Every Mutual Fund Investor Must update their KYC with valid documents before 31 March 2024. If you have done KVC through bank statements or utility bills, update immediately. Otherwise, they all expire by March 31. Let’s Discuss on it.
Attention all equity mutual fund investors! You must update your details with valid documents if you completed your Know Your Customer (KYC) process through bank statements or utility bills. This needs to be done before March 31, as all previous documents will expire after this date. Mint has reported that CafeTech and Cams have notified distributors about this.
Valid documents for KYC include your Passport, Aadhaar Card, Driving Licence, Voter ID Card, NREGA Job Card, National Population Register, or NPR Letters. Failing to update KYC details by March 31 can result in your account being frozen and you won’t be able to make new transactions.
Temporary valid documents can be identity cards issued by central and state governments, letters issued by gazetted offices, utility bills, property or municipal tax receipts, bank account or post office account statements, and pension or family pension payment orders. However, KYC updates have to be done with officially recognized documents.
Mutual fund distributors face uncertainty due to differences in instructions and guidelines provided by various registrars. Questions are being raised about the acceptance of driving licences as valid documents. CAMS requires alternative valid documents in place of driving licences, while CafeTech has indicated that driving licences are valid. This confusion needs to be resolved.
