KYC! Issues :(

POSTED BY Bond Bhai ON March 16, 2013 1:03 pm COMMENTS (9)

I am trying to open an account with FundsIndia. I have sent them all the docs including the KYC form and related documents to that. Now, FundsIndia is saying i have a record in NSE KRA with status as “Old Records Submitted” which means, the KYC is not complete. Since the record already exists they cannot initiate another KYC request, even if they do, it gets rejected 🙁

They have asked me get it updated by the previous Intermediatary (In this case ICICIDirect where i had an account before). But the problem is, i have closed this account and ICICIDirect refused to the KYC since i don’t have an account. 

FundsIndia has asked me to get the NSE KRA rejected so that they can initiate the new KYC. I dont know how to get this done!

Any suggestions on how to proceed?

 

Thanks!

9 replies on this article “KYC! Issues :(”

  1. Ravi says:

    Dear Bondbhai,

    I am into a similar situation, only difference is that my account is still active with ICICIDirect.

    Did you hear back from DotEx? Finally how did you get KYC Compliance?

    1. Bond Bhai says:

      Hello Ravi,
      Sorry i was not able to check this forum for sometime.
      If your ICICIDirect is still active, then you should not have any issues. All you have to do is submit the KYC forms again. It should get resolved. However, make sure the status goes to “Approved” and not just “Data and Image” Verified. My status is currently “Data and Image” verified, which according to Dotex guys is valid and complete and i can start investing but for FundsIndia (and a few other AMCs) it incomplete and dont accept applications for investment!!
      I am still stuck and trying to get this resolved. The Dotex guys can only answer your queries, they cannot change anything from their end. It has to come from Broker who “first” initiated your KYC. Make sure you go to ICICIDirect branch and not ICICIBank.

  2. Dear Deepak, to get the proof of KYC ok, please take the print out of the screen shot of your KYC compliance at cvlindia site.

    Thanks

    Ashal

    1. dipak kalola says:

      Thanks Ashal for your continuous help
      Deepak

  3. Bond Bhai says:

    Dear Srikanth/Pattu Sir : Thanks for the response. I will try contacting the NSE KRA people. I have sent them an email, tried calling them but got to know they were “off” on weekends.

    Ashal Sir, Thanks for the suggestion 🙂 If i don’t receive any reply from NSE, i will probably have to try this.

    Thanks,
    Ashwin

  4. dipak kalola says:

    Hi Ashal
    I have a query on KYC. My kyc has been done. I m investing in MF via distributor. Will I get anything like receipt as proof of my kyc from CVLKRA? My distributor says No. Still I havent got anythng but on website kyc is ok.
    Thanks…
    Deepak

  5. Dear Bondbhai, were you investing earlier using I-direct or not? Either contact CVL india or a practical way, Contact I-direct & invest 10K Rs. into a liquid fund through. As there ‘ll be a broker code of I-direct to avail trail commission, the people ‘ll get your KYC done for you. Once this KYC is done, should I say more your next action? 🙂 🙂

    Thanks

    Ashal

  6. Why don’t you write to
    https://www.nsekra.com/Launch/kra_investors.aspx

    Not sure if cvlindia can also help.

  7. Hello sir,

    Srikanth from FundsIndia here. Sorry about your issue.

    This is a classic problem, unfortunately. One in which we can do little by ourselves without your help. Other KRAs will not process your KYC in this situation.

    Since ICICI Direct will not help you, the only thing you can do is to write to NSE KRA and ask them to close this application without completing. Then, we’ll be able to process the KYC as a fresh case.

    Please write to dotex_krafeedback@nse.co.in with your PAN number asking them to close the application. Please let us know (email to welcome@fundsindia.com) when you hear back from them.

    thanks,

    Srikanth

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