SUBSCRIBE NEWSLETTER
  • Change Language
  • English
  • Hindi
  • Marathi
  • Gujarati
  • Punjabi
  • Tamil
  • Telugu
  • Bengali
    • MF News Soon KYC modification can happen online: AMFI

    Soon KYC modification can happen online: AMFI

    Issues with the existing KYC procedure will be resolved with advent of 5G technology, said AMFI CEO.
    Nishant Patnaik Jun 6, 2023

    Listen to this article

    The Rs.41 lakh crore MF industry is heading towards setting up a robust KYC mechanism that will simplify the existing KYC procedure. 

    In fact, the MF industry will facilitate KYC modification completely online with advent of 5G technology, said NS Venkatesh, CEO, AMFI. He was speaking at the Independent Consultants & Advisor Association (ICAA). 

    He said the MF industry and RTAs have been working to make KYC modification process completely online. While the industry currently facilitates online KYC at the time of onboarding, modification of KYC still happens through physical route. 

    Further, Venkatesh said that AMFI has consulted PwC to understand how they can increase the scope of AMFI to match with the global best practices. 

    Highlighting the opportunities in the MF industry, Venkatesh said India has over 40 crore PAN card holders and over 8 crore people have filed income tax returns. Currently, the MF industry has 4 crore investors which indicates that the industry has a long way to go, said AMFI CEO.

     

     

    Have a query or a doubt?
    Need a clarification or more information on an issue?
    Cafemutual welcomes all mutual fund and insurance related questions. So write in to us at newsdesk@cafemutual.com

    Latest Articles
    Your bulletin for the day
     Read More
    The MF industry earns profits of Rs.15,760 crore, a rise of 43% in one year
     Read More
    55% of equity assets stays invested for over 2 years
     Read More
    Equity, hybrid and index funds: Most preferred investment option for SIP investors
    Read More
    ‘Auto story is structural and long term’
     Read More
    ‘Investors are currently underinvested in a high growth sector like real estate’
     Read More
    Individual AUM in equity scheme increases by 60% in one year
     Read More
    Direct vs. Intermediated – What is the future of mutual fund distribution?
     Read More
    HSBC MF launches a digital campaign to encourage children education planning through mutual funds
     Read More
    TATA MF launches an innovation fund
     Read More
    Click to clap
    Disclaimer: Cafemutual is an industry platform of mutual fund professionals. Our visitors are requested to maintain the decorum of the platform when expressing their thoughts and commenting on articles. Viewers are advised to refrain from making defamatory allegations against individuals. Those making abusive language or defamatory allegations will be blocked from accessing the web site.
    4 Comments
    Anurag Dureha · 1 year ago `
    A welcome move. The biggest problem is with RTAs. Investors update their details in demat accounts but those are not updated or partially updated by RTAs. Investors keep receiving reminders from RTAs for missing info. SEBI holds distributors or sub-distributors responsible for this. Actually, SEBI needs to be stricter with RTAs and needs to have better control over them. I hope with such modifications in system and procedures, there will be less reliance on RTAs and fewer pain points for the investors and distributors.
    Reply
    DEBRAJSENGUPTA · 1 year ago `
    It is a welcome move as numerous Investors an Distributors go through painful journey to modify their KYC details. And it does not stop there. If somebody updates/modifies KYC at on AMC the data does not get populated across AMC. Some site RTC issues, some claim they follow different procedures etc. Complete Online facility with robust infrasturcture to help AMCs fetch the modified details, and RTAs updating the same across Folios is actually need of the hour. Sooner it is done, it is better.
    Reply
    InvestAir Funds · 1 year ago `
    Most awaited step. It will definitely help Clients from B30 cities and rural areas. But it is difficult to understand the role of 5G in the procedure.
    Reply
    Login or Sign up to post comments.
    More than 2,07,000 of your industry peers are staying on top of their game by receiving daily tips, ideas and articles on growth strategies. Join them and stay updated by subscribing to Cafemutual newsletters.

    Fill in the below details or write to newsdesk@cafemutual.com and subscribe to Cafemutual Newsletter now.
    POLL
    MORE POLLS
    As regards Portfolio Management Services (PMS), what is your status
    EVENTS FORUMS
    Cafemutual is an independent media platform and focuses on providing knowledge and information for the benefit of finance professionals. We do not promote any particular brand or asset category.
    INSIDE CAFEMUTUAL
  • About Us
  • Advertise With Us
  • Contact Us
  • Disclaimer
  • Editorial Policy
  • Media
  • Privacy Policy
  • Post Vacancies
  • Job Openings
    • SOCIAL
    SUBSCRIBE NEWSLETTER
    NEWS
  • MF News
  • Insurance News
  • CafeAlt
  • Thought Leadership Corner
  • NFO News
  • Ask Us
  • Guest Column
  • News Archive
  • News From Press
  • Passives
    • CLIENT MANAGEMENT
  • Business Development
    • RESOURCES
  • Empanelment Forms
    • MF FACTS & FIGURES
  • Directories
  • Events
  • Fund AUMs
  • Fund Fact Sheets
  • Reports
    • KNOWLEDGE
  • Education
  • Glossary
  • Tutorials
  • Video Library
    • MY RESEARCH DESK
  • Financial & SIP Calculators
  • Fund Performance & NAV

  • Success Stories
  • POLLS
  • Youtube Channel
    • © Cafemutual.com. All rights reserved. Reproduction of news, articles, images, videos or any other content in whole or in part in any form or medium without express written permission of cafemutual.com is prohibited.
    Powered by Barcode Design Studio