KYC Verified investors to transact in Mutual Funds:
Presently, the Association of Mutual Funds in India ended its previous accepting applications from its head of operations. The previous accepting application included with cheques and KYC forms. Firstly, investors need to complete their KYC process after that their status will appear as verified in KRA like CVL or CAMS.
Also, in mutual funds, most of the investors have deposited their investments without completing their KYC process. If the PAN card did not properly scan then the KRA rejected the KYC. Mid-sized mutual funds, head of the operations said about those investors need to complete their KYC process against their name.
He also said, if the investors already get the units from any fund they can perform like a KYC verified investor. AMFI declared a notice that irregular KYC investors need to complete their KYC process. It has mandatory for fresh investments/ redemptions/ switches investments.
Moreover, fresh investors need to complete the KYC process for their new investments and verify their status before investing. Alongside applications, AMFI has also slated to circulate a form showing intent to invest in mutual funds. This form will be taken in place of an application form and cheque at the time of doing KYC.