ClearTax, an e-filing and compliance platform, rolled out an e-KYC registration feature that allows users to invest in mutual funds without having to provide hard copies for any identification.
With e-KYC, an investor has to enter PAN and Aadhaar details and generate an OTP on their Aadhaar-linked mobile number. According to Clear Tax, the registration process would take less than five minutes.
“With the e-KYC feature on ClearTax, users no longer have to worry about providing a bunch of documents for KYC fulfilment, but can simply sit back and experience a quick, smooth and paperless registration process,” said Archit Gupta, CEO, ClearTax.
“They can then choose from some of the best performing mutual funds and tax-saving plans hand-picked by our experts and get started on achieving their wealth-creation goals.”
“In a country where assets under management to gross domestic product (GDP) ratio is still the lowest at 8% (In U.S. it is 91%, U.K. 50%, and Brazil 38%), fintech solutions like ClearTax’s can help lower the over-dependence on traditional investing options like bank deposits, real estate, and gold,” the company said in a statement.
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