{"id":29768,"date":"2024-04-19T14:45:01","date_gmt":"2024-04-19T09:15:01","guid":{"rendered":"https:\/\/kuvera.in\/blog\/?p=29768"},"modified":"2024-04-25T11:17:58","modified_gmt":"2024-04-25T05:47:58","slug":"important-regulatory-update-effective-april-29-2024","status":"publish","type":"post","link":"https:\/\/kuvera.in\/blog\/important-regulatory-update-effective-april-29-2024\/","title":{"rendered":"Important Regulatory Update Effective April 29, 2024"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_40 counter-hierarchy ez-toc-counter ez-toc-light-blue ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" area-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d356a9b7415\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d356a9b7415\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/kuvera.in\/blog\/important-regulatory-update-effective-april-29-2024\/#1_Steps_to_update_your_nameDOB_in_KYC\" title=\"1. Steps to update your name\/DOB in KYC\">1. Steps to update your name\/DOB in KYC<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/kuvera.in\/blog\/important-regulatory-update-effective-april-29-2024\/#2_To_update_the_nameDOB_in_your_folios\" title=\"2. To update the name\/DOB in your folios\">2. To update the name\/DOB in your folios<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/kuvera.in\/blog\/important-regulatory-update-effective-april-29-2024\/#3_To_update_the_nameDOB_in_Kuvera_account\" title=\"3. To update the name\/DOB in Kuvera account\">3. To update the name\/DOB in Kuvera account<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-4'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/kuvera.in\/blog\/important-regulatory-update-effective-april-29-2024\/#IMPORTANT\" title=\"IMPORTANT\">IMPORTANT<\/a><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">In accordance with the latest Master Circular on KYC requirements by SEBI and recent updates from the Income Tax Department regarding PAN validation, it is now mandatory to use the exact Name(s) and Date of Birth (DOB) as mentioned on your PAN card to initiate any transaction. Mutual fund houses are required to verify the name and DOB against the PAN records maintained by the Income Tax Department.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Please ensure that your name and DOB is correct and consistent across your PAN Card, Bank Account, Aadhar, and KYC records.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"1_Steps_to_update_your_nameDOB_in_KYC\"><\/span><b>1. Steps t<\/b>o update your name\/DOB in KYC<span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Contact the intermediary who helped with the KYC registration and get the KYC updated.\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0 \u00a0 \u00a0 \u00a0OR<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Visit the nearest CAMS\/Karvy office and complete your KYC in person, if more convenient.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can find the CAMS\/Karvy centres in your locality here:\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/www.camsonline.com\/InvestorServices\/COL_ISServiceCenter.aspx\">CAMS<\/a><\/span><\/p>\n<p><a href=\"https:\/\/mfs.kfintech.com\/mfs\/Generalpages\/locateUs.aspx\"><span style=\"font-weight: 400;\">Karvy<\/span><\/a><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"2_To_update_the_nameDOB_in_your_folios\"><\/span><b>2. To update the name\/DOB in your folios<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Log on to MF central and follow the steps below:<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">1\/ Create an ID\/Login to <\/span><a href=\"https:\/\/app.mfcentral.com\/investor\/signin\"><span style=\"font-weight: 400;\">MF Central<\/span><\/a><\/p>\n<p><span style=\"font-weight: 400;\">2\/ Click on &#8216;Service Requests&#8217; from the options on left side<\/span><\/p>\n<p><span style=\"font-weight: 400;\">3\/ Select &#8216;Correction of erroneous data captured in Folio&#8217;<\/span><\/p>\n<p><span style=\"font-weight: 400;\">4\/ Select the folios and click on submit<\/span><\/p>\n<p><span style=\"font-weight: 400;\">5\/ Select &#8216;Primary\/2nd\/3rd holder name&#8217; or \u2018Date of Birth\u2019 option from the options<\/span><\/p>\n<p><span style=\"font-weight: 400;\">6\/ Enter the &#8216;new name&#8217; or \u2018Date of Birth\u2019 in the box given besides the existing name<\/span><\/p>\n<p><span style=\"font-weight: 400;\">7\/ Click on Submit complete the process.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">8\/ Do this process for all folios with old name or DOB<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you complete the steps, your name should be updated in existing folios<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><a href=\"https:\/\/www.kuvera.in\/dl\/v2\/?redirect_to=dashboard-invest\/fixed-deposit?source=fd_blog_banner\"><img loading=\"lazy\" class=\"alignnone wp-image-29666 size-full\" src=\"https:\/\/kuvera.in\/blog\/wp-content\/uploads\/2024\/04\/FD-Banner-9.4-03.png\" alt=\"FD Up to 9.40% on Kuvera\" width=\"600\" height=\"150\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"3_To_update_the_nameDOB_in_Kuvera_account\"><\/span><b>3. To update the name\/DOB in Kuvera account<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Once your name\/DOB is updated in the KYC records and the KYC modification request is registered, email us your updated PAN card to support@kuvera.in with subject line \u201cData rectification in Kuvera account\u201d.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h4><span class=\"ez-toc-section\" id=\"IMPORTANT\"><\/span><b>IMPORTANT<\/b><span class=\"ez-toc-section-end\"><\/span><\/h4>\n<p>&nbsp;<\/p>\n<p><span style=\"font-weight: 400;\">Transactions may be rejected if there is any disparity in your name or date of birth compared to the records maintained by the Income Tax Department. You are advised to complete the above steps at the earliest.<\/span><\/p>\n<p>&nbsp;<\/p>\n<p><strong>Interested in how we think about the markets?<\/strong><\/p>\n<p>Read more:\u00a0<a href=\"https:\/\/kuvera.in\/blog\/in-investing-the-simplest-things-are-the-hardest\/\">Zen And The Art Of Investing<\/a><\/p>\n<p><strong>Watch here:<\/strong> Index funds explained<\/p>\n<div class=\"embed-container\">\n<div class=\"embed-container\"><iframe src=\"https:\/\/www.youtube.com\/embed\/hmLpCy09PR8?si=rZiNnmqpoa3WcvW1\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\" data-mce-fragment=\"1\"><\/iframe><\/div>\n<\/div>\n<div><\/div>\n<p>Start investing through a platform that brings goal planning and investing to your fingertips. Visit\u00a0<a href=\"https:\/\/www.youtube.com\/watch?v=R7g03UwJAT8&amp;utm_source=Blog&amp;utm_medium=Weekly+wrap+22nd+July\" target=\"_blank\" rel=\"noopener\">kuvera.in<\/a>\u00a0to discover Direct Plans and\u00a0<a href=\"https:\/\/kuvera.in\/explore\/fixed-deposit\/c\/all\">Fixed Deposits<\/a>\u00a0and start investing today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In accordance with the latest Master Circular on KYC requirements by SEBI and recent updates from the Income Tax Department regarding PAN validation, it is now mandatory to use the exact Name(s) and Date of Birth (DOB) as mentioned on your PAN card to initiate any transaction. Mutual fund houses are required to verify the [&#8230;]<\/p>\n<p><a class=\"btn btn-secondary understrap-read-more-link\" href=\"https:\/\/kuvera.in\/blog\/important-regulatory-update-effective-april-29-2024\/\">Read More&#8230;<\/a><\/p>\n","protected":false},"author":11,"featured_media":29770,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[593,217],"tags":[942,2215,256,67,943],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Important Regulatory Update Effective April 29, 2024<\/title>\n<meta name=\"description\" content=\"It is now mandatory to use the exact Name(s) and Date of Birth (DOB) as mentioned on your PAN card to initiate any transaction.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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