Q.13 : I am an individual RIA and wish to understand the step by step process for completing the KYC process

1. Client onboarding 

If the client is already KYC and shows up in records in KRA sites, what additional details do I have to do/ or execute.

If the client is not, then what process needs to be followed?

any existing link/ reference will help a lot.

Response:

CKYC:

As per SEBI Circular – July 21, 2016 & November 10, 2016

Please note that intermediaries need to follow CKYC process for all clients onboarded after October 31, 2016 i.e.

— Ask for KYC Identification Number (KIN) 14 digits – allotted by Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI)

— If KIN is provided, then login to CKYC portal and download the KYC documents.

— If no KIN is provided, then, you should collect the KYC information and upload in CKYC portal

KRA-KYC:

SEBI KRA Regulations, 2011, amended in 2014

Similarly, the intermediaries also need to follow KRA-KYC process i.e.

— Check for KYC status in KRA site

— If status is “KYC registered” then, login to KRA site and download the KYC documents.

— If not, then, you, should collect the KYC information and upload in KRA site.

Note: You can register as an ‘Intermediary’ for carrying out KYC processes with any of the KRAs auhorised by SEBI.

Following are the 5 KRAs in India:

KRA-1. CSDL Ventures Limited

KRA-2. NSE Data & Analytics (Formerly DotEx International Limited)

KRA-3. Karvy Data Management Services Limited (KDMSL-KRA)

KRA-4. NDML (NSDL Database Management Limited)

KRA-5. CAMS Investor Services Private Limited

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Friendly tip: To keep the processes easy, you can ask the Client to get registered with CKYC through KRA or MF house because they have streamlined and sophisticated KYC proces alreadyin place. Subsequently, you just have to ask for his CKYC number and check in CKYC & KRA site.

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— Replied by: ARIA forum expert, CA. Sanjay Kadel (sk@sanjaykadel.com)

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