Your MF transaction could get impacted after March 31 if you haven't done this

Your mutual fund transactions could face disruption if you miss the March 31 deadline to re-do their KYC. MF investors whose KYC is not based on any ‘officially valid documents’ must get this done to avoid any restriction from carrying out transactions. 

The same has been reportedly communicated through emails sent by registrar and transfer agents (RTAs), CAMS (Computer Age Management Services) and KFin Technologies (KFintech) to mutual fund distributors.

What could get impacted? Missing this would impact your SIPs (systematic investment plan), SWPs (systematic withdrawal plan) or redemptions from April 1. 

Mismatch of name in PAN and MF Folios and non-verification of email id and mobile number of clients who have not used Aadhaar as officially verified document could see problems. Aadhaar, passport, voter ID card are some of the officially valid documents. 

Deemed official valid documents that need re-KYC, include identity cards issued by the central or state governments, letters issued by gazetted officer, utility bills, property or municipal tax receipts, bank account/post office account statements, and pension or family pension payment orders. There is ambiguity over driving licence as proof for KYC. CAMS communication says that accounts that show driving licence need to resubmit their KYC, while Kfintech lists a driving licence as an officially valid document.

Investors should first check if they need to do re-KYC. You can go to the CVL KRA website to check or call up the mutual fund houses or RTA helplines to find out if they need to redo their KYC. 

The re-KYC cannot be done online, which can be inconvenient for many investors.