The KYC process involves collecting and verifying personal and financial information of clients before they can open trading and demat accounts with the stockbroker. Following are the KYC process:
Documentation:
When a client approaches to open an account, they are required to provide various documents for KYC compliance. These documents typically include proof of identity (e.g., Aadhaar card, passport, voter ID), proof of address (e.g., utility bill, bank statement), PAN card (Permanent Account Number), Income Proof (e.g. 6 months bank statement, copy of ITR acknowledgement, Form 16 etc.)
Application Form:
We provides a KYC application form that the client needs to fill out with accurate personal details and information about their financial background. The client’s full name, date of birth, occupation, income details, and investment objectives are some of the details required in the form.
Verification Process & In-Person Verification (IPV):
Once the client submits the KYC application form and necessary documents, we initiate the verification process. Our KYC team carefully examines the provided documents to ensure their authenticity and cross-checks the information provided in the application form.
KYC Registration Agency (KRA):
After verifying the authenticity of prospective client, we upload the required data at KRA and Central KYC agency and register the same with said agency.
Compliance with Regulatory Authorities:
As per regulatory requirement, we further register the said client with CDSL and on Exchange database and provide the UCC and CDSL Account Number to the client.