KYC Status ‘UNDER VERIFICATION’ and Investment done – Is that an issue?

POSTED BY Saravanan ON May 9, 2013 9:21 am COMMENTS (4)

Dear Forum Members, I have initiated KYC verification through ICICI Direct around end of March and it is ‘UNDER VERIFICATION’ state now. Its not yet verified. Recently I opened an account with FundsIndia and they also checked it and said no new KYC is needed as soon it will become ‘VERIFIED’.

I have two questions now:

1. How long it takes from ‘UNDER VERIFICATION’ to ‘VERIFIED’ in CVL-India website?

2. I have done some initial investment through FundsIndia and the document I received from AMC has ‘KYC not Complied’ against my PAN. Is this has an issue? Should I need to wait untill status becomes verified, to make any future investments?

Please kindly clarify. Thanks.

4 replies on this article “KYC Status ‘UNDER VERIFICATION’ and Investment done – Is that an issue?”

  1. Dear Sarvanan, please continue with your investments. The KYC issue can be solved later on.

    Thanks

    Ashal

  2. Saravanan says:

    This is from Q&A section of CVL KRA website, this clarifies my query to some extent.

    12. Can the demat account be opened by the Intermediary if the KYC is under process? Or will the Intermediary have to wait for confirmation from the KRA?
    Ans: If the KYC is under process, the Intermediary can go ahead and open the account. However in case of any discrepancy or rejection, the onus is on the Intermediary to rectify the same.

  3. Bond Bhai says:

    Unfortunately, unless your KYC is “Verified”, you cannot make investments. If your dcouments are already submitted it should take anywhere between 15days to 2 months to complete. if you think its getting delayed, please contact cvl and ask them about status and if anything needs to be done.

    1. Saravanan says:

      I am able to make investment, that is not an issue. I got the Account Statement from Mutual Fund house with Folio Number, Number of units purchased etc. Its a direct mail from them. Its an account statement, in that against my PAN its mentioned as ‘KYC not Complied’. My question was Is it fine to invest with this status in the statement?

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