For crores of investors, market regulator SEBI has brought much-needed comfort. The newly imposed modifications to KYC regulations have been somewhat simplified by SEBI. More than a crore investors whose mutual accounts were placed on hold will profit from this.
In KYC, SEBI granted this waiver.
Following SEBI’s relaxation, PAN, name, address, email address, and mobile number can now be verified by KRAs, or KYC registration agencies, using the official database. According to SEBI, this information will be regarded as a validated record if it is discovered in the order. The modifications took effect on April 1. Before, SEBI had made KYC requirements for investors in mutual funds more stringent. Many investors had to re-complete KYC as a result of the regulator’s adjustments. Investors whose mutual fund accounts did not undergo new KYC were required to have their accounts held until April 1, 2024, when these regulations went into force.
A huge number of accounts were suspended.
It was reported that around 1.3 crore mutual fund accounts were held since the KYC was not completed. Investors’ accounts have been placed on hold because, according to KYC registration authorities, they either utilized documents that are no longer legally viable or did not complete KYC through Aadhaar. However, these investors are expected to get relief from the latest exemption given by SEBI.
These investors will experience comfort.
Having a mutual fund account gives investors who are non-resident Indians (NRIs) or reside in any other country outside India extra trouble. His mutual fund account was put on hold, so he was unable to take any withdrawals. The account hold can now be released and the KYC can be deemed complete following KRA verification.
Read More: EPFO to give Rs 1 lakh under this facility to 6 crore PF holders!
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