In an awesome development, Quantum mutual fund has launched E-KYC! That is, there is no need for new investors and existing investors to do a physical in-person verification (IPV) to complete their KYC process! In other words, no need to visit the AMC office of CAMS or Karvy! KYC as you know, is a mandatory requirement for investing in mutual funds (among other things).
This is great news for ‘first time’ direct mutual fund investors. One of the so-called huge stumbling block for new investors to ‘go direct’ right from the start has been physical IPV. Now with E-KYC, that has been done away with. I hope other AMCS also follow suit.
Here is how it works:
- Go to ekyc.quantumamc.com and submit the KYC application online after agreeing and accepting the necessary declarations
- E-IPV: Quantum customer care will arrange for a face to face meeting via WebEx of Skype either with a computer ot smartphone.
- Skype software of email to access Webex
- Good quality Webcam
- 3G smartphone or 512 Kbps internet connection for E-IPV process
As of now, there is no need to make a purchase or rather, one cannot make a purchase after the E-KYC process is completed.
Also, it is not clear if undergoing this process obligates you to make a quantum mutual fund purchase later on. So do read the agreement carefully. I strongly suggest not to use this process unless you want to buy Quantum mutual fund units.
Basu(nivesh.com) tells me that Reliance Mutual also launched this recently. Need to read more about this.
Read the complete FAQ here:
Thanks to Balaji Swaminathan for alerting me about this process.
So far, the only aspect I do not like about the E-KYC process is the mandatory agreement to receive product updates. That is built-in content marketing. One will need to unsubscribe to these updates later if needed.