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Asset management companies (AMCs) are feeling the burden of the Association of Mutual Funds in India’s (Amfi’s) decision to make the Aadhaar citizen identification mandatory for investment.
From January 1, Aadhaar details of customers, including existing ones, are to be mandatory for investment in MFs. Insiders told Business Standard this was an order to Amfi from the Union ministry of finance. "We just passed this on as an official communication to members," said an Amfi board member. He added no AMC was in favour, as this puts the onus on them to link Aadhaar.
Most top officials preferred anonymity, as
