Recently all Mutual Fund Investment Houses are asked to collect Aadhaar no. of their customers and get linked to their accounts. This rule lies under the Prevention of Money Laundering Act (PMLA) Rules, 2017.
For the purpose of linking Aadhaar to mutual fund investment, Registrar and transfer (R&T) agent, CAMS (Computer Age Management Services) has launched an e-portal to link the Aadhaar to mutual fund.
- Registrar and transfer (R&T) agent-
Public companies have Register or Transfer agents for the purpose of maintaining a detailed record various transactions of investors. And these Transfer Agents are allotted to have a proper detail of individuals and entities that own their Stocks & Bonds.
- CAMS (Computer Age Management Services)
All Indian Asset Management Companies having a share of 61% of the under asset management (UAM), have CAMS which is a mutual fund transfer agency.
you will find a message on their website-
“As per recent amendments to Prevention of Money Laundering Act (PMLA) Rules, 2017, Financial Institutions like Mutual Funds are mandated to obtain Aadhaar Number from their customers and link the same to the respective accounts.”
The deadlines of getting Aadhaar linked with mutual fund investments is 31st December, after the date mutual fund investment houses will be asked their customers’ Aadhaars. It is quite right to say that CAMS initiated online in direction to make this process easier.
So, now the question is-
- STEP 1
It’s the first step of this process where you are supposed to visit the CAMS website, and click on https://www.camsonline.com/ ‘Investor Services’ on the top panel and then click on ‘Link your Aadhaar’ on the left panel.
This is the home page of CAMS where you need to click on investor services.
- STEP 2
After clicking on investor services<link your Aadhaar, this window will appear.
- STEP 3
- STEP 4
Here you need to click on fund houses and register your mobile number and submit the OTP which has been sent to your mobile.
- STEP 5
After completing all the above procedures you will receive a confirmation or acknowledgement which will be looking like real.
After receiving this acknowledgement you will also receive a confirmation from UDAI which plays a role of notification which notifies you that your Aadhaar has been linked to the respective account.
This confirmation looks as-
This is the entire process of getting your Mutual Fund Investments linked to your Aadhaar.
In the current scenario, where the government is working through the implementation of new rules for purpose of security and comfort of users, also bringing the easiest to ways to follow those rules. Whether it can be additional changes but these are being proven as essential steps.