After an amendment made to the Prevention of Money Laundering Act (PMLA) in August 2017, people have been asked to link mutual funds with Aadhar card by March 31, 2018. If one misses the deadline, their account may be frozen until the Aadhar details are linked with their respective mutual fund account.
- CAMS (Computer Age Management Services)
- Karvy R&T
- Sundaram BNP Paribas R&T
- Go to official CAMS website
- Click on ‘Investor Services’
- On the menu options to your left, you will see ‘Link your Aadhaar’. Click on it.
- Fill in the details
- PAN Card Number
- Aadhaar Card Number
- Mobile Number
- After filling out Name and PAN Card number, all your existing mutual fund accounts will pop up in the screen.
- You can select all of them and click ‘Submit’
- In the next step, you will be asked for an OTP to your registered mobile phone number.
- Once you submit the OTP, the process is complete and you will get a confirmation
- If all your mutual fund accounts do not show on the CAMS service, you may also try to do the same process on Karvy.
FAQ – Frequently Asked Questions:
- What happens when I register my mutual funds with Aadhar card?
Once you have given permission to your R&T Agent to link mutual funds with Aadhaar, they are also authorizing the agent to perform other due diligence as required by UIDAI and PMLA Guidelines. Moreover, it also authorizes the R&T agent to share Aadhaar and other demographic data with the Central KYC Registry and other KYC agencies as permitted by the PMLA.
- Why is the PMLA asking me to link my mutual funds to Aadhar?
The PMLA is requiring all mutual fund account holders to connect their Aadhar cards with mutual fund schemes to reduce money laundering and to bring financial transparency under the Aadhar umbrella.