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No body’s bothered about KYC PronlemNo. of comments:10 Chandan Ghosh, Siliguri, PrudentWealth On 16-Feb-2018

In recent times we have seen KYC has become a big issue for Distributors of Mutual Fund , KYC which are old verified as CVLMF KYC are not accepted for investment, we have to provide new KYC documents, But the real problem is after providing sufficient documents also with CKYC form, registrar are not modifying it reason behind it as CAMS is stating is CVL is not providing the data , hence due to which future SIP is bounced .

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Comments Posted
Surendra Kumar Tewari ARN NO :ARN - 71648 Jhansi, 08 Mar 2018

CAMS has become a menace for distributors. They should be condemned all over as and when opportunity arises.

Shankaran Viswanathan ARN NO :3023 Chennai, 07 Mar 2018

Yes. am also facing kyc or kra self decln. being not acceptable or delay in acceptance by CAMS makes or even stops auto deductions of clients resulting in advisors or agents fatigue or sorrow state., feel to do away from canvassing for mfs investments. MORE OVERnow a days news about PSUS wrong projections in whatsapp also retards investors confidence.

Kailas Nanji Thakkar ARN NO :ARN -0751 Sangli, 20 Feb 2018

As CAMS people are not serious about their service regarding Late uploading CKYC related documents or Even PAN number one person & upload documents of other person . Some time cams taken 4 month to update CKYC .

jayanti ARN NO :3069 Mumbai, 19 Feb 2018

This is "EASE OF DOING BUSINESS"

D DURGA KAMALA ARN NO :16627 VIJAYAWADA, 18 Feb 2018

Once C-KYC is given, it should replace all old problems. But due to the lack of co-ordination between Registrars and KYC Agencies , day by day, these type of problems have been repeating. Due to improper loading of documents by their respective staff, distributors being demanded to solve the problems of their clients and duplication of work being attended with out their fault. Many SIPs being discontinued or got refunded due to improper of updation of KYC norms. It is clearly AMCs & Registrars fault only and SEBI should intervene as CKYC is base for all financial investments.

VIJAYA ARN NO :18166 HYDERABAD, 18 Feb 2018

Advisers suffering like any thing, investors upset thinking that advisers not doing proper work for updating/new kyc submission. now aadhar headache. Roming to all customers and especially those who have not given cell nos. physical forms have to submit. already pan updated, pan attached to aadhar for some cases, why not capture from pan data. Always all duplicate works are doing by the investors. All the time wasting by roming to all. If cams up date kyc data other agency not updating data like change of address etc. Even after submitting with aadhar for new address, still sending to old address only. Why not single agency for updating all the data. Kervey, cams and sundaram. Think to reduce the paper work. Dont harass the investors if not submitting aadhar, amount will be blocked, all the investors can submit aadhar at the time of transaction to each agency, like switch,redemption,purchase. No proper responses from AMCs, Not receiving physical stmts by the investors. some time back before may be five years for every investments, investors use to get statement of account. Make single window for common requirement kyc updating like change of address, across receiving kyc application give some number, so can put the same no. on all applications to different registrars. Request all other intermediaries advise to amfi/sebi what sort of requirement reqd for easy work and not doing duplicate, triplicate works for the same work.

Ovishek Chowdhury ARN NO :108483 Siliguri, 18 Feb 2018

Yes this sort of problems are there. On case to case basic we keep follow up with AMC local office operation team until and unless issue is resolved, otherwise neither R&T nor AMC is bothered if application not processed or rejected due to KYC issues. Practically not possible for them to keep track as now a days every leading AMC are flooded with new applications. Every IFA/MFD will admit that how difficult it is to on board a new PAN on MF industry as most of the people are reluctant to shift from traditional avenues. Asking them for their PAN, aadhar and photo once again for re-submision KYC just due to operational negligence of AMC/R&T makes a bad impression.

DEBRAJ SENGUPTA ARN NO :ARN-38509 KOLKATA, 18 Feb 2018

You need to ask CAMS whether the same issue persists for transactions done in Mycams APP in Direct mode. They might be able to explain.

Naman ARN NO :118930 AHMEDABAD, 17 Feb 2018

Agreed for the problem. It seems none registrar is bothered about customer or avoiding complaints by giving staff shortage. I suggest to first raise with AMC or registar and wait ... If complaint is not resolved, Raise issue with SEBI , the issue will be solved within a week. My all cases are solved in this way only.

Vishal Rochlani ARN NO :ARN-92434 MUMBAI, 17 Feb 2018

Agreed with your problem. The data is not given properly from one KRA to the other. The Address, also is not being updated, even if we give the KYC forms and necessary documents. This is happening time and again, but nobody is taking to resolve it.

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