New KYC Rules: Here’s what you should know if you are a Mutual Fund Investor
Mutual Funds April 25, 2024
Siddhi Sharma, CFP®
Money Coach, Lxme } NISM Certified
What is KYC?
KYC stands for Know Your Customer which refers to the process of verifying and authenticating the identity and address of all customers and clients by banks, insurance companies, Mutual Fund companies, and other institutions they are availing financial services.
What is the change from 1st April 2024?
SEBI issued new guidelines on KYC Status with effect from 1st April 2024, where 3 statuses have been mentioned such as Validated✅, Registered📋, and On Hold✋.
What are the attributes affecting your KYC status?
| Types of Documents | Status | Implications | Actions Required |
| KYC done with Aadhar Submission | Validated | No Implications | No Actions Required |
| KYC is done using officially valid documents other than Aadhar. (Like driving licence, voter Id, or any other document notified by Govt.) | Registered | Can transact only where investor already has investments allowed. | Do re-KYC for each new AMC or use Aadhar to get validated |
| Non-official valid documents submitted/ mobile or email not verified | On Hold | All transactions blocked | Submit officially valid documents & verify mobile or email |
How to check your KYC status?
To check your KYC status follow the below steps:
Step 1: Visit your KRA website (Links to the KRA website are mentioned in the next point)
Step 2: Click on KYC enquiry.
Step 3: Enter the PAN details and submit
Step 4: The details displayed will indicate the proof/status used for your KYCStep 5: For further assistance, contact the Mutual Fund, RTA (Registrar and Transfer agents) helpline.
What to do if you are a Lxme Investor?
Don’t worry, you can connect with our Money Buddy Team.
Contact Number: 0291 666 1010
Email Id: contact@lxme.in
Links to KRA Websites:
CVL: https://www.cvlkra.com/
NDML: https://kra.ndml.in/kra-web/jsps/pos/KYCClientInquiry_NEW.jsp
CAMS: www.camskra.com
NSE: https://www.nsekra.com/
KARVY: https://www.karvykra.com/UPanSearchGlobalWithPanExempt.aspx
How can you update your KYC status to “KYC Validated”?
– Log in to any of the Mutual Fund’s website
– Then visit the page “Modify/Update KYC”
– Follow the steps such as entering your details and uploading documents as required.
– Once the EmailID/Mobile number is validated and also other details entered/uploaded are validated by the KRAs with an official database (such as the Income Tax database on PAN,
AadhaarXML/DigiLocker/M-Aadhaar), the KYC status will change to“Validated”.
NOTE:
-For changing your KYC status to “KYC validated” your PAN and Aadhar should be linked.
Share this blog with your friends and family to make them aware✨Bookmark this blog for future reference🔖
Please note, The Lxme Dream Card services has been discontinued from 30th November, 2024 to make way for something very exciting!
Sorry for the inconvenience caused and stay tuned for something really special!
New Investor? Request a Callback.
Fill in your details and we will guide you at every step
other blogs
Mutual Funds March 28, 2025
How To Invest in Gold Mutual Fund Through SIP?
Women and gold share a deep bond for ages. Traditionally, buying gold jewelry or physical gold in the form of bars, coins, etc. has been seen as a form of investment. But times have changed & evolved, so we need to evolve too! Now, you can invest in gold without physically owning it, with no … How To Invest in Gold Mutual Fund Through SIP?
By Siddhi Sharma, CFP®
Mutual Funds March 17, 2025
What Is NFO and How Can Investors Benefit from It?
Once a woman starts learning and managing her own money, she naturally becomes curious about newer financial concepts. The more she understands, the more she wants to explore different ways to grow her money. One such concept is NFO (New Fund Offer) a term that many women in our community have been asking about. So, … What Is NFO and How Can Investors Benefit from It?
By Siddhi Sharma, CFP®
Mutual Funds Saving March 4, 2025
Best Saving Schemes for Women in India
Women need to save and invest more than men do because of things like longer life expectancy, pay gaps between men and women, and taking time off to care for family members. These money-saving tips and different savings schemes for women can help women become financially independent, build wealth, and prepare for emergencies. These make … Best Saving Schemes for Women in India
By Siddhi Sharma, CFP®