Mutual fund investment accounts of many were flagged for re-KYC and they had to complete the exercise by April 1, 2024, failing which their folio would have been frozen. One of the primary reasons for this exercise was because some changes were made to the list of deemed officially valid documents (OVD). Earlier bank statements and utility bills were considered as OVD, but they are no longer valid documents for mutual fund investment accounts. The next question which arises is whether the re-KYC ..
