My Tips Towards Wealthy

Friday, January 28, 2011

How to get KYC Status VERIFIED ?

From January 1, 2011, it is mandatory to be KYC [Know Your Client] compliant to start new SIP/STP or do any additional purchase of mutual fund units as per the circular issued by SEBI. Here are the formalities to complete the KYC procedure.


1) Download the KYC form from the following link
http://www.cvlindia.com/downloads01.html



2) Enter all the details required in the KYC form.

3) Attach a copy of the PAN card and Passport.

4) Find the nearest Point of Service [PoS] which accept the KYC form and documents. You can get a list at the following link
http://www.cvlindia.com/include/excel/POS%20List%20for%20AMFI%20Website1.xls

5) Visit the PoS and submit the following
5.1) Original KYC Form with Photo and Signature
5.2) Original PAN + Passport
5.3) Copy of PAN + Passport self attested

6) Collect the Acknowledgement Slip from the PoS. This is how a KYC acknowledgement letter looks like


7) Now keep checking the following website
http://www.cvlindia.com/

8) It may take one week to get the "DOCUMENT YET TO RECEIVE" status.

9) It may take one week to get the "PRESENT IN PROCESS" status.



10) It may take two more week to get the "PRESENT UNDER VERIFICATION" status.

11) Then one more week to get the VERIFIED status

12) Once you are KYC verified just inform the fundhouse like HDFC/Reliance via e-mail that you are KYC compliant. Now they will update your KYC status and will allow you to do transactions of mutual fund units as usual. Happy Investing.


67 comments:

  1. It is more than a month that I've submitted all the required documents, but status is still "PESENT IN PROCESS".

    ReplyDelete
  2. Same with many more of my collegues...

    ReplyDelete
  3. @Akshay, Which document do you submit as proof of address ?

    ReplyDelete
  4. I had submitted documents on 21st Dec 2010
    27th Dec 2010: Present in Process- Document yet to receive
    20th Jan '11: Present in Process
    1st Mar '11: Present under verification

    Lets see how long it takes for verified status

    ReplyDelete
  5. I had submitted documents in Dec"2010 through Axis Bank who in turn sent it through Cams.only on 1st march website showed Present in proess. why is it taking so much time? S.Basu

    ReplyDelete
  6. I had submitted documents on 14th feb and now the status is "FRONT OFFICE VERIFICATION DONE". Does this mean that its done or I have to wait for some more time till it becomes VERIFIED

    ReplyDelete
  7. I had applied on 19-Jan-2011 and my status is also "FRONT OFFICE & PHYSICAL VERIFICATION DONE".

    Does this mean it is verified???

    Appreciate any help in this direction..

    Vinay

    ReplyDelete
  8. same with me. my status shows Front office verification done. Is there a backoffice verification to be done?3months have gone since my submission.

    ReplyDelete
  9. @Brijesh and others, FRONT OFFICE VERIFICATION DONE seems to be the first step. You need to wait for some more time till it become VERIFIED.

    Seems like the KYC verification department is loaded with huge number of applicants and hence the delay in the process.

    ReplyDelete
  10. I got my status verified today. One week after it was updated to FRONT OFFICE AND PHYSICAL VERIFICATION Done.

    ReplyDelete
  11. my status shows- front office verification done.can I sell my elss investments for which
    3-yr lock-in period is over?

    ReplyDelete
  12. I think you can submit the KYC acknowledgement letter to the fund house and start buy or sell. But still some fund house wont allow buy or sell before the verification is DONE

    ReplyDelete
  13. I have submitted my KYC Application on February 2011. My application status is Front Office & Physical verification done. How many days are request to get it verified

    ReplyDelete
  14. @Anonymous, seems like the time to verify depends on the number of pending applications to be verified. There is no need of panic. In case of any issues with the documents you have submitted they will contact you.

    ReplyDelete
  15. This comment has been removed by the author.

    ReplyDelete
  16. Anita is still waiting for the status to turn "VERIFIED" from "FRONT OFFICE & PHYSICAL VERIFICATION DONE" since 22-Mar-2011 as it shows as last date of update. Hope CVL Officials look into this and clear the load at the earliest.

    ReplyDelete
  17. @Anita, lets hope CVL will look into this matter at the earliest. The time to get verified status depends on the number of pending applications to be verified.

    ReplyDelete
  18. I have submitted kyc form at burdwan cams office but still shows present in process.{pradeep chatterjee.

    ReplyDelete
  19. If status is not changed for a while, contact cvl helpdesk and ask for udpate. telphone numbers are there in cvlindia website. I did this for myself.

    ReplyDelete
  20. WHAT DOES THIS MEAN

    HOLD-Modify correct pan no !!
    NARAYANARAO BABURAO SUNKAD

    ReplyDelete
  21. called the helpdesk.....said they received documents 2day..told me to check after 10 days

    ReplyDelete
  22. I have the status as "FRONT OFFICE & PHYSICAL VERIFICATION DONE" from 6-Mar-11 till today.

    How long I have to wait, can somebody please update the helpline line if its handly with you guys.

    ReplyDelete
  23. @NARAYANARAO BABURAO SUNKAD, seems like there is some mismatch in the PAN Card number. Please contach with the cvlindia.
    http://www.cvlindia.com/downloads01.html

    ReplyDelete
  24. I had applied for KYC status. It showed front office verification done for nearly one and half months and since last about one month, when I check, it shows error. Nobody from cvl has contacted me and nothing is known to me yet. Their helplines never connect. They dont reply to mails which I sent. What to do ?

    ReplyDelete
  25. FYI, i got KYC verfied status in just 12 days. Submitted application directly on 15th july and got it to be KYC verified on 27th july. Is that an all time record.

    ReplyDelete
  26. @Sreeram, Wov...that seems to be an all time record. Congrats..!!

    ReplyDelete
  27. I have just submitted the KYC form In a POS at Kolkata, West Bengal. They just put a stamp of them on my photocopied KAF and returned to me with NO acknowledgement form. They said it will directly mailed us to my corresponding address by 10 days. Is it usual? I have never read a response like it anywhere in the internet. I am very new to this field and I am real concerned in this matter.

    ReplyDelete
  28. the sebi needs to look into the whole matter carefully and judiciously. many investors who want to open a Sip are unable to to do so as KYC is now mandatory. first the SEBI needs to put its House iN order and remove these technical snags and loopholes.. for a retail investor PAN SHOULD BE THE ONLY CRITERIA AND KYC CAN BE SLOWLY ADMINISTERED INTO THE SYSTEM. MAKING IT COMPULSARY IS VERY WRONG

    ReplyDelete
  29. FRONT OFFICE & PHYSICAL VERIFICATION DONE on 10th sept 2011, let us see when it is going to be verified

    ReplyDelete
  30. @Sanjoy bose... There is no scope of mailing you the KYC! You should have forced them to give the KYC acknowledgement letter. After that the only proof u get is the KYC verified status from the website of CDSL. No emailing/post nothing ....

    ReplyDelete
  31. thanks buddy, really appreciated the info

    ReplyDelete
  32. dear it showing old record submitted
    my kyc is done or not

    ReplyDelete
    Replies
    1. apply for fresh kyc with all documents submitted

      Delete
  33. what do we need to do in case of status is "Old Rescord Submitted

    ReplyDelete
  34. for me it is showing "Old Rescord Submitted": is there any extra form need to fillup for this status?

    ReplyDelete
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