Why This Article Matters
Real-Life Case Study: When Verified KYC Was Rejected—And What I Did Next
Let me share a recent case I personally handled.
A long-time client of mine, Mr. Sandeep Arora (name changed), had:
• A savings account and a demat account with the same large private-sector bank
• A verified and active CKYC record (14-digit number issued)
• A SEBI-verified KRA-compliant KYC linked with his PAN, Aadhaar, mobile, and email
• Active mutual fund investments accepted across platforms using the same KYC
However, when he attempted to close his demat account, the bank made an unreasonable demand:
“Provide a new, different mobile number—not the one currently registered with your existing CKYC record.”
Even after submitting the required closure form, the PAN card, proof of identity and address, and his verified KYC, the bank insisted that a second mobile number was mandatory to process the request. They claimed it was their internal demat policy—even though the demat account was mapped to the same client code.
This was not only impractical but in direct violation of SEBI’s KYC portability norms. His KYC had already been accepted by multiple financial intermediaries.
My Response as a Financial Planner
I immediately drafted a formal complaint letter on his behalf (summarised below), quoting key regulations:
1. SEBI Master Circular Paragraph 101 – clearly states that once KYC is done with one intermediary, others must accept it.
2. RBI KYC Master Directions – prohibit repeated requests for KYC when documents are already compliant and unchanged.
3. CERSAI CKYC Protocols – enforce only one mobile/email per investor, registered centrally.
I demanded that:
• The bank accept the existing CKYC/KRA-verified KYC
• Withdraw the demand for a second mobile number
• Process the demat closure without further delay
The letter warned of escalation to:
• SEBI’s SCORES grievance portal
• RBI’s Banking Ombudsman
• Public disclosure if required
Within 48 hours of submitting this letter via email and in person, the branch compliance officer called back and confirmed acceptance of the original KYC. The demat closure was initiated.
What This Teaches Us
This case proves one thing:
Even if you are compliant, you may still face procedural hurdles due to lack of regulatory awareness at the operational level. But when you know the rules—you can assert your rights effectively.
This is not about being difficult with the bank—it’s about demanding consistency with laws that exist to protect investors like you and me.
This is why I strongly recommend:
• Keep your CKYC number handy
• Make sure your KYC is verified by a SEBI-registered KRA
• Don’t hesitate to escalate formally if your KYC is unfairly rejected
And yes—always work with a certified financial-planner-gurgaon/" target="_blank" rel="nofollow">financial planner who can guide you through this maze.
That’s not all.
I’ve seen another client—a small business owner from a Tier-2 city—run from one bank branch to another just because his pension got blocked. The reason? The bank wanted a fresh KYC update, even though his existing CKYC was perfectly valid and already accepted by his insurer and broker.
Sadly, this happens because many financial institutions still don’t trust the central KYC system. Despite regulations, they often insist on fresh documents, manual verification, or even a different mobile/email for different services.
These stories reflect a deeper issue—KYC in India is not truly unified on the ground.
But as a CERTIFIED FINANCIAL PLANNER™ who deals with this daily, I want to help you understand how to:
• Check what mobile/email is linked to your KYC
• Update it easily using CAMS, KFintech, MF Central, or online portals
• Understand CKYC and KRA differences
• Follow the SEBI rules so you avoid repeated re-KYC requests
Let’s simplify the chaos.
What Is CKYC and Why Should You Care?
CKYC (Central Know Your Customer) is India’s attempt to create a single KYC repository across all financial sectors.
It’s managed by CERSAI (Central Registry of Securitisation Asset Reconstruction and Security Interest of India).
Once you submit your KYC (PAN, Aadhaar, address, photo, mobile/email) to any financial institution, your data is uploaded to CKYC, and you receive a 14-digit CKYC number. This number becomes your reference across:
• Banks and loan providers
• Mutual Funds (via CAMS/KFintech)
• Stockbrokers/Demat accounts
• Insurance (Life/Health/General)
• NPS and pension accounts
In theory, you only need to do KYC once. All institutions can fetch your data from CKYC.
Who Must Complete CKYC?
Everyone investing or saving through a regulated financial entity in India must complete CKYC. This includes:
• Salaried individuals investing in mutual funds
• Entrepreneurs using business bank accounts and demat
• Retired individuals receiving pensions via bank accounts
• Young professionals buying term insurance or ULIPs
• Anyone opening an NPS account
Even NRIs investing in India must complete CKYC with valid ID and overseas address proof.
The Great Divide: CKYC vs SEBI KRA KYC
Here’s where the problem begins.
