Go to official KRA websites such as CAMS KRA, CVL KRA or Fintech KRA.
  • Step 2: Provide PAN: Fill with the PAN Number and other necessary information.
  • Step 3: See KYC Status: Your latest KYC status will be shown on your screen.

Here is what each KYC status means:

KYC StatusWhat It Means
KYC RegisteredYour KYC records have been registered and, in some cases, an extra verification step will also be needed.
KYC ValidatedKYC information is validated under the regulated framework.
KYC On HoldSome fields in your KYC records need a correction or verification process. Some transactions may be limited until the problem has been rectified.
KYC RejectedThe submitted KYC information has not fulfilled the applicable verification requirements.

Recent SEBI KYC Guidelines: What Changed?

SEBI introduced modifications to KYC norms to improve the verification of investor details. The fund KYC status will now read KYC Valid, KYC Registered, or KYC On Hold based on submission and verification of mandatory documents. The latest KYC modifications emphasise a great importance of authentication of KYC records.

Depending on the status of the record and the documents used for verification, additional validation or submission of updated documents may be required before the mutual fund transactions can be processed.

Because the KYC requirements and procedures may be updated through regulatory changes. You can check the applicable requirements with the concerned KRA or regulatory authority. 

Also Read – Accrual funds vs duration funds

What to Do If Your KYC Status is ‘On Hold’

If your KYC status with a mutual fund appears “On hold”, then it means either you are missing some KYC papers or the document needs to be re-verified. Following are the steps you should follow with KYC as “on hold”

  • Step1: Check Status on a KRA Portal Using PAN : Log in to the KAR website by entering your PAN details.
  • Step 2: Identify the Deficiency: Check your personal or address-related details, identify the KYC element which is still not verified.
  • Step 3: Re-submit KYC Form with Aadhaar-based documents and IPV: Now, you should re-submit your KYC form with supporting documents on the KRA website.
  • Step 4: Update Contact Details: Submit registered mobile number and email address with KRA.

After the details are submitted, you can get the updates on your KYC status from the portal, and verify that all your details have been updated correctly. 

Also Read – Wealth Creation Plan

Conclusion

KYC for mutual funds is a one-time mandatory process that helps to confirm the identity and address of the investor. KYC verification process can be done offline or online, while KYC details are maintained by registered KRAs. The applicable eKYC standards and validation rules may vary with regulatory changes.

Disclaimer: This post is for information purposes only. Do not consider it as investment advice. We do not recommend you to invest in any mutual funds or financial instruments. KYC norms and regulatory instructions may change. Check the latest SEBI or AMFI updates before acting on this information.

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FAQs

How do I do KYC for a mutual fund?

Simply submit the KYC form with necessary KYC documents (like PAN Card & address proof) to an eligible intermediary to complete the mutual fund KYC.

What is the mutual fund KYC form?

KYC (Know Your Customer) form is a document that helps to gather the investor address and ID for verification purposes. It gets your personal details, PAN and other documents.

How can I check my mutual fund KYC status?

Use your PAN and other details to check the KYC status through the KRA portal. The outcome may show statuses like KYC Validated Registered On-Hold, or Rejected.

What is eKYC for mutual funds?

eKYC procedure for mutual funds helps you complete the KYC verification electronically. The eligible Aadhaar-based process may use an electronic authentication ( OTP verification) subject to the applicable regulatory requirements and limits.

What is the investment limit for eKYC mutual funds?

According to the regulation, there are some transactional or investment limits that may be applicable. The regulations may vary upon the type of transaction, so you should check particular limits for the Aadhaar-based OTP eKYC.

Why is my mutual fund KYC status 'On Hold'?

Your mutual fund KYC status shows “ on hold”, when your information or required KYC attributes cannot be verified. The investors should update the details, correct the deficiency or submit the essential documents through the applicable KRA or intermediary.

Is KYC done once for all mutual funds?

KYC is designed as a common process across eligible SEBI-registered intermediaries. Once a KYC record is appropriately validated, it can generally be used across eligible intermediaries without repeating the complete process, subject to the applicable KYC status.
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