CAMS launches Aadhaar based eKYC for setting up instant Mutual Fund Account

India Infoline News Service | Mumbai | February 12, 2016 15:38 IST

SEBI has recently enabled Aadhaar based e-KYC service offered by UIDAI for KYC verification on authorization by the client using biometric or OTP authentication on a voluntary basis.

Mutual Funds
With its vision to ease the KYC process and facilitate Mutual Fund online account opening and transactions in a completely paperless and presence less manner, SEBI has recently enabled Aadhaar based e-KYC service offered by UIDAI for KYC verification on authorization by the client using biometric or OTP authentication on a voluntary basis.

Aligned to SEBI’s vision, CAMS has launched Aadhaar based eKYC using OTP authentication to make MF account opening and transactions a paperless and presence less process through my CAMS at www.camsonline.com. CAMS is also in the process of integrating AMC websites with eKYC module where CAMS is the registrar.

Investors who wish to use their Aadhaar Number and PAN for KYC compliance, can now complete KYC process in just 3 simple steps using Aadhaar based eKYC and set up a Mutual fund account instantly without having to submit forms, documents and do in-person verification (IPV) either physically or virtually.

KYC completion, a mandatory requirement for investing in Mutual Funds, hitherto involved submission of paper forms, ID and address and proofs and in- person verification. A few Mutual Funds have launched acceptance of Aadhaar as ID and address proof followed by video based IPV for authentication and verification purpose. In its continued pursuit to use technology to elevate service experience, CAMS has introduced  Aadhaar based eKYC with instant Mutual fund transaction facility for the first time to bring a transformational change to the investor on-boarding experience.

Mr N K Prasad, President & CEO, CAMS said: “CAMS is pleased to enable Aadhaar based eKYC and instant account opening for Mutual Funds and support distributor fraternity to carry out their business far more conveniently and also grow their business  in new markets where there are no physical official points of transactions. Embracing eKYC, online account opening and online payment brings simplicity and speed and will have far reaching benefits to make Mutual Funds an accessible investment category. Mutual fund penetration with citizens especially in Tier 2 and 3 towns can be accelerated with Aadhaar based eKYC. Younger generation who prefer digital experience can start investing with a complete digital solution for instant account opening.”

Investors can voluntarily submit Aadhaar No. and mobile number for validation with Aadhaar/UIDAI database. On successful authentication through OTP, investors can complete KYC and start investing in Mutual Funds through myCAMS at www.camsonline.com. SEBI currently permits investment of Rs.50000 in a financial  year per Mutual Fund for investors using Aadhaar based eKYC using OTP based authentication.
 

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