CKYC (CERSAI) SEBI KYC (KRAs like CAMS-KRA, CVL-KRA, NDML-KRA)
Stores submitted documents Verifies PAN, Aadhaar, mobile/email
Used by banks, insurers, NPS Used by brokers, AMCs, distributors
Cannot ensure full trust Offers verified, portable KYC
Allows duplication Enforces one identity per investor
So when banks or insurers ask for a “fresh KYC,” they often mean that they don’t trust the unverified CKYC record, even if it’s active and valid.
SEBI has gone a step further:
Paragraph 101 of SEBI’s Master Circular mandates that KYC completed with one intermediary must be accepted by all others. This ensures portability, and you are not required to re-submit KYC for each mutual fund or broker.
This is why CAMS/KFintech records are more widely accepted in the securities market.
How to Check Your KYC Status (Mobile & Email Linked)
You can check what mobile number and email are registered with your KYC using the methods below.
Start here
A. CAMS
Steps:
1. Go to Investor Services > Service Requests > Common Transact
2. Click on “KYC Information”
3. Enter your PAN
4. View your masked mobile/email and KYC status (Verified / On Hold)
B. KFintech
https://mfs.kfintech.com/investor
Steps:
1. Choose “KYC Inquiry”
2. Enter your PAN
3. You’ll see the KYC status, mobile/email (masked), and error messages if any
C. MF Central (My Top Recommendation)
1. Login using PAN & OTP
2. Click “Service Requests > KYC Updation”
3. View and modify your KYC details across all AMCs (CAMS + KFintech)
How to Update or Modify Your KYC (Mobile/Email/Name)
You can update your contact details in 3 ways—offline, online, or hybrid.
Method 1: Offline KYC Change Form (Any Financial Institution)
Download Form: AMFI KYC Change Form (PDF)
Steps:
1. Fill the form with new mobile/email
2. Attach PAN and ID/address proof
3. Submit to your AMC, Mutual Fund Distributor, or Registrar (CAMS/KFintech)
Method 2: Online via Aditya Birla KYC Portal (Fastest)
https://mutualfund.adityabirlacapital.com/campaign/modification-of-kyc
Steps:
1. Enter PAN
2. Portal auto-fetches your KYC-linked name
3. Update mobile, email, or address
4. Verify via OTP
5. KYC record gets modified with your existing KRA
I personally recommend this tool to clients facing “KYC on hold” status—it solves the issue in under 2 minutes.
Method 3: MF Central (Across All Mutual Funds)
Use MF Central to:
• Update mobile/email
• Fix name spelling errors
• Align records across multiple AMCs (even if CAMS/KFintech differ)
Dos and Don’ts for KYC Success
DO:
• Always use your own mobile/email (no shared numbers)
• Link your PAN with Aadhaar
• Check your KYC status once a year
DON’T:
• Use your spouse’s/family member’s phone/email
• Ignore “on hold” KYC flags in CAMS/KFintech/MF Central
• Open multiple folios with inconsistent KYC info
Why You Need One Mobile & One Email Across All Platforms
Your mobile and email are part of your financial identity. CKYC enforces that only one mobile and email are used at any point, across:
• Banks
• Mutual Funds
• Brokers
• NPS
• Insurers
If you try to change it in just one place, it may get rejected or overwritten.
Instead, always update your KYC centrally via a SEBI KRA or MF Central, so the change flows across all entities.
Verified Links & References
• SEBI KYC Master Circular (Feb 2025): https://www.sebi.gov.in
• AMFI KYC Guidelines: https://www.amfiindia.com
• MF Central Portal: https://www.mfcentral.com
• CAMS: https://www.camsonline.com
• KFintech: https://mfs.kfintech.com/investor/
• CKYC Details: https://www.ckycindia.in
Final Word from Me
As your Financial Coach, here’s my advice:
“Don’t let outdated KYC derail your investments or block your withdrawals. Make sure your mobile and email are accurate and consistent across all financial services.”
Still unsure? Let’s connect and I’ll help you resolve your KYC in minutes—just like I’ve done for so many others.
The author of this article, Taresh Bhatia, is a Certified Financial Planner® and advocate for female empowerment. For more information and personalized financial guidance, please contact taresh@tareshbhatia.com
He has authored an Amazon best seller-“The Richness Principles”. He is the Coach and founder of The Richness Academy, an online coaching courses forum. This article serves educational purposes only and does not constitute financial advice. Consultation with a qualified financial professional is recommended before making any investment decisions. An educational purpose article only and not any advice whatsoever.
©️2025: All Rights Reserved. Taresh Bhatia. Certified Financial Planner®
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