AMFI is likely to extend the deadline for all distributors to comply with KYD requirements; a large number of distributors are still to comply
Mumbai: Those distributors who have yet to complete their KYD may get some more time. Our sources tell us the AMFI ARN committee is considering extension of the deadline for completion of the KYD process by another two months.
All distributors, including those based overseas, were required to complete KYD requirements by the end of this month.
AMFI in consultation with SEBI is likely to extend the deadline till the end of April, the sources said. A formal announcement is likely in the next couple of days. “The decision is not taken yet. Around 40,000 distributors have completed their KYD. By and large all active distributors have completed the process. We will take a decision in a day or two,” said V Ramesh, Deputy CEO, AMFI.
A large number of distributors are still to comply with the KYD requirements. Registrar and transfer agent, CAMS data shows that there are close to 81,287 registered ARN holders in India. Not all of them are active.
Cafemutual had earlier reported about the possibility of the KYD deadline being extended.
