LIC Mutual Fund has facilitated video KYC service on BSE Star MF. With this, distributors who use BSE Star MF can onboard new clients even by opening zero folio with the fund house.
So far, only KYC compliant clients can invest through BSE Star MF.
Let us look at how you can use video KYC to on board a new client.
To begin with, you need to upload KYC documents of your clients such as photograph, PAN card, address proof and a cancelled cheque on the exchange platform. Your clients can upload their eAadhaar card copy as a valid address proof as it masks the first eight digit of their Aadhaar. An unmasked Aadhaar is not a valid KYC proof.
After uploading these documents, investors need to start real-time video recording using the front camera on their smartphone or the computer’s webcam and display the hard copies of all the required documents. Now, to complete the process, investors have to say ‘Hi’ and in some cases their date of birth during the video recording.
If this verification fails, LIC MF or BSE Star MF will call your clients to do it manually through a video call.
Pre-requisites for the video KYC
- Camera enabled device such as mobile, laptop and desktop
- Distributor or AMC person has to complete the KYC in person
- eAadhaar 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
In a press release, Dinesh Pangtey, CEO – LIC Mutual Fund said, “Digital is future and especially during this pandemic times, it is even more important to adapt and facilitate virtual contact.”
Elaborating further, LIC MF CMO R.K Jha said that the new video KYC will be able to provide a simpler and richer on-boarding experience to the new customers and thus facilitate a completely paperless experience.
Lav Kumar, Head – Product and Business Development, LIC MF told Cafemutual that his fund house will tie up with other distributors to facilitate digital KYC services to make the onboarding process simple and easier.
