To invest in mutual funds you need to do your know-your-customer (KYC) before investing in mutual funds.
Till September, mutual fund houses and online distribution platforms used e-KYC process for quick online verification process. e-KYC allowed you to verify based on Aadhaar number and a one-time password.
After the Supreme Court judgement that no private entities should use Aadhaar data, mid-way through the year, Unique Identification Authority of India (UIDAI), issuing authority of Aadhaar cards, invalidated E-KYC norms. Platforms that sell mutual funds were using e-KYC for the process. Once it got banned, the online platforms were not able to use e-KYC.
