A new facility to invest in various mutual funds through Aadhar cards usage is introduced.
The mutual fund companies have introduced this new facility wherein even if the investors do not give all the details as required by KYC Riles & Regulations, they can still invest bysimply giving their Aadhar Card Number.
These changes have been made as per the request from SEBI.
A Mutual Fund Company official explained that investor in mutual fund furnish the PAN card number. However, unless these investors give all details as per the Rules & Regulations of KYC, they cannot invest in Mutual Funds. These people can furnish their Card Number and invest.
This new facility will enable the investors to invest or sell in Mutual Funds online in a simple and quick procedure.
Earlier, even if PAN Card number is given, one cannot investin Mutual Funds unless all details as required by the Rules & Regulations as per KYC are given.
Several attractive measures are being implemented to draw the attention of investors in Mutual Funds. This new facility is one of such measures.
It is worth a special mention here that the central government has been insisting the linking of Bank Savings Account Numbers with PAN Cards & Aadfhar cards in order to prevent black money laundering and also various other illegal measures employed.
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