Computer Era Management Services (CAMS), a technology-driven financial infrastructure and services provider, has launched an e-KYC facility that uses a one-time password-based Aadhaar authentication to support new mutual fund investors. CAMS said on Wednesday that it had created an approach that would allow new investors to complete the KYC process electronically with OTP-based Aadhaar Authentication, and that it was a simpler approach than the previous XML-based verification.
CAMS and CAMS Investor Services are amongst the eight securities market companies given permission to conduct Aadhaar Authentication. Know Your Customer has been made mandatory for all investors in the mutual fund industry. CAMS CEO Anuj Kumar said to PTI that "We are extremely happy to have successfully cleared the thorough standards of privacy and security compliance checks to undertake OTP based Aadhaar authentication for e- KYC."
"This will definitely make onboarding of new investors a lot more efficient and most importantly simpler and less time consuming."