Mutual Funds: KYC of mutual funds will not be done through bank statement, now only these documents will work

Market regulator SEBI has made fresh KYC mandatory for mutual fund investors. Its deadline of March 31 has already passed, but investors have been given relief from account blocking. Now a big update has come out regarding the documents on KYC.

Changes implemented from April 1

SEBI has made some changes in the KYC documentation. According to the changes implemented from the beginning of the new financial year i.e. 1st April 2024, now investors can get fresh KYC done with some selected documents only. Many investors used documents like bank statement or utility bill to get KYC done. The regulator has shocked them and removed bank statement and utility bill from the list of valid documents.

These documents will be accepted

  • Aadhar Card.< /strong>
  • Passport.
  • Driving License.
  • Voter ID Card.
  • NREGA Job Card.
  • Any other document approved by the Center under the agreement with the regulator.

These documents will not work

SEBI has told mutual fund distributors that now documents like bank statement or utility bill will not be accepted in KYC. In KYC, the investor has to fill a KYC form, along with which identity proof and address proof documents have to be submitted.

This relief given before this

Earlier this mutual fund Investors have got some relief in the matter of fresh KYC. Earlier it was being said that the mutual fund accounts of investors who do not get fresh KYC done by March 31 will be blocked. Now giving relaxation in this, it has been said that if an investor is not able to get fresh KYC done by March 31, he will still be able to do transactions in his mutual fund folio. If fresh KYC is not done by March 31, 2024, mutual fund accounts have not been blocked, but have been put on hold. As soon as investors get fresh KYC done, their mutual fund accounts will be removed from hold.

Also read: Were the companies making TMT bars evading tax? The department has doubts about this.

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