NSE has started online IIN (individual identification number) activation on its NSE MF II platform for distributors.
At the time of on boarding, distributors will have to scan and upload investors KYC documents and cancelled cheque copy on the platform. Once the registration is done, the investor will receive a confirmation email from the NSE back office. After verifying the details, the investor is required to provide her acknowledgment and acceptance of IIN for activation by clicking on the email link sent by NSE.
“To start with, digital IIN process is being enabled for individual IIN holders with holding nature as single only i.e. it will not be available for IINs wherein holding nature is anyone or survivor, either or survivor or joint. We will enable this feature for other holding nature too,” states a note sent by NSE.
Currently, 33 AMCs which constitute roughly 98% of industry AUM have signed up with the platform. As of now, the initial registration is free of cost. However, IFAs have to cough up Rs. 15,000 as refundable deposit. For corporates, the deposit is Rs. 25,000.
