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MF News It is still possible to do KYC in minutes

It is still possible to do KYC in minutes

NSE NMF II offers this facility in collaboration with CAMS.
Team Cafemutual Feb 6, 2019

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   

Process

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.

Click to clap
4 Comments
sumit jain · 2 months ago
THE NEWS IS PARTIALLY CORRECT AS THE WORD VIDEO DEPICT THAT WE HAVE TO TAKE VIDEO BUT ITS NOT TRUE. AS NSE DOING KYC WITH THE HELP OF ALREADY INTRODUCED ONLINE KYC BY CAMS. WHICH MEANS THAT THIS PROCESS OF KYC IS ALREADY AVAILABLE AT CAMSONLINE AND IF U WISH TO SAVE UR TIME U CAN SIMPLY LOGIN TO THE CAMSONLINE LINK https://eiscweb.camsonline.com/PLKYC
AND CAN SAVE UPTO 1-2 MIN. AND IN THIS CAMSONLINE LINK YOU HAVE TO REGISTER FIRST TO EMAIL ekycservices@camsonline.com BY SENDING UR ARN EUIN MOBILE NO AND EMAIL ID AND THEY WILL GET IN TOUCH WITH YOU IN FEW DAYS.

ALTHOUGH THE NSE INITIATIVE IS REMARKABLE AS U CAN DO KYC WITH THEIR PORTAL AS THEY ARE JUST REDIRECTING YOU WITHOUT ANY LOGIN.
Ajit · 2 months ago
Correct sumit..rather than this..i Got my KYC done for parents from Saral Indiabulls App..i personally have used piggy - kuvera in past for onboarding me and my family...above all are easy and simple ...also i am planning to go for ARN license and wlll have this flow in my app if possible...but for now i tell my friends to use these all for time being. Also i am some whaht confused when i onboard my customer in mf-does his broking kyc also gets done and vice versa, plus here i dont know if karvy rta is done cams kyc is also done.
Kiran · 2 months ago
Paytm Money does it very well. Their Video KYC and the entire KYC flow for mutual funds is smoothest in the market
Gopal Chokhani · 2 months ago
Pan kyc kaise banegs
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