Mutual fund investors need to check their know-your-customer (KYC) status as new KYC rules have already been implemented from April 1, 2024. To invest without any hassle, investors should go through all these rules because, under the new rules, investors will have to meet certain criteria to invest in any mutual fund.
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In this article, we will look at the new KYC rules for mutual fund investment.
As KYC rules in Mutual Funds have changed since April 1, 2024, it has become necessary to get KYC done through Aadhaar and PAN. If the MF investor has done KYC using an Aadhaar card and PAN card, then his KYC status will be Validated. Only people with validated status can invest in all mutual funds.
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If KYC is done without PAN or Aadhaar and using passport, or voter ID documents, then the investor can deal with the same fund for which KYC has been done and not with any other new fund. Also, the KYC status of those investors will be KYC registered/verified. Such investors will have to get KYC done again to invest in a new fund.
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If KYC status is on hold, this means the investor’s email, mobile number, and KYC documents are not verified.
