AMFI has extended the deadline for distributors to complete KYD requirements as almost half of them are still not compliant
Mumbai: AMFI has announced that the KYD deadline has been extended till March 2011. This means, distributors still have one more month to comply with the mandatory rule, failing which their commissions are liable to be withheld by the asset management companies.
The earlier KYD compliance deadline was to end today.
Cafemutual had earlier reported that the deadline is most likely to be extended as about 40,000 distributors still remained non-compliant.
AMFI took the decision after reviewing the KYD compliance status with CAMS, the registrar and transfer agent entrusted with the task of completing the KYD process. Distributors can go to any of the 60 points of service (POS) set up by CAMS to complete the KYD mandate.