Aadhar and Mutual Funds

Aadhar Number is soon making inroad into banking and investments.

It may be recalled Aadhar was earlier made mandatory to be linked to PAN Cards failing which PAN card will be useless.

Aadhar Card is accepted as one of the valid supporting documents for CKYC.

However, eKYC investments that are started using Aadhar have an investment limit of Rs. 50,000 per AMC.

This is something similar to Micro SIP concept that was allowed earlier.

Ministry of Finance (Dept. of Revenue) in consultation of RBI came up with Notification G.S.R. 538 (E), dated 1st June, 2017, carried out amendments to prevention of Money Laundering (Maintenance of Records) Rules, 2005.

Now that Aadhar Number is mandatory for all Mutual Fund folios, investors need to rush and get their folios linked to the Aadhar card.

CAMS allows online submission of Aadhar number on its webpage at https://www.camsonline.com/InvestorServices/COL_Aadhar.aspx.

Karvy MFS too has a similar webpage at https://www.karvymfs.com/karvy/Aadhaarlinking.aspx

Investors who do not have their email address or mobile number mentioned on their folio can use an offline form to submit the details.

For Karvy MFS managed folios, the linking can also be done through easy SMS. Please send (ADRLNK <PAN> <space> <AADHAAR NUMBER> <space><Y>) to 9212993399 from your registered mobile number with karvy. "Y" in the above message stands for your express consent to authenticate and seed your Aadhaar across all Karvy serviced mutual funds as on date.

If you have invested in any scheme for which Karvys is a registrar but through a distributor, your distributor can upload the scanned copy of the form duly signed by you from his login.