What is KYC?
KYC is a one-time verification process for investing in the securities market in India. The Securities and Exchange Board of India (SEBI) has laid down guidelines which makes it binding for financial institutions and financial intermediaries like mutual funds to acquaint themselves with their customers under the Prevention of Money Laundering Act 2002. Hence, certain details must be furnished before transacting to prevent money laundering and other suspicious activities.
What is eKYC?
eKYC simplifies the KYC procedure by enabling online verification with direct authorization from the clients. eKYC helps in reducing the turnaround time and paperwork. Also, you can start investing immediately after the verification.