Birla Sun Life Mutual Fund launches eKYC via Video In-Person Verification

Birla Sun Life Asset Management Company Limited, a part of Aditya Birla Financial Services Group, and investment manager for Birla Sun Life Mutual Fund (BSLMF), launched a new, online electronic-Know Your Customer (eKYC) facility which allows first-time investors to mutual funds to complete their ‘KYC’ formality in an online manner. Investors can now use this 3-step eKYC process from BSLMF to submit their details and documents digitally from remote locations without physically visiting submission centres.

Investors can now complete their 3-step eKYC from Birla Sun Life Mutual Fund using this link – http://mutualfund.birlasunlife.com/Pages/Individual/Customer-Service/EKycLandingPage.aspx

Speaking on this development, A. Balasubramanian, Chief Executive Officer, Birla Sun Life Asset Management Company said, “We are constantly looking at ways and means to make it simpler, easier and more convenient for investors to invest in mutual funds. Our new, 3-step eKYC simplifies the KYC experience so new investors – both domestic, as well as Non-Resident Indians can be compliant with the norms from the comfort and convenience of their location, and begin their mutual fund transaction in a speedy manner.”

On the merits of the format, A. Balasubramanian added, “We are seeing a strong interest in Mutual Funds from the retail investor, and this as a trend, has been progressively getting stronger, especially from the smaller B15 markets. With the nation’s increasing affinity and preference for the online medium, we see eKYC becoming a great enabler for on-boarding new investors to Mutual Funds in a vibrant, Digital India. Not only can this facility help grow the industry’s customer base, but it can also help a large pool of Mutual Fund distributors across the length, and breadth of the country in growing their business.”

Birla Sun Life Mutual fund has always believed in leading the way and making mutual fund transactions simpler for its investor by using technology for a seamless customer experience. The new eKYC process is no different. The fund house helps the investor become KYC compliant in a totally online environment, from the comfort of a location of his choice, through eKYC and video In-Person Verification.

Securities and Exchange Board of India (SEBI) has issued guidelines under The Prevention of Money Laundering Act, 2002 (PMLA) which requires Mutual Funds to follow enhanced Know Your Customer (KYC) norms. KYC is an acronym for “Know Your Customer”, a term commonly used for Customer Identification Process. SEBI has prescribed certain requirements relating to KYC norms for Financial Institutions and Financial Intermediaries including Mutual Funds to ‘know’ their clients. This entails In-Person Verification (IPV), verification of identity and address, financial status, occupation and such other personal information as may be prescribed by guidelines, rules and regulation.

Shares of ADITYA BIRLA NUVO LTD. was last trading in BSE at Rs.2037.85 as compared to the previous close of Rs. 2029.85. The total number of shares traded during the day was 3979 in over 574 trades.

The stock hit an intraday high of Rs. 2058.7 and intraday low of 2023. The net turnover during the day was Rs. 8120759.