New Delhi, Nov. 3 -- Mr. A has been investing in a few mutual funds for the past eight years, without adding any new schemes. However, when he tried recently to invest in a new scheme from a different mutual fund company, he hit a roadblock.

The asset management company's website displayed a message stating his 'know your customer' (KYC) details needed to be validated. His current KYC status was 'registered'. Mr. A was left confused as he did not know the difference.

While those who invest via mutual fund distributors (MFDs) or brokers usually get the support they need, this is a common experience among do-it-yourself investors.

According to the Securities and Exchange Board of India's (Sebi's) Master Circular on KYC norms dated 12 Oct...