Mutual Funds | Investment: How can NRIs invest in direct mutual funds?

ET Online|

Nov 09, 2018, 10.41 AM IST

An NRI cousin of mine wants to invest in mutual fund direct plans. But when tried to invest online it is asking us for Aadhaar and Aadhaar enabled mobile number. As per the Aadhaar act known to me, no NRIs can have Aadhaar. So, how can he go with investing in direct plans?
–Thomas Moonjeli

Vishal Dhawan, Founder, Plan Ahead Wealth Advisors, responds:

That is correct – Aadhar is not available for NRIs. In order to invest in direct plans, it is possible to do a one time CKYC process by providing a set of physical documents like passport, PAN and overseas address proof, attested by authorised persons who would need an In Person Verification ( IPV). Post this process a centralised KYC can be enabled to allow investments in direct plans of mutual funds online on the respective websites of the selected mutual funds. Alternatively, you can use the services of a SEBI Registered Investment Advisor (RIA) who can advise them on the selection and help with the implementation of the investments in direct plans of mutual funds.

(If you have any mutual fund queries, message us on ET Mutual Funds on Facebook. We will get it answered by our panel of experts.)

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