Apparently, even the combined veracity provided by an Aadhaar number, a PAN number and a bank account do not carry enough weight to completely satisfy the Government of India that a mutual fund investor is not a fake identity that is being used to launder money. You could have the first two, and on top of that you'd be investing and redeeming through a bank account, and even then you are permitted to invest only Rs. 50,000 in a year.
That's what the new eKYC norms announced by Sebi say. e-KYC means that a 'Know Your Customer' exercise is conducted remotely through the internet, using an Aadhaar interface provided by the UIDAI and a PAN card interface provided by the Income Tax Department. If you have identified yourself through an e-KYC and wish to break through the Rs. 50,000 limit then you must go through an 'in person KYC'. And what is an inperson KYC? It entails someone -either from your fund distributor or the registr ..
