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KYC Registration Agency
Know Your Customer, enables stock market player and regulator to verify the identity of customer. Get KYC license to store and update identification of customer complying as per SEBI guidance.
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- As per requirement, download the KYC application for individuals or KYC application for non-individuals.
- Fill up the form and attach necessary documentation (proof of identity and address).
- In-person verification (IPV) has to be done on the Common KYC application form by the AMC, RTA (on behalf of AMCs) or a NISM/AMFI certified and KYD-compliant distributor.
- The application with completed IPV has to be submitted along with documentation to any SEBI registered intermediary including Mutual Fund AMCs and to any of our Service Centres.
- Documents will be forwarded by the intermediary to the KYC Registration Agency (KRA). In case of Mutual Funds, RTA will forward the documents to KRA on behalf of the Mutual Fund.
- The KRA will, in turn, send a letter to the investor within 10 days confirming the details.
- Initial KYC is sufficient for an investor to start investing, while the KRA completes the rest of the process. (KYC acknowledgement should be attached along with the transaction slip).
- Intimation about application for success of Common KYC can be given to other Mutual Funds, either before or at the time of next investment.
- Documents received by the intermediaries from their clients shall be safely stored and safeguarded by the agency. Such documents should be available for immediate retrieval when required.
- The agency is required to store the original documents of the client supplied by the intermediary in physical as well as electronic form. The KYC information retrieval should happen within the specified time period.
- Update in KYC information of the client should be communicated by the agency to all the intermediaries involved in providing investment services to the client in question.
- There should be a well-woven network among all the registered KRAs for smooth exchange of information within them.
- After receiving the documents from the intermediary, the agency shall issue a letter of confirmation to the client and the status of KYC verification.
- The system of the KYC Registration Agencies should have built-in checks in order to ensure that any intermediary can only access the information of an investor who approaches them after proper verification.
- The KRAs must take precautionary measures along with regular audits of the systems so that there cannot be any unauthorised access to its database.
- There must be sufficient backup of all electronic records available at a KRA, and it is the job of the agency to ensure that any data provided by the investors is not lost, destroyed, or tampered with.
- Provide expert guidance on KYC regulations, ensuring that the agency understands and adheres to the latest requirements set by financial regulators and other relevant authorities.
- Assist in developing and maintaining robust KYC policies and procedures, ensuring that the agency has a comprehensive and effective framework for customer identification and verification.
- Helping KYC registration agencies conduct thorough customer risk assessments and due diligence procedures, identifying and mitigating potential risks associated with money laundering and other financial crimes.
- Conduct regular internal audits and compliance reviews, assessing the effectiveness of the agency's KYC compliance framework and identifying areas for improvement.
- Assist KYC registration agencies in continuously improving their KYC compliance practices, adapting to evolving regulatory requirements and industry best practices.
Mr. Manish is highly professional. We get the best service and advice. Very punctual and dedicated team, always stays upfront in informing anything to avoid obligations. Thank you so much.
Raman Shukla
COO at VSERV Infosystems & Founder VSERV Academy
Mr. Manish Mishra's team provided invaluable guidance and expertise in Fintech and NBFC advisory, helping us navigate complex financial regulations and achieve remarkable growth in our business. Their insights are truly a game-changer.
Abhishek M R
Managing Director AMR FINANCE PVT LTD
Mr. Manish, as our Virtual CFO, has been instrumental in propelling our business to spontaneous growth. His expert guidance and strategic insights have transformed our financial landscape, paving the way for remarkable success.
Ajay Kumar
Founder & CEO - Eagabriz Shipping Pvt Ltd
In case your KYC verification is performed by a KYC Registration Agency (KRA), you will receive a letter of confirmation along with the status of the verification once the KRA submits all your documents to the agency.
As per the SEBI guidelines, all registered KYC Registration Agencies must have a secure data transmission link for the transfer of all data provided by investors. Furthermore, the KRAs are also responsible for the safe storage of all KYC documents provided by investors and prevent any unauthorised access in order to ensure that the information provided by them remains secure.
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