Central KYC Registry in India

Central KYC often referred as CKYC is basically, a centralized repository for maintaining the record of customer’s KYC records. It employs uniform KYC norms and inter-usability of the KYC records among various concerned sectors. CKYC is introduced with an objective to reduce the hassle of providing customer’s KYC Documents again and again and getting them verified each and every time a customer builds relationship with a financial entity. The CERSAI (The Central Registry of Securitization and Asset Reconstruction and Security Interest) manages the Central KYC norms.

In India, Central KYC is rapidly getting adopted and a person who requires central KYC can approach financial institutions regulated by respective Authorities i.e. RBI, SEBI, IRDA or PFRDA to get the same done. Further KYC can also be done with a bank, the Insurance Company, Mutual Fund Company and a stockbroker.

What are the Salient Features of Central KYC?

The salient features of the CKYC or Central KYC is as follows;

• Central KYC ensures single KYC across all financial products
• It is a due diligence process to obtain the information of the customer i.e. the identity and the address
• CKYC helps in preventing the fraudulent practices i.e. Money Laundering
• Use of CKYC reduces issues related to the repeated submission of the KYC documents to the financial institutions
• It facilitates KYC search, download, upload update etc.
• KYC Data is stored in a digitally secure electronic format so, it is safe to use
• It also provides advanced and secure user authentication mechanism for system access
• It reduces costs substantially by avoiding multiple registrations of data and their up keeping
• In CKYC real time notification is sent to all concerned institutions when any of the detail is changed

What is Central KYC Records Registry?

Central KYC Records Registry is a reporting entity which is owned, controlled and authorized by the Central Government through official notification in the official gazette to safeguard the KYC records in the digital form and perform such functions as may be required. It includes receiving, storing and retrieving the KYC records of the clients.

Who can access the CKYC Applications?

Authorized institution or is any other notified institution under the Prevention of Money Laundering Act or other rules provided by the Government of India or any other regulators is only authorized to access the CKYC Applications. These regulators include SEBI, RBI, IRDA and PFRDA.

Process for Financial Institutions to Register with Central KYC Registry

CKYC forms - Central KYC form is obtained from the AMC or KRA website or registrar.

The process for FIs to register with CKYC is as follows;

• Visit the official website of CKYC
• Click to resister a new FI registration
• You would need to add details of the Admins
• Then, you will be asked to enter details of your financial institution
• Provide the detail of the regulating body you are registered with
• It is mandatory for you to have at least two digital signatures to be able to start your operations
• You need to download the filled FI registration form and submit it along with the required documents
• Upon submission of the registration form the system generates a temporary reference number and sends it to the nodal officer
• Then you need to test all the functionalities as per the prescribed checklist
• CERSAI will then verify your application and approve it if details are correct

Note- In case of discrepancies the CERSAI will put your application on hold and inform you via e-mail

Documents required for Central KYC Registration of FIs

Below mentioned are the documents that you need to need to get CKYC registered;

• A Duly signed Institution Registration Form of the FI
• License, Certificate, Notification issued by the regulator
• PAN card of the Financial Entity
• Corporate Identification number in case the Institutions holds multiple Licenses
• In the case of Co- Operative Banks or Societies, you need to submit Registration Certificate issued by the concerned authority
• The Authorization letter from competent authority for Admin Users should be signed by the Authorized Signatory/ Director
• Certified copy of the photo identity card of the user administrator issued by the respective institution
• Certified copy of any ID proof of the user administrator

Note - Once the required documents are submitted/uploaded on the Central KYC servers it is verified and registered within 2 weeks after it is uploaded. An applicant investor can start investing immediately. Central KYC not only saves the physical submission of documents but also avoids any hassle to the investor.

Steps Involved in the Central KYC for Individuals

The procedure to resister yourself on CKYC is as follows;

• Visit the site https://www.ckycindia.in/ckyc/index.php
• Once you enter your PAN, the system checks if it is a valid PAN and if you are already KYC verified
• If your KYC is already verified, it will alert you and ask you if you wish to modify your KYC details
• Any modification can be done by pressing the continue button
• Enter your Name, Mobile Number, Email and Aadhar (UID) Number
• To receive communication from the AMC, tick the checkbox to accept and then click on submit
• Further, on the next page add more personal details required for Central KYC
• Attachment of self-certified copies of the PAN card and the Aadhar card
• Add the photo by clicking through the camera
• Sign on a plain piece of paper for uploading the signature and show it to the device camera and the camera will capture it
• In-person verification via a live video recording through your device camera
• Finally, you need to provide a confirmation, that all the information provided and submitted is true and best to your knowledge

Documents Required for CKYC Registration for Individuals

Below mentioned are the documents required for CKYC forms-

• Proof of Identity i.e. Passport, Voter Id card, PAN card, Driving License and other document notified the Central government
• Proof of Address i.e. Aadhar Card, Passport, Voter Id card, PAN card, Driving License along with the copies supported by original documents at the time of submission for verification
• The documents should be self-attested along with the photograph
• Signature on the plain paper
• Web Camera with a smooth internet connection
• Contact details
• Details of the related person i.e. Guardian of Minor, Authorized representative

Note - If Identity proof does not contain the address, or the address is not valid then only address proof is required as a further document.

In case the Applicant investor has multiple correspondence addresses, Annexure is required to be submitted along with the Central KYC registry form.

FATCA Declaration - A declaration has to be made by the investor to provide a declaration related to the Foreign Account Tax Compliance Act. FATCA declaration is made to prevent people from tax evasion.

Once the investor submits the form and the information provided is verified, a unique KIN (KYC Identification number) is generated and communicated to the applicant via SMS/email.

Note-Individual Investor (Resident and NRI) are eligible to apply for Central KYC.

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