0:03

Hello and welcome to Simply Save. Money.

0:05

Cunt was person Finance podcast where we

0:07

discuss all takes money. That

0:10

have enough to march thirty first to

0:13

a pretty for was fraught with confusion

0:15

for many mutual fund investors. The reason

0:17

those who did not meet certain conditions

0:19

will be asked to read to give

0:21

icy or know your customer for the

0:23

image of and investments failing to do

0:25

so lead to investors being blocked from

0:27

all transactions From April one two hundred

0:29

Twenty Four. On

0:32

April Twenty four, the Five Kiwi Theories

0:34

vision Agencies in the Indian version for

0:36

the industry reported that nearly seventy percent

0:38

of Que Se The Gods are classified.

0:41

As give I feel validated fifteen percent of

0:43

game I see records ascii I see registered

0:45

and the balance to a person as give

0:47

I see on hold. What? Are

0:49

the hardships that investors are facing? What other

0:52

different give I see registration status is how

0:54

can invest as valid Id that gave a

0:56

C and the issues specific to and that

0:59

I mistress and will do. She founded of

1:01

plan to be in this one so this

1:03

has all the answers. Let's listen and. Pay.

1:07

About are welcome to simply say podcast Thanks for

1:09

having me a lack lack of be on the

1:11

show. Great. Are mocking me or

1:14

begin with You. If

1:17

you had American honey Master Yoda

1:19

heard one way or another guy

1:21

I seen arms have changed so

1:24

I actually changed it's behalf first

1:26

a political thousand twenty four. So

1:28

directly this report for twenty four

1:30

after lobby ha ha step my

1:33

uncle doesn't are different. You could

1:35

have probably gotten you have club

1:37

I've seen by submitting a smoker

1:39

bank account statement as your address.

1:42

Some. Of the people I know have

1:44

even submitted their intellect that point when

1:46

you go to another distribute to study

1:48

or to go for your job, you'll

1:50

have to like an event as and

1:52

I know all does prospect. A couple

1:55

of blocks that I mentioned just now

1:57

launched: Pro: said no longer valid address

1:59

Proofs. Now you have something called as

2:01

OVD and that OVD

2:03

stands for Officially Valid Document. And

2:06

officially valid documents, there are few of them.

2:09

I can list two, three which

2:11

are most common, driving license, passport,

2:14

ADHAR, voter ID. These are

2:16

OVDs. If you haven't done your

2:18

KYC via OVDs before first

2:20

April 2024, then you have

2:23

a problem. So that's

2:25

what people are largely facing. Okay,

2:29

so what does this mean? If the KYC

2:32

is not validated, what does it mean for

2:35

investors? What they are not able to do

2:37

that they were doing before on maybe March

2:39

31st? Good question Abhinav. And

2:41

what happens is if your KYC is

2:43

done via any other document, then you

2:45

have them. Your KYC will

2:47

actually go on the status

2:49

called as on hold. On hold

2:52

simply means that your KYC is not up

2:54

to date, your KYC is not registered, your

2:56

KYC is not validated. And you

2:58

get them of let's say about 15 days, 10 days

3:00

or 15 days with the list. You

3:03

have to get your KYC in order. Then how

3:05

do you get your KYC in order? You have

3:07

to redo your KYC, call it

3:09

redy KYC or KYC modification. By

3:12

doing your fresh KYC or KYC modification

3:14

or EKYC by one of the OVDs,

3:16

you will get KYC validated or KYC

3:19

registered status. Now your question was, what

3:21

you will not be able to do?

3:24

If your status is on hold,

3:26

you cannot do any of the

3:28

mutual fund financial transactions or commercial

3:30

transactions. What it means is your

3:33

existing ongoing SIPs will also

3:35

not go. If you

3:37

want to make a purchase, additional purchase,

3:39

for lump sum purchase, you will not be able

3:42

to do that. And Even

3:44

redemptions. you need money for any reason.

