It is once again possible to complete the KYC process of your clients in minutes, thanks to video KYC feature offered by NSE NMF II.
Earlier, advisors could instantaneously on board clients using biometric eKYC. NSE NMF II platform used to offer this facility along with digital IIN creation to make the process seamless. However, after the Supreme Court verdict on Aadhaar, UIDAI had asked KRAs (KYC registration agencies) to stop using Aadhaar based authentication for KYC process making the KYC process lengthy again.
To speeden up the process, NSE NMF II has collaborated with CAMS to offer a paperless KYC facility for advisors. “We are extremely pleased to announce introduction of KYC facility through NMF II platform. This will complement other features already available on the platform such as cheque collection, eKYC, digital IIN, investor login and API enabled mobile app. The KYC-module will allow members to submit KYC of their investors through NMF II platform. This facility will be available for doing fresh KYC only and cannot handle modification or under hold cases," said a spokesperson of the company.
The exchange platform claims that KYC process will be completed within 72 hours of the submission of documents. However, advisors need not wait to initiate a transaction. Immediately after successful submission of the documents, advisors can help their clients make online transaction.
The platform offers both Aadhaar based and non-Aadhaar based KYC. Under Aadhaar based KYC, the client can submit his eAadhaar. The software will scan the QR code on the eAadhaar document to complete the KYC. The non-Aadhaar KYC allows the advisor to submit the client’s proof of identity and proof of address digitally. In addition, the advisor will have to upload scanned copy of the client’s signature on NSE NMF II.
Pre-requisites for the video KYC
- Camera enabled device such as mobile, laptop and desktop
- Chrome browser
- Distributor or AMC person has to complete the KYC in person
- eAadhar from UIDAI site for Aadhar based eKYC (URL is https://eaadhaar.uidai.gov.in/#/)
- Address proof and ID proof is mandatory if customer wants to do non-aadhaar based KYC
Under transactions, select paperless KYC (PL KYC). Select a fund house (CAMS serviced fund houses). However, the KYC will be valid across AMCs. Fill in the investor’s details, upload requisite identity verification documents corresponding to the KYC mode selected (Aadhaar based or non-Aadhaar based). Finally, you will have to upload the client’s photo and your photo to complete the process. You need to click your photo within 5 minutes of submitting the client’s photo. This ensures that the KYC was completed in person.
Click here to see a detailed process flow to complete the video KYC of your clients.
Use this facility for quickly on boarding new clients.