Do You Need to Update Your KYC?

Posted On Friday, Apr 26, 2024


New KYC Regulation Effective April 1st, 2024

With the implementation of new KYC regulations, your KYC Status may no longer be valid for making investments. KYC Registration Agencies (KRAs) shall verify the following attributes of KYC:

The records of those clients in respect of which all the above attributes are verified by KRAs with official database (such as Income Tax database on PAN, Aadhaar XML/DigiLocker/M-Aadhaar) shall be considered as valid records.

To avoid any delays or interruptions while doing a transaction, it is worthwhile to check your KYC Status and update if required with Valid Documents.

Types of KYC Status depending on the document submitted
Aadhaar is the Key document
No re-KYC needed
If your original KYC was done based on Aadhaar
If re-KYC needed: 2 Options available
Implications based on KYC Status & Need for KYC
Options to Update KYC
Online KYC
  • Visit our website and follow the step by step process
  • You can update your new or modify the existing eKYC
  • You need to complete offline Aadhaar XML verification or e-Aadhaar via OTP or through Digilocker
  • You need to verify the Contract details, complete the E-Sign process and Submit the Application
  • Once Aadhaar is verified with UIDAI, your KYC will be validated across all fund houses
Offline KYC
List of Officially Valid Documents (OVDs)
  • Aadhaar
  • Driving license
  • Passport
  • Voter card
  • Job card by NREGA
  • National population registry
  • Other documents notified by central government
  • Utility bills and bank statements can't be used

Disclaimer, Statutory Details & Risk Factors:

The views expressed here in this article / video are for general information and reading purpose only and do not constitute any guidelines and recommendations on any course of action to be followed by the reader. Quantum AMC / Quantum Mutual Fund is not guaranteeing / offering / communicating any indicative yield on investments made in the scheme(s). The views are not meant to serve as a professional guide / investment advice / intended to be an offer or solicitation for the purchase or sale of any financial product or instrument or mutual fund units for the reader. The article has been prepared on the basis of publicly available information, internally developed data and other sources believed to be reliable. Whilst no action has been solicited based upon the information provided herein, due care has been taken to ensure that the facts are accurate and views given are fair and reasonable as on date. Readers of this article should rely on information/data arising out of their own investigations and advised to seek independent professional advice and arrive at an informed decision before making any investments.

Mutual Fund investments are subject to market risks read all scheme related documents carefully.

Above article is authored by Quantum.

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