Central KYC Registry in India

Package Inclusion :

  • KYC Registration is Mandatory for NBFC
  • Application Central KYC REGISTRY
  • Easy & Fast Process of Central KYC Registry

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;

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;

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;

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;

Documents Required for CKYC Registration for Individuals

Below mentioned are the documents required for CKYC forms-

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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