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Mutual Fund KYC process got simplified: Now complete your KYC at your nearest Post Office - The Economic Times
Economic Times
·
23d ago
Medial
The Department of Posts is set to offer KYC services for mutual fund investors at its post offices through a collaboration with the Association of Mutual Funds in India. This initiative simplifies the KYC process by enabling postal employees to assist with document verification and submission to Asset Management Companies. The move aims to facilitate smooth compliance, allowing mutual fund investors to easily complete their KYC procedures and subsequently engage in transactions.
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Mutual fund KYC March 31 deadline: Existing investors get some relief
Money Control
·
1y ago
Medial
Mutual fund investors received a last-minute extension to revalidate their know-your-customer (KYC) records, allowing them to continue transactions without interruptions. Existing investors no longer need to redo their KYC for their current investments, but they still need to validate their mobile number and email ID. New investors must complete KYC based on officially valid documents specified by the KYC registration agencies. However, there is a lack of clarity regarding communications from registrar and transfer agents (RTAs) and KYC Registration Agencies (KRAs), leaving out direct plan investors.
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The KYC Mutual Fund mess, and how to come out of it
Money Control
·
1y ago
Medial
Mutual fund (MF) investors in India are no longer required to re-do their KYC (know your customer) as long as they continue investing with their existing fund houses. However, if they want to invest with a new fund house, they will need to update their KYC using Aadhaar or any other officially valid document (OVD). Aadhaar remains the preferred document for KYC as it provides reliable identity verification. The KYC process includes validating the investor's mobile number and email ID. Non-resident Indians with non-Indian numbers cannot validate their mobile numbers and will be marked as "registered" instead of "validated."
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Shaadi.com's Anupam Mittal pleads with FM Sitharaman to ease KYC paperwork
Livemint
·
1y ago
Medial
Shaadi.com founder, Anupam Mittal, has appealed to the Finance Ministry to simplify the know-your-customer (KYC) process for startups and angel investors. Mittal expressed concerns about the time-consuming paperwork involved in filing KYC information and requested policies that provide a favorable environment for Indian startups. The Income Tax Department responded to Mittal's post on social media, asking him to email them with specific issues or queries. Mittal emphasized that the department already possesses most investors' details and called on the government to reduce excessive paperwork.
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FM Nirmala Sitharaman Urges Regulators to Curb Unauthorised Lending Apps
OutlookIndia
·
1y ago
Medial
Finance Minister Nirmala Sitharaman has urged financial sector regulators, including the Reserve Bank of India (RBI), to take measures to combat unauthorised lending through online apps. At a Financial Stability and Development Council (FSDC) meeting, Sitharaman emphasised the need for constant vigilance and proactive detection of emerging financial stability risks. The FSDC also discussed issues related to the implementation of decisions taken by the council, including uniform know-your-customer (KYC) norms and the simplification and digitalisation of the KYC process. The meeting aimed to strengthen inter-regulatory coordination and support the development of the financial sector for inclusive economic growth.
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RBI tightens due diligence for Aadhaar payment operators
Economic Times
·
1m ago
Medial
The Reserve Bank of India has mandated banks to perform due diligence before onboarding Aadhaar Enabled Payment System Touchpoint Operators (ATOs), using the process indicated in customer KYC. This is to combat fraud involving identity theft or credential compromise through the AePS. If an ATO hasn't transacted in three months, banks must complete KYC before re-enabling transactions. Banks should monitor ATO activities, establishing parameters based on business risks.
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CDSL reviews Paytm Money's KYC process
Economic Times
·
1y ago
Medial
Central Depository Services India (CDSL), India's largest securities depository, is conducting an inspection of Paytm Money's customer verification process. This comes after the Reserve Bank of India's directive to ramp up checks on the know-your-customer (KYC) process followed by entities of One97 Communications. CDSL and the National Securities Depository regularly audit platforms like Paytm Money to ensure compliance with anti-money laundering and KYC regulations. Paytm Money has emphasized its adherence to compliance standards and regulatory guidelines.
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'Madamji dekhiye pls, it's an unnecessary waste of time': Shark Anupam Mittal to Sitharaman on harassment of startups
IndianStartupNews
·
1y ago
Medial
Anupam Mittal, the CEO of Shaadi.com and a judge on Shark Tank India, has expressed frustration over the tedious process of filing Know Your Customer (KYC) paperwork for startups and angel investors in India. Mittal questioned the necessity of the repetitive KYC process, which he believes is hindering the growth of India's startup ecosystem. Despite tagging the Income Tax Department and Finance Minister Nirmala Sitharaman, Mittal claims that startups are still required to collect and submit KYC documents annually, resulting in unnecessary wasted time. Many in the startup community have resonated with Mittal's call for reform, highlighting the need for policies conducive to nurturing startups.
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RBI’s stricter KYC rules may slow merchant onboarding 90%: experts
Economic Times
·
1y ago
Medial
The Reserve Bank of India (RBI) has proposed stricter Know Your Customer (KYC) rules for payment aggregators, which may significantly slow down the onboarding of online merchants. Existing players will need to engage in re-KYC exercises for existing merchants, while new merchants will need to go through a bank-grade KYC process. Industry insiders estimate that this could lead to a 90% drop in merchant onboarding and increase operational costs for payment companies. The proposed rules also suggest physical verification of merchants' outlets and the cessation of direct settlement of funds from merchant escrow accounts to vendors. Small sellers may find the onboarding process demanding and may revert to alternate payment methods. Overall, the proposed rules could have a significant impact on the digital payment ecosystem in India.
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I-T dept’s e-Dispute Resolution Scheme: Will the process become simpler and quicker?
Money Control
·
10m ago
Medial
The e-Dispute Resolution Scheme introduced by the Central Board of Direct Taxes (CBDT) allows taxpayers with income up to Rs 50 lakh and variations less than Rs 10 lakh to file applications to resolve tax disputes. The scheme offers a simplified process and provides the Dispute Resolution Committee with the power to waive or reduce penalties. Taxpayers must complete the process within one month of receiving the income tax department's order, and the committee is required to pass orders within six months from the admission of the application. The scheme aims to expedite the resolution of tax disputes and reduce litigation.
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Government Implements Stricter KYC Measures for Mobile SIM Cards to Combat Cybercrimes
Startup News FYI
·
1y ago
Medial
In a decisive move aimed at combating the surging wave of cybercrimes and financial frauds, the government has taken significant strides to tighten the know-your-customer (KYC) process for mobile SIM cards, encompassing both individual and business connections. Ministry of Communications Enforces Comprehensive Regulations The Ministry of Communications has introduced a comprehensive set of regulations.
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