Understanding the New KYC Rules: Insights From CA Bhagyashree Thakkar
CA Bhagyashree Thakkar a finance influencer highlights the new KYC rules implemented from 1st April.
Understanding the New KYC Rules: Insights From CA Bhagyashree Thakkar
Photo Credit: CA Bhagyashree Thakkar Instagram
- Bhagyashree Thakkar is a renowned finance influencer.
- She highlights the new KYC rules.
- She simply described the KYC verification steps.
If you are a mutual fund investor, Then your mutual fund account may be frozen and it may become difficult to withdraw money from the mutual fund. Yes, it is true. CA Bhagyashree Thakkar a finance influencer and a digital content creator shares some important details on KYC. According to the Bhagyashree SEBI (Securities and Exchange Board of India) changed the KYC rule on 1st April 2024. It means the existing KYC status of many people has become invalid because they have changed the list of officially valid documents for getting KYC done.
Bhagyashree describes how the selector now accepts a small range of officially registered documents like- Aadhar, passport, and voter ID, instead of previous documents like bank statements and electricity bills. If your KYC was done with this document ( bank statement and electricity bill) and your email and mobile number is not verified then your account will be put on hold. And you would not be able to make transactions.
How KYC Problem solve:
If you want to get rid of this problem then you have to undergo a new KYC process by submitting the document according to the new guidelines at any mutual fund platform.
How to check whether your KYC is invalidated or not:
Here are some official websites to check KYC validation:
- CVL KRA
- CAMS KRA
- KARVY KRA
- NDML KRA
- DETOX KRA
How Does eKYC OTP-Based Aadhaar Verification Work?
- Investors have to provide mobile numbers and email (at least one should be registered with Aadhar)
- OTP is sent to both mobile and email IDs once UIDAI validation is complete.
- On successful OTP verification, investors upload a PAN copy which is validated with NSDL (national securities depository limit).
- For address proof verification, UIDAI will send OTP to investors using either registered mobile or email.
- On successful authentication of OTP, UIDAI will provide an Aadhar PDF and investor photo.
These regulations become a difficult challenge to the customer. On the other hand, these changes signify a necessary shift towards promoting the honesty and security of financial systems. By using the expertise of CA Bhagyashree let's stay positive in adapting to regulatory changes. And navigate all the challenges with confidence and honesty.
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Further reading: CA Bhagyashree Thakkar, CA Bhagyashree Thakkar finance, CA Bhagyashree Thakkar Instagram, New KYC Rules, Finance influencer, Verification steps
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