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SEBI Chief Madhabi Puri Buch said that the KYC registration agencies (KRAs) validate KYC status of investors within 7 days. She said that this information was based on the aggregate data that SEBI receives.
Buch was answering to a query raised by Cafemutual on the issue of delay in KYC validation by KRAs at an event organised recently by NSE in Mumbai.
Buch advised MF investors to directly take up the issue with the respective AMC or KRA if there is further delay in the KYC validation process.
Earlier, AMFI directed MFDs and their clients to first reach out to the respective AMC through their relationship managers or insist on clients to use SEBI platform to lodge their complaints.
As a first step, MF investors and MFDs should reach out to the respective AMC to take up their complaints with the KRA. The operations team of the AMC can help MFDs and their clients to resolve this issue.
If the matter remains unresolved within a reasonable time, MFDs should assist their clients to register their complaint in SEBI Complaints Redress System (SCORES) portal at https://www.scores.gov.in/. Your clients can select the Category ‘KYC Registration Agency’ from the drop-down menu before lodging complaints.
