The only guide for Mutual Fund Distributors to overcome KYC hurdles


Hello MFDs,

You might have heard about the recent KYC issues. Around 1.3 crore investors' KYC is ‘on hold’ due to incomplete KYC according to KYC registration entities (KRA).

The trade body AMFI has urged MFDs to clarify the issue and give their investors' confidence to continue investing.

AMFI has given some tips to resolve these issues:
  • You can go to the RTA website and use their mail back services to download CAMS WBR-9C or CAMS-WBR-56 and KFIN-MFSD_262.
  • Ask your clients to re-KYC using Aadhar whose status is ‘Registered’. You can use fund management software like ours to help your clients.
  • Also, the clients with ‘On Hold’ status can do re-KYC to solve their issue.

A hassle, right? But we have got the solution. REDVision’s mutual fund software for distributors can help. Let’s see how.

How can Wealth Elite help distributors solve this hassle?

Wealth Elite offers you a feature to check the KYC status of your clients in the software.

You can go to the Mutual fund option and choose the KYC report option on the next screen. Here you can search for the clients with their name or PAN number.

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You can also see the client list with KYC OK, KYC Validate and Verified, and KYC Not Verified status.

This way you can do the re-KYC the clients accordingly.

Investors can validate their KYC online or offline. But online can be convenient. To solve the challenges of physical KYC, REDVision’s Wealth Elite platform offers Digital KYC, a hassle-free and cost-effective solution.

What is the process?
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The investors can complete their KYC through this approach anytime, anywhere. Here’s the complete process.

Step 1: MFDs can send a verification link to their clients with their White-label link.

Step 2: Clients can follow the steps required to complete the KYC including personal details, PAN card details, Aadhar E-sign, Photo, & signature upload.

Step 3: Once clients complete this process, they can register their SIP mandate and start investing.

Benefits of Digital KYC

This streamlines the KYC process, reducing time and improving client experience.

  • Cost-effective solution compared to paper trail-based onboarding.
  • Eliminate the hassle of maintaining paperwork.
  • Assurance of client compliance.

But there is something more for you. What if you can turn your website visitor into a KYC compliant client? You can do this with a business booster. It is a digital onboarding solution that integrates into your website.

How does it work?

Just integrate it in your website & see the magic:

  • Investors put in their details
  • Complete the KYC process
  • Consolidated onboarding BSE/NSE/MFU
  • SIP Mandate
  • Success

Client onboarding through mutual fund software with video KYC marks a significant step toward simplifying this time-consuming process for MFDs.

It not only eases the burden of paperwork but also ensures clients are onboarded swiftly, opening the door to growth and opportunity. You can get in touch with your relationship manager to know more about the latest update in the software.

Also, if you want to get a demo of our software, then fill in the form on the website or contact us on the given phone number.