Mutual fund accounts of many investors have been flagged recently because their Know Your Customer (KYC) has not been updated in accordance with the new rules that came into force on April 1. Market regulator, the Securities and Exchange Board of India (Sebi), has revised its list of officially valid documents (OVD). Bank statements and bills used to be acceptable for mutual fund (MF) KYC, but not anymore. Non-compliance with KYC norms is leading to investors’ accounts being frozen.
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