Deadline for KYC Registration Agencies (KRAs) to re-verify KYC of Mutual Fund investors using Aadhaar as Officially Valid Document (OVD) for KYC prior to November 1, 2022 expires on April 30, 2023 Is happening
The Securities and Exchange Board of India (SEBI) has already extended this deadline several times. As per its last circular, KYC records of all existing customers (who have used Aadhaar as OVD) shall be validated within a period of 180 days from 1st November 2022, with the cut-off date extended from 1st July 2022 Will go
As of now, the market regulator has not extended the cut-off date, so the deadline remains April 30, 2023.
SEBI, in its first circular on the matter in April last year, said that “clients whose KYC records are not found valid by the KRA after the verification process, may be allowed to transact in the securities market only after the KYC is validated.” Will go”.
In case, KRAs have not yet reached investors for re-verification, mutual fund distributors may ask their investors to re-verify KYC using Aadhaar-based XML or e-Aadhaar or Virtual ID (VID) Are.
Once the re-verification is done, SEBI said the KRA will provide a unique client identifier to the investor. This “KRA identifier can be used by the customer to open an account with any other intermediary without repeating the KYC process”.
In case of KYC based on non-Aadhaar OVD, SEBI in its April 2022 circular stated that “KRA shall store only such records and the same shall not be validated by KRA unless Aadhaar number is provided by the customer”. .
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