Now that SEBI has allowed Aadhaar based e-KYC service for MF investors, CAMS is facilitating it on its website and on AMC websites serviced by it. Investors with Aadhaar number and PAN can complete KYC process using Aadhaar based eKYC and open a folio without having to submit forms and doing in-person verification (IPV), claims CAMS.
After the KYC process is completed, investors can open a folio and start transacting in direct and regular plans. CAMS also allows investors to do transactions by keying in distributors ARN code, sub broker code and EUIN.
According to SEBI rules, investors can invest up to Rs 50,000 per financial year per mutual fund using one time password (OTP) based eKYC. However, investors who wish to invest more than this limit need to undergo IPV or biometric based authentication at CAMS point of service.
A number of fund houses have also launched eKYC service for investors. Reliance, Quantum, Birla Sun Life have introduced eKYC service which aims to expedite the process of client verification and reduce paperwork for distributors.
All investors need to do is fill up the online KYC form by keying in details like name, mobile number, email id, address, PAN details etc. and upload the supporting documents like PAN, bank details and address proof. The fund house will verify the information and schedule an online meeting with a client based on his/her convenience to carry out electronic In-Person Verification (e-IPV). Once the e-IPV is done, the fund house will send the application to KYC Registration Agency (KRA) to process the documents.
Typically, KYC Registration Agencies (KRAs) take 8 to 10 days to verify a KYC application. By going electronic, fund officials say that KYC can now be done on a real time basis. Banks and insurance companies are already using Aadhaar linked e-KYC service to carry out their KYC verification procedure. However, many banks and insurance companies insist on submitting physical documents even after carrying out e-KYC.
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