As per the AMFI notice acceptance of mutual fund,
participation application is now change come to the effect from 28th February
2020. Now the old method of accepting application will be no longer available.
To invest in mutual funds, investors should complete their KYC, and their Kyc
status should appear verified with KYC registration agency like CVL and CAMS.
Many people participated in mutual funds investing without
completing their KYC. In case of
unsuccessful scanning of pan card, in such case, KRA invites the KYC rejection,
and such investors will get KYC against their name. As investment amount
already been received from the investors, he/she will get the units in mutual
funds and will be able to transact just like KYC verified investors.
According to the AMFI investors which participating in
mutual fund investments without completing of verified their KYC neither be
able to make fresh investments nor redeem their investment without completing
their KYC. Same as new investors also
need to complete KYC and get verified from KRA to made investments in Mutual
Funds. Some of the mutual fund houses have a large number of investors who will
not complete their KYC, AFMI will pass form for the investors who are
interested in investing in mutual funds. This form will be submitted on the
place of application form and cheque at the time of KYC.
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