How CAMSKRA helps with your KYC requirements

What is KYC?

KYC is an acronym for “know your client”, a term commonly used by financial institutions and their intermediaries to verify customer’s identity. KYC has been introduced by the RBI to prevent theft, identity fraud, money laundering, etc.

While the Reserve Bank of India has set this regulation for banks, SEBI also makes it mandatory for the Mutual Fund industry to ‘know their clients’. Currently, the KYC requirements of mutual funds are different from that of banks.

A common KYC application is available for all SEBI registered intermediaries – mutual funds, portfolio managers, depository participants and stock brokers. Mutual Fund investors need to use the uniform KYC application form to apply for KYC at the time of investment. KYC of the customer is done through verification of identity and address, occupation and other such demographic information.

What is a KRA?

A KYC registration agency (KRA) is an agency registered with SEBI and maintains KYC records of the investors centrally, on behalf of capital market intermediaries registered with SEBI. CAMSKRA, a group company of CAMS, is a SEBI registered KRA and implements common KYC across SEBI regulated intermediaries. CAMSKRA is a one stop shop for KYC updates for all individual and institutional investors.

How does the KRA benefit investors and intermediaries?

Registering KYC with a KRA not only saves on time and duplication of efforts by the customer, but it also enables single-point change management. As an investor, if one is registered as KYC compliant with any KRA, it is easy to open an account with any SEBI-registered intermediary without going through the KYC process once again. Any subsequent changes in investor static/demographic information of an investor across various SEBI-registered intermediaries can be made by giving a single request to one of the registered intermediaries who will carry out the change.

Further, market intermediaries who register with KRA also benefit as they need not collect documents from KYC-compliant clients, thus eliminating the need to store them.

How does CAMSKRA help a mutual fund investor complete a KYC verification?

An investor can walk into a Mutual Fund branch or into POS of a KRA such as CAMSKRA and submit their transaction and KYC forms. CAMSKRA offers KYC services, through a pan India network of Customer Service Centers (CSCs) conveniently located in your nearest city.

Investors can easily update, change and maintain your KYC details with CAMS KRA. Any modifications from the investor is updated across Mutual Funds in a seamless manner. To download the Mutual Fund KYC form, visit www.camskra.com . Whether a first time investor into Mutual Funds or as an investor with an existing folio, the KYC updating process is very simple with CAMS KRA.

CAMSKRA also offers KYC services to SEBI registered Stock brokers, Commodity brokers on opening of security market accounts.

 

About CAMS:

Computer Age Management Services (CAMS) is India’s premier Mutual Fund Transfer Agency serving over 60% of assets of the industry across 15 Mutual Funds. Leveraging superior technology, CAMS brings several innovative services to Mutual Fund investors and distributors. CAMS is also a service partner to leading insurance companies, banks, NBFC’s and alternate investments funds. To know more visit www.camsonline.com .

 

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Published by

Sudarshan Ranganthan

Breaths Investments, Suggests Wealth Creation Ideas, Lives on Law Of Attraction

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