3:46

And If your KYC status is on

3:48

hold or rejected, you will not be

3:51

able to do redemption also. So All

3:53

your transactions go on hold or you

3:55

cannot prevent this transaction. That's the big

3:57

downside of having an on hold. This

4:01

is. What

4:04

we wouldn't need. Oh I was a need

4:06

for this week. You ac sort of far

4:09

are you know? you can't really say that

4:11

age. Advice

4:13

that on purpose rather than

4:16

the I propose. To

4:20

her houses are out of a sudden

4:22

onset agent or not. didn't yet he

4:24

said it's the I see that decision

4:26

authorities. So

4:29

much as. It's. Understood

4:39

as and twenty three a

4:41

sudden urge is our city

4:44

had feared use only do

4:46

broccoli. Or

4:48

no record of officially married up Your

4:50

answer? The. Phone

4:52

or requirement which are kids to

4:54

meet you for knows if you're

4:56

interested and somebody like me. as

4:59

a disorder all of us have

5:01

to follow. What

5:04

are the repercussions this kiwi see pursuit on

5:06

divisions in the see what kind of impact

5:08

museums you mention that in this is a

5:10

naughty when someone has to the not able

5:12

to in this on video though mon but

5:15

or on the news infancies a business ways

5:17

What are the implications you see. Somebody

5:21

who can resist the to seize on

5:23

horrid are rejected liquid you are. You

5:27

have around hurting have to fight

5:29

for investors in your children. Under

5:31

six or twenty percent are currently

5:34

on hold, so that's a significant

5:36

group of friends, a pornographer three

5:38

to significantly larger than that aren't

5:40

interested if some of them out

5:43

on where you are not unless

5:45

you. Are

5:48

you come to an. expert in protect

5:50

your drink because of you have you do

5:52

a fishery or if he added in africa

5:54

has he been deprecated audio got it figured

5:56

i could be funded by cuticle So,

6:00

the element, the investor has to

6:02

take, investor and the advisor for

6:04

the entire ecosystem has to take

6:07

an effort to get that KYC in

6:09

order. The reputations are, as I already mentioned, you

6:11

have 12% of the people, some of them, or

6:15

many of them who have SIPs, those SIPs will

6:17

not be targeted. I think it will

6:19

probably reflect in

6:22

the SIP mobilization figure. That's my

6:24

guess, but we will wait for the month and figures to

6:26

be declared in the first week or second week of May.

6:29

Also, those 12% people of 4.5 to 5CR members,

6:33

they will not be able to invest in one sum or

6:36

one can invest in a given. So, it is

6:39

going to affect flows to an extent, and it

6:41

is also, of course, kind of a lot of

6:43

running around you will have to do, or you

6:45

as an investor, if you are one among those

6:47

12%, you will have to do

6:49

some kind of running around to get your KYC status in

6:52

order. Okay,

6:54

if you mentioned 12%, is

6:56

the status of on hold

6:59

KYC? Do you have

7:01

numbers for the validated or

7:03

registered or rejected KYC? Before

7:05

we go to that phase, I think

7:08

we are yet to cover what is

7:10

validated and what is registered. We definitely

7:12

have covered on hold data and rejected

7:14

status. Now, let's come back to the

7:16

OVDs that we discussed earlier, officially valid

7:19

document. Now, out of those five or

7:21

six officially valid documents, in

7:23

my opinion, most investors

7:26

should perform their KYC or

7:29

should have their KYC via their other. Why

7:32

so? Now, you have two

7:35

statuses. Anybody whose KYC is

7:37

in order, you will have one out of

7:39

two statuses. Good

7:41

status will be KYC validated. Second

7:43

status will be KYC registered. If

7:46

your KYC is via any of

7:48

the OVDs other than other, you

7:50

will get KYC registered status only.

7:52

A registered status, all your

7:54

transactions will take place in

7:56

your existing folders only. In

7:59

India, you have... Notice

8:01

how even assuming significantly.

8:04

Simpler for notice or two or sixty

8:06

seven. So for those you want to

8:09

start five thousand to be society in

8:11

a completely different for us to completely

8:13

different from doses. To

8:17

accuracy just as soon not

8:19

going to.sight the squadron. Guy

8:22

who's suffering refers to recoup any new

8:24

friends house an hour for you. Also

8:28

shouldn't. Have documents for

8:30

the. Murder. Rate

8:34

is oversee everything in place since

8:36

or here. Didn't have been defending

8:38

who that is like the sentences

8:40

which sure. To be independently verified by.

