Know Your Customer (KYC) is a process of to identify and verify the identity of a company’s clients. In order of make the process uniform and to avoid duplication in the process across the intermediaries in the securities market; SEBI vide Circular No. MIRSD/SE/Cir-21/2011 dated October 5, 2011, SEBI (KYC Registration Agency) Regulations, 2011 and Circular No. MIRSD/ Cir-26/ 2011 dated December 23, 2011 introduced the concept of KYC Registration Agency (KRA) effective January 01, 2012.
Fill the new KYC application form:
Documents evidencing Proof of Identity and Proof of Address to be provided (List of requisite KYC documents for individuals and non-individuals are mentioned in the revised KYC Application Form)
In-Person Verification (IPV): Complete IPV from any of the following:
- Any SEBI registered intermediary
- NISM/AMFI certified distributors who are KYD compliant
- Scheduled Commercial Banks (in case of any applications received directly)
- CAMS (Registrar and Transfer Agents) employees
Submit the KYC form along with necessary documents at the nearest Investor Services centre or any other intermediaries of KRA's as mandated by SEBI. Upon receipt and verification of the above documents, a KYC acknowledgement will be issued to each applicant.
Investor must ensure that KYC compliance is mandatory at the time of submission of each subscription request with the designated Official Points of Acceptance. In case of applications without valid KYC are liable to be rejected. Once the investor has done the KYC with a SEBI registered intermediary, the investor need not undergo the same process again with another intermediary including Mutual Funds. However, the AMC reserves the right to carry out fresh KYC of the investors or undertake enhanced KYC measures to commensurate with the risk profile of investor. The existing KYC compliant investors can continue to invest as per the current practice. But in case of any updation in the process, they must comply with the new KYC requirements including IPV as mandated by SEBI.