CAMS launches Aadhaar-based eKYC for setting up MF account instantly. Computer Aged Management Services (CAMS), the leading services solutions provider for fund houses, has launched Aadhaar-based eKYC (know your customer) using OTP (one-time password) authentication to make mutual fund (MF) account opening and transactions a paperless and presence less process through myCAMS at www.camsonline.com .
CAMS, the transfer agency for most MFs, is also in the process of integrating the websites of AMCs (asset management companies) with eKYC module where it is the registrar. This is in line with market regulator SEBI’s vision to ease the KYC process and facilitate MF online account opening and transactions, CAMS said.
SEBI has recently enabled Aadhaar based e-KYC service offered by UIDAI (Unique Identification Authority of India) for KYC verification on authorization by the client using biometric or OTP (one-time password) authentication on a voluntary basis. Investors, who wish to use their Aadhaar number and PAN for KYC compliance, can now complete KYC process in just three simple steps using Aadhaar-based eKYC and set up a MF account instantly without having to submit forms, documents and do in-person verification (IPV) either physically or virtually. Investors can voluntarily submit Aadhaar and mobile numbers for validation with Aadhaar/UIDAI database. On successful authentication through OTP, investors can complete KYC and start investing in MFs through myCAMS at www.camsonline.com. SEBI currently permits investment of Rs 50,000 in a financial year per MF for investors using Aadhaar-based eKYC using OTP based authentication.