After the 31 March deadline to revalidate one’s KYC expired, a mutual fund investor’s KYC status broadly falls under one of three categories. That determines whether you can continue investing in just your existing funds, or new funds with other AMCs, or you get blocked from all transactions.
If your mutual fund KYC is not based on an officially valid document as specified by CAMS and KFintech, you will have to re-do your KYC by March 31, 2024. Failure to do this will mean you will not be allowed to do any MF transactions from April 1, 2024.
Reserve Bank of India has issued some new guidelines to spread awareness on KYC frauds. KYC frauds claim one of the largest number of victims across the country, with people losing lakhs. All mobile operators including Airtel, Vodafone-Idea and Reliance Jio too have warned users against KYC fraud. RBI recently issued new dos and don’ts on banking KYC fraud.