KYC not completed but mutual fund units have been allotted by SBI AMC ?

POSTED BY Sourav ON March 26, 2014 8:16 pm COMMENTS (3)

Dear friends.

I had applied for SIP in SBI Magnum Mid Cap fund – DIRECT – Growth. I had submitted the forms at the local SBI bank branch along with KYC application form 12 days back. But now there has been two problems.

1)  I got an e-mail telling me that I had invested in SBI Magnum Mid Cap Fund- REGULAR – Growth ; not the DIRECT option. This is entirely wrong. I have the acknowledgement slip as a proof for the DIRECT option.

2) The other problem is related to it.  SBI MF has allotted me units at the given NAV but I have not received KYC acknowledgement. KYC enquiry status shows \”NOT AVAILABLE\” status of my pancard.

Please suggest me what to do in this case.

With regards.

Sourav Chandra

3 replies on this article “KYC not completed but mutual fund units have been allotted by SBI AMC ?”

  1. Hemanth Chandra says:

    Dear Sourav,

    1) Regarding KYC, this has happened for me also when I invested first in UTI. The status is showing as ‘Not Available’, but I was allocated units. This ideally should not happen. But, may be because of some late update in the website, this is happening. After around 15 days, I got the acknowledgement of the KYC compliance.

    2) SBI bank is also an agent for SBI AMC, though they belong to SBI group. So, you are allocated in ‘Regular’ option. So, to change it to ‘Direct’, as Ashal said, better contact SBI AMC and submit a request to change from ‘Regular’ to ‘Direct’. To do this, it is better to wait till the KYC is completed and you get the KYC acknowledgement.

    Let me know in case of any clarification required.

    Regards,
    Hemanth

    1. Sourav says:

      Dear Ashalanshu and Hemanth.

      Thanks for your valuable suggestions.
      Once I get the KYC acknowledgement, I will change it to DIRECT option.

      With regards.

  2. ashalanshu says:

    Dear Saurav, first of all, please complete your KYC to avoid future reference. As you invested through SBI bank not SBI AMC, that’s the reason the Regular fund has been alloted to you. In case you want to fight it out, please inform SBI AMC for the same to convert your holding from regular to direct fund.

    Thanks

    Ashal

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