CURRENT AFFAIRS

Detailed explanation-1: -Ahmedabad (Gujarat) [India] June 14 (ANI/BusinessWire India): Online mutual fund investment platform FundzBazar announces the release of its new feature called ‘Selfiewala KYC’ for first-time mutual fund investors.

Detailed explanation-2: -KYC compliance is mandatory under the Prevention of Money Laundering Act, 2002 and Rules framed there under, read with the SEBI Master Circular on Anti Money Laundering (AML) Standards/ Combating the Financing of Terrorism (CFT) /Obligations of Securities Market Intermediaries.

Detailed explanation-3: -Online KYC for mutual funds can be completed by investors and they can choose the offline route as well. KYC is an acronym for ‘Know your customer’ which is nothing but a customer identification process conducted by all financial institutions: brokers, asset management companies, banks and likewise.

Detailed explanation-4: -CAMS latest eKYC solution enables new investors to complete the KYC process digitally with OTP based Aadhaar authentication without any hassles. The eKYC through Aadhaar authentication service allows investors to make investments in desired mutual funds with minimal efforts and without any limits or restrictions.

Detailed explanation-5: -KYC documents include the latest photograph, attested copies of PAN card, passport, residence proof (outside India), and bank statement. The bank may require an in-person verification, which you can comply with by visiting the Indian Embassy in your resident country.