In an attempt to make it easier for investors to buy or sell mutual fund products, fund houses are offering them an option to invest in such products by using the Aadhaar number.
In an attempt to make it easier for investors to buy or sell mutual fund products, fund houses are offering them an option to invest in such products by using the Aadhaar number.
The investor can invest online in mutual fund products even if the person is not compliant with Know Your Client (KYC) details. The new service will help inves-tors buy or sell mutual fund (MF) products in a simpler and faster way.
The move comes after Sebi issued guidelines to change the existing norms for investing in mutual funds. While Quantum MF is already offering such a product, others are likely to follow suit.
Earlier, without a KYC verified PAN card, it was not possible for an investor to complete his investment unless all the KYC formalities are complied with.
However, Sebi last week said that fund houses and market intermediaries can verify the credentials of their clients with the UIDAI using Aaddhaar. However, it would be on voluntary basis.
