On boarding a new client within minutes has now become a reality for mutual fund distributors.
CAMS has introduced a facility to help you complete the biometric-eKYC of all your clients through the CAMS eKYC mobile app. The best part is that there is no limit of investment in biometric-eKYC.
In an email, CAMS has said, “This will be an 'On THE GO' procedure enabling you to complete the KYC process in the comfort of your home/office/client's place without any documentation. All that is required is to procure a USB model biometric device for connecting with your mobile and complete the biometric process.”
Distributors will need to buy a biometric device to complete the eKYC process. Currently, this device costs around Rs.1,950 excluding 18% GST and courier charges in Mumbai.
You will have to register as a fresh user by putting EUIN as user id, ARN numbers as the company name and create a password of your choice. Make sure your email id and phone number match with AMFI records to avoid any disruption. The system may deactivate you if your records do not match with AMFI database.
Once your account is activated, you will be able to login and do eKYC for your clients. Through this facility, you can do both one time password (OTP) and biometric eKYC of your clients. While there is a limit of investment of up to Rs.50,000 per annum in OTP based eKYC, there is no such limit in biometric eKYC.
Investors with Aadhaar number and PAN can complete KYC process using this eKYC and open a folio without having to submit forms and doing in-person verification (IPV).
Currently, investors can invest up to Rs.50,000 per financial year per mutual fund, using OTP based eKYC. However, investors who wish to invest more than this limit need to undergo IPV or biometric based authentication at point of service of CAMS and AMCs. ARN holders are allowed to do IPV alone.
Typically, a physical KYC process takes 8 to 10 days to verify an application. By going electronic, KYC can now be done on real time basis.
Steps to do biometric eKYC:
- First, send your biometric device serial number to email id - servico@mantratec.com requesting them to whitelist your device serial number.
- Mantra, the vendor who supplies such devices will send a confirmation once whitelisted.
- You will need to download Mantra Client app and Mantra RD service app, which you will be able to carry out using the instructions given in our app.
- Once the device is whitelisted, visit the Mantra Client app and do a testing with the device finger capture.
- Also, check in Mantra RD Service app whether you get a green light on top, which is an indication that the device is whitelisted with Mantra.
