FINguide Buddy

Has Your KYC Status Changed? Here's What You Need to Know From 1st April 2024 , major changes to the KYC (Know Your Customer) process have been implemented based on SEBI’s circular SEBI/HO/MIRSD/FATF/P/CIR/2023/0144 dated 11th August 2023. These changes affect how KYC Registration Agencies (KRAs) verify investor information, and they can impact your ability to invest in mutual funds. What Has Changed? Under the new rules, KRAs must verify the following attributes of your KYC against official government databases: PAN (including PAN–Aadhaar linkage as per Rule 114 AAA of the Income Tax Rules, 1962) Name Address Mobile Number and Email ID If all these attributes are verified, your KYC will be marked as KYC Validated . Otherwise, your status could be KYC Registered or KYC On Hold . KYC Status Categories The KRAs have updated investor KYC statuses based on the verification results: KYC Validated – All four attributes verified successfully. KYC Registe...

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 numbe...

  KYC Contact details Validation Links: CAMS KRA: CVL KRA: NDML KRA: KARVY KRA: KYC PAN Aadhaar Validation Links: CAMS KRA: CVL KRA: NDML KRA: KARVY KRA:

  Procedure for Transmission of Units on Death of a Unitholder Transmission of Units is a process whereby units held by a deceased unitholder are transferred either to the nominee or to the legal heirs of the deceased unitholder as the case may be. The detailed guidelines for Transmission of Units under various situations / scenarios and the forms/formats and supporting documents to be submitted by the claimants under each scenario is explained below. 1.  Deletion of names of the deceased unit holders in case of death of 2nd and/or 3rd Holder : i. Request Form (Form T1) from surviving unitholder(s) requesting for Deletion of Name of Deceased 2nd and/or 3rd Holder. ii. Death Certificate in original or photocopy of the death certificate self-attested and attested by a notary public/gazette officer in original. Fresh Bank Mandate Form along with cancelled cheque of the new bank account (only if there is a change in existing bank mandate) iii. Fresh Nomination Form ...