So Indian Mutual funds are now required by law to have their customers Know your Customer or KYC for short verified for any amount of investment. Even a Rs. 500 SIP will need you to be KYC verified no matter what. So in December I decided to get KYC verified. To get your KYC verified, you have to fill up the online KYC form along-with PAN card and address proof and submit it to a center for processing these applications
Since then its been a long wait to get KYC certified. Its been around 3.5 months since I had applied for KYC but presently I have been able to hit the status ‘Present in verification’ only. Before this my status was stuck at ‘Present in Process’ for a very very long time. Approximately 2.5 months went by and the status remained ‘Present in Process’.
In the meantime my orders on Mutual Fund sites are being rejected as KYC is failed and its caused some loss to me as I wasn’t able to purchase units while the market was so down. The Indian Govt. is famous for such half baked ideas without any focus on actual implementations for the same.
The disclaimer on the site reads :
This KYC status shall be used exclusively for investment in mutual funds which have appointed CDSL Ventures Limited for centralized KNOW-YOUR-CUSTOMER (KYC) process, & shall not be used or relied upon for any other purposes, including commercial transactions, or more particularly for authenticating the identity of the investor .CVL shall not be liable to any person using this information for any purpose, other than investments in mutual funds.
But the reality is that all Mutual Funds are using this data to check your KYC eligibility and you are doomed if this doesn’t reflect correctly. To check your KYC verified status for investing in mutual funds, access :