After a recent change in the Prevention of Money Laundering Act (PMLA) Rules, 2017, seeding of MF scheme with investors'Aadhaar has been made mandatory. As per the amendment, financial institutions like MFs need to get the following compliance done in respect of different clientele.
For the client who is an individual and is eligible to enroll for the aadhaar number, both aadhaar and PAN or Form 60 has to be furnished.
For others who are eligible for Aadhaar enrolment but have not been assigned the number, proof of enrolment for Aadhaar has to be provided. In case the PAN is not provided, one certified copy of an officially valid document has to be furnished.
Mutual Funds R&T agent, CAMS or Computer Age Management Services has introduced an online facility for linking MF accounts or investments with Aadhaar. The deadline for mutual fund houses to link all of their customers' aadhaar with respective mutual fund account numbers has been currently kept as December 31st.
Know the process of linking your MF investments with Aadhaar using CAMS' online facility:
1. Go to the CAMS website, on the top panel click on 'Investor Services' then on the left panel click on the tab 'Link your Aadhaar'.
2. After this a page appears that asks you to enter your registered e-mail and PAN, once you have entered the details, the page auto-populates with fund house details in which you would be holding MF units.
In case some of the MF houses do not appear, you need not panic, as you would need to complete the process with other R&T agents.
3. At the third step, you click on all of the fund houses and provide the registered mobile number to get one time password or OTP. Aadhaar number is also to be provided at this stage
4. After entering the OTP, acknowledgement is received as though 'Thanks for providing Aadhaar for your PAN... Your Aadhaar number will be linked to the respective Folios in the selected mutual funds ( ) after due verification....
As of now, some of the MF R&T agents have not started with the online facility for linking MF accounts and Aadhaar but they shall also begin with the process in few days time.