Tata Mutual Fund has launched video KYC facility to complete paperless KYC verification of clients.
You can now verify your clients’ KYC documents remotely using this platform. Video KYC requires investors to update their details and upload identity proof i.e. PAN card, address proof, photograph, a cancelled cheque and signatures on the AMC's website. Once your clients upload these documents, they will be required to start real-time video recording using the front camera of their smartphone or computer and display a hard copy of all the documents for 5 seconds each. Investors have to say 'Hi' followed by his/her name at the end of the video recording.
The fund house said that 'How to do video KYC' is currently available in English and Hindi and will be available shortly in four other languages – Bengali, Kannada, Malayalam, Tamil and Telugu.
Here is the link to the video in English and Hindi.
MVS Murthy, Head Marketing & Digital at Tata Mutual Fund said, "According to Sebi rules, investors who did their e-KYC through Aadhaar were allowed to invest only up to Rs.50,000 earlier. To invest more, they had to complete their KYC, either by visiting a branch or by completing in-person verification (IPV) through video KYC. The mutual funds digital KYC space is evolving and now, video KYC can be an option for any amount of investment.”
Fund houses like Reliance, Kotak and Quantum and national distributors like Fundsindia.com have also started video based KYC.
