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

CAMS launches Aadhaar based eKYC

  • February 10, 2016  
  • |  
  • UPDATED   12:25 IST

The leading service providers of funds CAMS has launched Aadhar based eKYC for setting up an instant mutual fund account. It has launched to ease the KYC process and facilitate Mutual Fund online account opening and transactions in a completely  paperless and presence less manner using OTP (one time password) authentication through myCAMS at .

This is associated with SEBI's vision and CAMS is also in the process of integrating AMC websites with eKYC module where CAMS is the registrar. SEBI currently permits investment of Rs.50000 in a financial year per Mutual Fund for investors using Aadhaar based eKYC using OTP based authentication.

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.

"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." says Mr N K Prasad, President & CEO, CAMS

To invest in mutual funds KYC completion is mandatory requirement and till now it has involved submission of forms, ID, address and other proofs in person verification. Whereas few mutual funds have launched the Aadhaar as ID and address proofs followed by video based IPV for authenticity and verification.

This is for the first time that CAMS has introduced Aadhaar based eKYC for instant mutual fund transaction facility to bring a transformational change for the investors to experience.