Central Know Your Customer has been in use since February 1, 2017. Investors who are interested in mutual funds need to complete the KYC procedure online. The Central KYC Registry is an online database of Know Your Customer (KYC). Having interoperability of central KYC records & same KYC norms across the sector reduces the need to submit documents to central KYC registration agencies for verification every time a customer creates a new relationship on a financial platform.
Where can you complete your Central KYC (CKYC)?
India is quickly adopting the concept of Central KYC Registry, but one can easily approach financial institutes regulated by the SEBI, RBI, PFRDA or IRDA for the same. Banks, insurance companies, stockbrokers, mutual fund companies, NBFCs, etc., all offer CKYC. A mutual fund distributor (who is regulated by SEBI) or a mutual fund house can handle your Central KYC Registry completion process. Photocopies of the necessary documents must be attached to a correctly filled out Central KYC Registry form. It is then required to verify and attest the documents. To accomplish this, it is necessary to conduct in-person verifications (IPV). Investors who are NRIs (Non-Resident Indians) can certify Central KYC Registry documents and perform in-person verifications (IPV) in India. As part of the CKYC form, they must confirm that they are an NRI.
Steps to complete CKYC online
You must fill out the Central KYC Registry form to be CKYC compliant. The customer must submit the appropriately filled form and self-attested copies of their identification documents (PAN cards, etc.) and proof of address, as well as a scanned photo and signature. CKYC forms include some new fields, such as the applicant’s mother’s name, that were not available in earlier CKYC forms. You will receive a unique 14-digit KIN number i.e KYC identification number after opening a CKYC account or completing Central KYC Registry process. So, you only have to provide this number anytime you want to apply for an investment plan or a new account with any financial company. All of your information will be centrally stored, so you and the company or bank won’t have to repeat KYC over and over again.
Central KYC Registry (CKYC) Number
You will receive a 14-digit KIN number once you’ve submitted your documents. The KIN is allocated to eligible applications within 4-5 working days by CERSAI. As soon as your KYC Identification Number is generated for your account, an SMS and email will be sent to your registered mobile number.
Central KYC Registry Form filling instructions.
CKYC forms have a large number of sections to fill out. It contains several sections, including information about personal characteristics, taxation jurisdictions, documents to be submitted as proof of identity and proof of address, related persons, declarations, and signatures. This form can also be used to update information on an existing record or transmit a new application.
What are the steps to update an email address?
Your contact details can now be updated online with the Central KYC Registry. You will need to log into the website, where you wish to update your KYC details to update your email ID online. To update KYC, click ‘Update KYC.’ In the requisite field, enter your email address. However, you will receive an OTP to your registered mobile number before the database can be updated. After submitting the OTP, it will be verified, and your email address will be updated.
What are the steps to update a mobile number?
Official sites like CSDL, CAMS, NSDL etc., allow you to update your KYC information. It is mandatory that you have already completed KYC to do so. Log on to any of these platforms and just click on KYC update. You will receive a confirmation OTP on your mobile phone. Then you can submit your update. You will receive an update with your new mobile number after the verification is completed.
How do I change my address in Central KYC Registry?
Visit the website of your bank or financial institution. Furthermore, the centralized KYC platforms enable you to update your KYC details. You will be able to update your KYC details and your address once you log in to one of such platforms. The updating process usually ends when you submit the one-time password sent to the mobile number you registered. For ease of completion, you can use any KYC form to provide no differences in personal details regardless of the platform.
Gaurav Khanna is an experienced financial advisor, digital marketer, and writer who is well known for his ability to predict market trends. Check out his blog at Highlight Story.