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Amol Joshi, Founder of PlanRupee Investment Services talks about the hardships that mutual investors are facing because of re-KYC mandate, what are the different KYC registration statuses, how to validate KYC and the issues specific to NRI investors.

Mutual Fund holders should make sure that there is no mismatch, and if there is a mismatch, you should rectify it by April 30, 2024.

Re-KYC is an periodic update on an individuals KYC status, which has to be conducted by every banks and other entities regulated by the Reserve Bank of India (RBI). However if re-KYC process is not followed with banks will suspend the bank account until the individual completes the re-KYC process.

Meanwhile, customers who are due for their KYC update, may do so online as well. There is no need to visit the bank branch for the purpose.

The regulator, in January, notified new norms to make KRAs responsible for carrying out independent validation of the KYC records uploaded onto their system by Registered Intermediaries (RIs).

BSE Technologies gets Sebi nod to operate as KYC Registration Agency

Market regulator Securities and Exchange Board of India (SEBI) has issued new guidelines for KYC Registration Agencies (KRAs) whereby such agencies will have to independently validate KYC records of all clients from 1st July.

Market regulator Securities and Exchange Board of India (SEBI) has issued new guidelines for KYC Registration Agencies (KRAs) whereby such agencies will have to independently validate KYC records of all clients from 1st July.

Under the notified rules, such agencies will have to maintain an audit trail of the upload/modification/download with respect to KYC records of clients.