Are you confused with your KYC status? Here's what you need to know!

KYC Validation

As per the latest regulations effective 01 April 24 an Existing Customer with a Mutual fund would be able to transact freely with a “KYC Registered” status. For a new customer to a Mutual fund either Re-KYC with one of the officially valid document or Aadhar based KYC as a one-time activity needs to be done. Also note, if Re-KYC with any other officially valid documents apart from Aadhar will result in the customer re-doing it every time he invests with a new Mutual fund.

Hence, it is recommended that you do KYC using Aadhar as a one-time activity so that you can transact freely in the mutual fund of your choice as Aadhar is the Universally accepted officially valid document.

KYC status matrix showing transaction eligibility and Re-KYC requirements for existing and new customers.

This table summarizes KYC status requirements and transaction eligibility for existing and new customers. KYC Validated customers are allowed to transact for both existing and new customer scenarios. Customers with On Hold status are required to complete Re-KYC due to reasons such as mobile number or email validation not completed, PAN and Aadhaar linking issues, or document discrepancies. KYC Registered customers with Non Aadhaar Officially Valid Documents are allowed to transact as existing customers but must complete Re-KYC for new investments using acceptable officially valid documents such as Aadhaar, Passport, Voter ID, Driving License, NREGA Card, a National Population Register letter, or other government-issued proof. KYC Registered customers with Aadhaar Officially Valid Documents may continue transactions as existing customers but are recommended to complete Aadhaar validation to obtain KYC Validated status. Resident Indian customers with Registered KYC status are allowed to transact as existing customers but must complete Re-KYC using acceptable Officially Valid Documents for new investments. Validated Non Resident Indian customers are allowed to transact as both existing and new customers. The note states that Aadhaar is universally accepted and customers are recommended to complete a one-time KYC or KYC modification using Aadhaar.

 

The KRAs have changed the KYC status of all existing KYC complied investors after validating above 4 attributes such as PAN, Name and Address with the official database (such as Income Tax database on PAN, Aadhar XML/DigiLocker/M-Aadhaar) and Email ID/Mobile number (where provided). The status will be either KYC Validated, KYC Registered or KYC On Hold.
For checking your latest KYC status, please visit the links shared below :


In case, you find your KYC status as ON HOLD/ deactivated/ invalid/ in process/ rejected, kindly proceed with the modification of KYC.

Click here to Modify your KYC.

For Modification of KYC on Mirae Asset website Read this document.

Please reach out Customer Care on 1800-2090-777 for any further assistance.