With its vision to ease the KYC process and facilitate Mutual Fund online account opening and transactions in a completely seamless, paperless manner, SEBI has recently enabled Aadhaar based e-KYC using biometric and OTP authentication.
Aligned to SEBI’s vision, CAMS has launched Aadhaar based eKYC using OTP authentication to make MF account opening and transactions a paperless and hassle-free process through myCAMS at www.camsonline.com . CAMS is also in the process of integrating AMC websites with eKYC module where CAMS is the registrar.
Investors with Aadhaar Number and PAN can now complete KYC process in just 3 simple steps using Aadhaar based eKYC and set up a Mutual fund account in minutes without having to submit forms and doing in-person verification ( IPV).
KYC completion, a mandatory requirement for investing in Mutual Funds, hitherto involved submission of paper forms, address and id proofs and in- person verification. A few intermediaries circumvented the step of IPV with video based IPV. Aadhaar based eKYC will transform the investor on-boarding experience bringing speed and simplicity.
Mutual fund penetration with citizens especially in Tier 2 and 3 towns can be accelerated with Aadhaar based eKYC. CAMS is pleased to enable Aadhaar based eKYC for Mutual Funds and their 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. Younger generation who prefer digital experience can start investing with a complete digital solution for instant account opening.
eKYC in 3 steps!
- Investors need to submit Aadhaar No.
- Submit mobile number for validation with Aadhaar/UIDAI database.
- On successful authentication through OTP, investors can start investing in participating funds in myCAMS at camsonline.com.
SEBI currently permits investment of Rs.50000 in a financial year per Mutual Fund for investors using eKYC using OTP based authentication.
Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 60% of assets of the industry across 15 Mutual Funds. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading insurance companies, banks, NBFC’s and alternate investment funds. To know more visit www.camsonline.com