8:42

she added even the super into because

8:44

our dog. The

8:47

to article makes them you are one hundred.

8:50

You're. Out that you and see that as a to a good. Reason

8:52

this current good. As she

8:54

added to, I see the

8:56

decision of oddities become independent

8:59

or Kansas City and as

9:01

an institution that you're not

9:03

that. I can be becoming the an

9:05

innovative. Thing I

9:07

see why I thought the new this

9:09

que se meditative state if he were.

9:12

To a. While and

9:14

you'll be able to perform on your

9:16

mission from transition existing her life. As

9:19

an interview be able to do the same. A completely

9:21

new him since. You brought

9:23

out in you for your. Mortgage

9:27

servicers distorted version on wouldn't.

9:31

Be discussed, just stood and about it.

9:33

It is that can get humanity sixty

9:35

two. How

9:38

to Move which is my can see

9:40

the lung disease to the moon is

9:43

an elite means that the to in

9:45

the system isn't. Always

9:49

you have to do is use as it. Is

9:54

assists the most common

9:56

disease C N C

9:58

the essential season. You

10:01

simply have to go to cblkra.com, you

10:03

have to enter your farm number, complete

10:05

checks or verification and then you will

10:07

be able to see, as I mentioned,

10:10

there are 5 kra's, CVL,

10:14

10 DML, DarkX, CAMs and Parvi.

10:17

By going to CVL kra website and entering

10:19

your farm, you will be, first of all,

10:21

you will be able to see who will

10:23

kra. B,

10:26

you have 2, also, kra entity. That's

10:28

the first thing you will be able

10:30

to see. And second thing,

10:32

it is most important, if you will be

10:35

able to see whether your KIC status is

10:37

validated or registered

10:40

or on hold or registered. That's

10:43

how you see your status. That's how

10:45

you also see who is your

10:47

kra, in which kra

10:49

you have done your kwise. You might

10:51

have been 3 years, 5 years, 10 years back, you might

10:54

not remember. But if you follow

10:56

the path that I have mentioned, you will be able

10:58

to see all the details related to your kwise. You

11:04

need mobile number, I think, email

11:06

on kra websites to validate

11:08

your kwise status. What if

11:11

someone is still not able to validate mobile

11:13

and key email? What is the way out?

11:16

This is tricky. Now, why would somebody

11:18

not be able to validate? There is

11:20

no reason. And that's the reason for

11:22

electricity. That's why the

11:24

kra is also provided a

11:26

link on the website in

11:28

which that link will

11:31

say something like contact details, validation.

11:33

So you click on that link.

11:35

Again, enter your path. All

11:37

your mobile and email ID will slash

11:39

below. You click, you'll get a button

11:41

over there or a tab over there,

11:44

OTP tab. Tab,

11:46

you enter OTP that you get on

11:48

your mobile or email. And that's it.

11:50

You are done. But I understand where

11:52

you are coming from. It's

11:54

so possible that your email probably belongs

11:56

to an employer and you have changed

11:58

chat. My

12:04

base for such a suitable members of

12:06

the assault. You're

12:11

not able to perform. A

12:17

service to call them

12:19

vulnerable. A

12:22

little girl who are Fukuoka

12:24

my. Mom.

12:28

To the locals. Are.

12:32

Very take. A.

12:36

Position. Is

12:40

and will where the situation right now and

12:42

I mean had a fantasy film few weeks

12:44

back and was a lot of you in

12:46

gray slip what is if he to say

12:49

know these didn't even have been able to

12:51

figure that to a seat of. As

12:54

of now this and issues it's and this

12:56

is the things are having access to visit

12:58

France. A

13:01

time. When

13:07

my time. Are.

