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Over the past few weeks, Mutual fund investors have been spooked by AMCs, KRAs, intermediaries and their distributors asking them to go in for their KYC validation, RE-KYC, PAN-Adhaar seeding, PAN data validation. Lets dive in to what do you need to do as an investor, to ensure that your SIPs, Purchase, switch and redemption transactions go along smoothly?

First things first, you need to check the status of your KYC, for which you can use the link https://camskra.com/ and punch in your PAN number under MY KYC status and check your KYC status. For all resident individuals, follogint might be your KYC status with their respective implicaitons:-

Sl. No.                   KYC Status                           Implication

1.                     KYC Validated                     You need not take any action, your KYC is validated.

2.                     KYC Registered                  You need to validate your KYC. Refer to table below.

3.                     KYC on Hold                        You need to re do your KYC.

If your KYC status is KYC registered, and you  need to validate your KYC, you can go in to following links, depending upon the KRA your KYC was first processed:-

1.                   CVL KRA : https://validate.cvlindia.com/CVLKRAVerification_V1/

2.                   CAMS KRA : https://camskra.com/PanDetailsUpdate.aspx

3.                   NDML KRA: https://kra.ndml.in/ClientInitiatedKYC-webApp/#/ClientinitiatedKYC

4.                   KARVY KRA : https://www.karvykra.com/KYC_Validation/Default.aspx

You need to re check after 3-4 days, if your KYC status does not change from “KYC registered” to “KYC validated”, you need to perform Re-KYC with an intermediary online or offline by submitting the documents as per the requirements, for which you can contact your AMC or you may also get in touch with us.

If your KYC status is KYC on Hold, then you need to go in for Re KYC process as mentioned above.

After KYC validation, another upcoming challenge for MF Investors is PAN validation with Income tax department. Due to change in process of PAN data validation effective 30^th April 2024, you need to ensure that :-

1.       The name  and date of birth/ Incorporation in your MF folios should match exactly as per the Income tax records.

2.       For minor investors, the Guardian Pan and date of birth should match as per the records.

3.       For Non individual Investors, details of the entity, and the details of Ultimate beneficiary owners should match with the records.

Ideally, we recommend that you should ensure that your details across all the documents should match with each other, and any discrepancy should be corrected with the relevant authorities, so that you do not face any troubles in your day to day life.

For Mutual fund investments, we recommend that you should ensure that your details across your PAN, Adhaar and your Bank are exactly similar.

You can get in touch with us in case you need any assistance regarding any of the issues mentioned above or if you need any assistance regarding investments.

Happy Investing

Palash

Disclaimer:- The above article is written on best effort basis, to include all aspects of KYC and PAN validation to help people understand the regulatory changes, you must consult your advisors for a personalized requirements.