Photo: MintLast week, on 12 October, the Unique Identification Authority of India (UIDAI) wrote to the mutual funds industry—the registrar and transfer agents (R&T) and some online distributors—asking them to discontinue using Aadhaar-based authentication to complete the Know Your Client (KYC) norms. UIDAI has said that the said firms will have to confirm in writing that they have closed the Aadhaar-based authentication and enumerate an exit plan by 20 October. Also read: UTI Mutual Fund looks beyond rupee drop as election season nearsBiometric-based Aadhaar e-KYC: Aadhaar-based biometric also allowed investors to invest in mutual funds. Srikanth Meenakshi, co-founder and chief operating officer, FundsIndia.com, told us that the MF industry will now have to revert to paper-based KYC. “Only the Aadhaar number needs to be deleted, but investor’s KYC should still continue.

Source: Mint October 16, 2018 03:11 UTC