Now even KYC process for MFs can be completed online
Jan 14 2016
There are several things that need to be completed when the Know Your Client guidelines have to be met. This starts with filling up of the form for the purpose of giving the various details that are required for this. A photograph will also be required along with the form. At the same time, there has to be a proof of identity for the individual whose process is being completed and the proof of address, which will give the details of the place of stay. In addition, there is one more condition that has to be fulfilled and this is the completion of the in-person verification (IPV). This is nothing but the certification by an authorised person that the proposed investor is known to him/her and that he/she has seen the person. This last part often becomes a problem for the investors, as they need to be physically present when the process is being completed.
Online form submission
The three parts of the entire process that can be completed online requires some specific steps from the point of view of the investor. When these steps are completed, they would be able to ensure that they have done the task. The first part relates to the form that has to be filled. Investors can download this document and then can fill up the details and then stick the photograph in the space provided. They can later scan the same and send it to the mutual fund house. This means that instead of going and physically delivering the form, they have sent it online by uploading the form.
The second part of the process involves the various documents that are related to the KYC process. This once again involves the proof of identity and the proof of address and there will be various documents that are present for this purpose. The investor can now also complete this process easily by uploading the copies of the documents and sending them across to the fund house. The fund house will accept this and hence the documents-part of the process will also be completed. The details about which documents to submit is not difficult to understand because there is a list provided for this purpose. One can see the necessary ones that they possess and can then send them across.
The part of the in-person verification can be completed through the facility of a camera that is present on the laptop or any other instrument that is being used by the investor. Here there will be a video conference between the investor and the officials of the fund house, who will be able to see the investor through this route. They can then be able to verify the existence of the investor. This critical part thus can also be completed without the physical presence of the investor. All this taken together can save a lot of time and effort for the investor.