13:11

Happening. To our social

13:13

media. Were

13:17

just like a. Lot

13:23

of your. Family

13:25

has done it already is

13:27

Richard Sherman Fucker People are

13:30

currently on hold. Percent

13:32

of the people have my problem. Or

13:35

trigger like a record. Player

13:42

address. Or

13:48

personal assortments. personalized

13:51

order to program references so

13:53

uncertain as to run an

13:55

industry for think you have

13:57

entered my third artist to

13:59

do or any other entity that

14:01

supports you, I think your job is still

14:03

easier. Because somebody like me who is operating

14:05

within the ecosystem, you know, we have figured

14:08

out how to get it done in most

14:10

efficient manner. But if you're

14:12

a DIY investor or if you do

14:14

not have ready access to your

14:16

intermediary advisor or distributor, then

14:19

you will typically want to take the

14:21

digital or online way. And it has

14:23

been found that most of the people,

14:25

because of several regions like, you

14:27

know, database, or OTP not

14:30

being delivered in any manner, or the

14:32

photo is not clear, depending on, you

14:34

know, what kind of phone or camera

14:36

that you are using, or sometimes the

14:38

light condition. So these are very, you know,

14:40

minor. When we talk about it,

14:42

it sounds trivial or minor. But

14:45

it has come to me with all

14:47

sorts of similar problems, including

14:49

OTP is not delivered in time. And if

14:51

OTP is not delivered in those typical two

14:54

minutes or something like that, your entire KVAC,

14:56

if you have spent 5 to 15 minutes

14:58

going to the last stage, it will not

15:00

work out. Because OTP, you do not get

15:02

OTP in a timely manner. If you're in...

15:04

I don't know, so... Don't

15:07

know, sir. A link expires. It's just

15:10

like your neck banking. These links are

15:12

typically secured links. And during

15:14

your neck banking access, if your internet

15:16

drops, and once your internet is

15:18

reconnected, you have to start fresh

15:21

neck banking session. So online, for some people,

15:23

it has certainly worked. But for a

15:25

lot of people, and I would say majority

15:27

of people, online has really not worked. So

15:30

that's the problem that people are facing, that

15:32

you have to find... You

15:36

have to kind of go through these hoops

15:38

to realize that you will probably have to do

15:41

it via hard copy. And hard copy typically takes

15:43

time. So that's the problem that investors

15:45

are facing, even one month later. Okay,

15:49

this whole episode. Yes. Do you

15:52

think this is a one-time issue, or

15:54

someone who is violated, they

15:57

might face fresh problems in the

15:59

future? immediately but maybe few ways

16:01

down the line I would

16:04

like to believe that this is one time of

16:07

course in a lighter way but once

16:09

you have done your other I do not

16:11

think because other as of now and I

16:13

mentioned it earlier fast forward driving license,

16:15

motor riding, none of these groups at

16:17

least today can be independently verified by

16:19

QRS but otherwise because of the QR

16:21

code so since majority of

16:23

people will happen to kind of go to

16:25

that route that BOP let me do this

16:27

one time re-kyc via other and

16:29

now so I do not think that you should

16:32

face similar if what you

16:34

are saying related problem and

16:36

see this entire episode we have been speaking about

16:38

OVD officially valid

16:40

document for address purpose so

16:44

on address purpose I do not think you are

16:46

going to face it anytime soon although regulatory

16:49

field and

16:51

I will not be able to comment beyond that

16:54

if the error regulatory decides that something else needs to

16:56

be done we can probably that we

16:58

will come to that stage but

17:01

having said that this is about address now

17:04

2029 April tomorrow onwards that

17:06

is 30th of April 2024 there

17:09

is a new rule that quick thing and that rule

17:11

is your mutual fund

17:13

application who match your name so

17:16

far we were talking that you are at

17:18

this and since KYC like

17:20

30th April onwards your

17:23

name as it appears on

17:25

mutual fund application should exactly

17:27

match your name as

17:29

it are so if I had

17:31

to give an example a common

17:34

name or a random name somebody

17:36

called Manoj Kumar Manohutra if that

17:38

gentleman uses Manoj K Manohutra sometimes

17:41

and Manoj Kumar Manohutra sometimes if

17:44

his plan is on Manoj Kumar

17:46

Manohutra name and if mutual fund

17:48

application is on Manoj K Manohutra name

17:51

then his application will be rejected

17:54

so there is one simple one line what

17:56

is going to happen from 30th of March

17:58

your plan and your fee should

18:00

match exactly at whether

18:02

plan records which your mutual fund application

18:04

form. That's it. If

18:07

not, then your transaction is just going to

18:09

get rejected. That's the new rule. This

18:11

is not to

18:13

do with KYC. But this is something new

18:16

which is actually upon us. It will happen

18:18

just tomorrow and that's why

18:20

I thought it important to kind of give

18:22

a lowdown on that as well. So

18:24

what is the way out in this case?

