Simplifying the electronic verification process through Aadhaar, Sebi today said mutual fund houses and market intermediaries can verify the credentials of their clients with the Unique Identification Authority of India (UIDAI).
In a circular, Sebi said mutual funds can "perform verification of the client with UIDAI through One Time password received on client's mobile number or on e-mail address registered with UIDAI provided."
It said that the amount invested by the client should not exceed Rs 50,000 per financial year per mutual fund.
The payment should be made through electronic transfer from the client's bank account registered with that fund house.
