How long does it take to get KYC Verified for Mutual Funds?

POSTED BY Ramprakash ON May 11, 2012 3:39 pm COMMENTS (10)

How long does it take to get KYC Verified?

I had submitted the required docs to icicidirect on 16th April.

The following is the status on the two mentioned sites.

https://www.cvlindia.com/

Status : PRESENT IN PROCESS-DOCUMENT YET TO RECEIVE
KYC Verified Date : 26-Apr-2012
Current Date : 11-May-2012

https://www.cvlkra.com/

Status : DOCUMENTS RECEIVED
KYC / Modified Date : 02 May 2012 15:27:02
Current Date : 11 May 2012

Thanks
Ramprakash

10 replies on this article “How long does it take to get KYC Verified for Mutual Funds?”

  1. shashank yadav says:

    How much time does it take for kyc verification from the date of submission of form.

    1. Jagoinvestor Admin says:

      Hi shashank yadav

      It takes generally 5-10 days.

    2. It takes close to 7 days max

  2. Ramprakash says:

    Ye Ashal, I have invested 10k lumpsum in Quantum LTE and 20k in Quantum Liquid fund. They allowed me to do so online when my KYC status was “PRESENT IN PROCESS-DOCUMENT YET TO RECEIVE”. But SIP is not allowed till KYC formalities were over. So my 5k SIP will start on 28th June.

    Yesterday, I had got my fundsindia.com account provisonally activated by uploading the scanned documents. So I made a lumpsum investment of 10K in IDFC Premier Equity – A (Yesterday was the last day for lumpsum investment in this fund) and 5k in Franklin Bluechip (This fund mandates there to be an initial investment before a SIP can be registered).

    Have couriered them the documents to fully activate the account along with SIP requests of
    2k in IDFC Premier Equity
    3k in HDFC Top200. These SIPs will start in Mid July.

    Will add a 2k SIP in Franklin Bluechip once the documents reach fundsindia.com and all necessary formalities are complete.

    One thing I observed was AMC websites allow to invest for the same day NAV till 3PM whereas Fundsindia allows only till 2PM. So for those who like to invest on an adhoc basis (rather than regular SIP) registering and investing directly on the AMC websites may be a good idea. But for Regular SIP, Fundsindia looks to be the best option as one gets the added advantage of multiple AMCs on a single platform.

    1. Dear Ramprakash, thanks for all the update. I’m using fundsindia for my own money but instead of SIP, I’m using STP.

      Thanks

      Ashal

  3. Ramprakash says:

    Finally yesterday my status got changed to ‘Verified’ on https://www.cvlindia.com/

    So from my personal experience I can say that it takes around 30-45 days to get the status updated to verified.

    Chronology:
    13/14 April: Submitted KYC Application with necessary proof at icicidirect office

    Status on https://www.cvlindia.com/
    26 April: Status got changed from Invalid to ‘PRESENT IN PROCESS-DOCUMENT YET TO RECEIVE’
    23 May: Status got changed to ‘Physical presence and front office verification done’
    30 May: Status changed to ‘Verified’

    Status on https://www.cvlkra.com/
    2 May : Status changed to : DOCUMENTS RECEIVED
    28 May: Status changed to : ‘verified by CVLKRA’

    In between I had written a few mails chasing them up, but none of the mails were replied to.

    I had also tried calling the helpdesk numbers [CVL– Helpdesk: (022) 61216908 / 09/ 10/ 11/ 12/ 25] listed on the site, all of these were “engaged/ out of order” all the time. Not even once I was able to reach the helpdesk.

    Then I got to know that there are other two numbers which are NOT listed on the site. These are (022) 61216914 / 15.

    1. Dear Ramprakash, finally all’s well that ends well. Congratulation for KYC verified. Now start investing.

      Thanks

      Ashal

  4. Ramprakash says:

    Thanks BFA.
    I will wait for one more week and if the status does not get updated, will shoot a mail.

    1. Dear Ram Prakash, you may mail a query right now.

      Thanks

      Ashal

  5. BanyanFA says:

    Hi Ram Prakash,
    I think you should be fine and need not worry for the ‘Verified’ status. However, it may be a good idea to just send them an email at cvlhelpdesk@cdslindia.com with your PAN card and ask them by when it would be ‘Verified’. They are generally very prompt in responding back.

    It takes around 1 month to see the ‘Verified’ status of KYC on CVL’s portal.

    Regards
    BanyanFA

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