18:26

It's a completely new podcast but yes, there

18:28

are only two things that you can do.

18:31

If I had to summarize one line each, the first

18:33

thing that you can do is get

18:36

your name corrected. On point, not on

18:39

extreme because we are not in the habit of

18:41

correcting your name on plan on an ongoing basis.

18:43

So the second thing that you can do which

18:45

is what I think most people would do

18:48

is get your name corrected on

18:51

your application form. So again

18:53

going by the example that we spoke of

18:55

two minute track. If Manoj Kumar Manotra is

18:57

your name on plan and if

18:59

you apply on the name of

19:01

Manoj K. Manotra, you will actually apply on

19:04

Manoj Kumar Manotra which your

19:07

name ask for plan and your next

19:09

one that you will go through. Your first foundation

19:11

will be rejected. That's how you'll come to

19:14

know that there is such and such rule that has

19:16

come out of the force. But change your name plan

19:18

or change your name in mutual fund that you can

19:20

do. There is no current option. So

19:24

is there any deadline or timeline

19:26

in which investors have to do their

19:28

EKYC? Well, Abhinav

19:30

there is no deadline for completing this

19:32

KYC exercise. But as we discussed earlier,

19:34

if you have a KYC status that

19:36

is on hold or rejected, even the

19:38

redemptions will not go through. Even your

19:40

redemptions will be restricted and restriction of

19:43

redemptions, you know, nobody would want that.

19:45

You will not be able to have

19:47

access to your own money. So although

19:49

there is no deadline for

19:51

KYC exercise to be completed, but it

19:53

is my request to anybody who is listening

19:55

to This

19:57

podcast to complete EKYC as well. That

20:00

leaves was a senior best interest.

20:04

Of once the Sikhism balloons and

20:06

otherwise you might not have really

20:08

number be might not have other

20:10

souls for what? What is this

20:12

edition? First,

20:17

you might not have.

20:23

You might have. We'll see. If

20:28

you do, when you're into. Some

20:49

sort. Of

20:56

Agnostic off on a.

21:05

Proper. Nutritious

21:09

and a. Choice

21:12

between currency. Doing.

21:16

Something nice. How do I

21:18

do? A? Lot

21:22

have the option at all. So

21:25

if you have a license

21:27

holders status essentially handful completed

21:29

by a hard copy I.

21:32

Saw. The long that acidic Indian I don't

21:34

have to see what other prominent thank you

21:36

for your face. Problem of not be a. Problem

21:40

must. Not

21:44

be multiple how many transactions which is

21:47

as ballistics. I

21:50

think that is whom I say anything if

21:52

you'd like to add regarding this one episode.

21:55

has something for food was beset by

21:57

the sport does this episode should also

21:59

have lot of people. Those who

22:01

are listening, please follow, definitely by all

22:04

means, please complete, try to do your

22:06

RKYC via any of the online modes.

22:08

I think we, I must say here

22:10

that if you go to any of

22:13

the mutual funds where you have your

22:15

existing investments, under investor services tab, you

22:17

will get the option for RKYC.

22:19

However, if online option doesn't work in

22:22

one or two tries, I would suggest

22:24

you to complete your RKYC, especially

22:27

via Aadhaar, via offline or hard

22:29

copy mode. No matter what,

22:31

please complete your RKYC ASAP if you

22:33

are on hold or rejected state. That's

22:36

how I would like to conclude.

22:39

Sure. Thank you for talking to us

22:41

and explaining the nuances of RKYC episode

22:43

in detail. It was my pleasure

22:45

Abhinav. Thanks for having me on the show. Thank you.

22:50

With that, it's a wrap on this edition

22:52

of Simply Safe. For more news, views and

22:55

updates, do stay logged on to moneycontrol.com.