No Blocking of Mutual Fund Accounts on breaching March 31 Deadline
The KYC registration agency, CDSL Ventures has informed the distributors ahead of the re-KYC deadline for mutual fund investors that it is not mandatory for mutual fund investors to do their KYC again in order to continue their existing portfolio transactions.
But in an e-mail, it was stated that these investors need to do fresh KYC as per the guidelines of the current framework in order to be onboarded with any new broker.
MF distributors have received communications from the registrar and transfer agents saying that those investors who haven’t done their KYC yet with valid documents will have to do their KYC again by the deadline i.e. 31st March 2024.
Those investors who fail to redo their KYC before or till the deadline will not be able to use their accounts as all the transactions will be blocked in the existing portfolio.
The e-mail sent to MF distributors by the registrar and transfer agents stated that the investors not necessarily have to redo the KYC but they have to validate their mobile number and e-mail ID for KYC records, if they do not do so, their KYC will be “put on hold” with effect from 1st April 2024.
