Investors whose KYC records have been successfully verified using the accepted OVDs, coupled with confirmed mobile numbers and email addresses, are exempt from undergoing this verification process.
Stock market: Investors active in the stock market and mutual funds trading whose Know Your Customer (KYC) credentials are found to be inconsistent with the officially valid documents (OVDs) have been asked to update their information before March 31, 2024. That means just one day is left to update the KYC information. Failure to do so will result in the invalidation of KYC status.
However, it is crucial to note that this requirement doesn’t apply to all. Investors whose KYC records have been successfully verified using the accepted OVDs, coupled with confirmed mobile numbers and email addresses, are exempt from undergoing this verification process.
A circular by CDSL Ventures dated March 28, 2024, stated: “For such older KYC cases (i.e. Non Aadhaar-based KYC records lodged up to August 2023), where the KYC record meets the PAN – Aadhaar seeding validation (where applicable and already implemented w.e.f. July 01, 2023) and Email / Mobile are validated by KRA and the KYC record is in verified (KYC Registered) status with KRA, such investors will be allowed to continue transacting in securities market with their existing intermediary. However, these investors would need to undergo fresh KYC as per the extant framework for getting onboard with any new intermediary. Accordingly, it may be noted that such older KYC cases where email ID/mobile number validation is not successful, such KYC records would need to be put ‘ON HOLD’ in the KRA system with effect from April 01, 2024.”
