Know Your Customer (KYC) is the process of a business verifying the identity of its clients.
With a view to bring uniformity in the KYC requirements for the securities markets, SEBI has initiated usage of uniform KYC by all SEBI registered intermediaries. In this regard SEBI has issued the SEBI KYC Registration Agency (KRA), Regulations, 2011.
KRA provides for centralization of the KYC records in the securities market. The client who wish to open an account with a broker shall submit the KYC details through the KYC Registration form and supporting documents. The Intermediary shall perform the initial KYC and upload the details on the system of the KYC Registration Agency (KRA). This KYC information can be accessed by all the SEBI Registered Intermediaries while dealing with the same client. As a result, once the client has done KYC with a SEBI registered intermediary, he need not undergo the same process again with another intermediary.
It is mandatory and obligatory for each client to get registered with any one out of various KRA before availing services of any intermediately like Stock Broker, Mutual Fund Companies, Depository Participant, Portfolio Management Services (PMS) etc.
In case you are KRA compliant client, than KYC-KRA is not required to be done again unless detail given in previous KYC KRA has undergone change like your address and or email id and or mobile number etc. Click here find out whether you are KRA registered or KRA compliant client by giving your Name, Email ID, Mobile Number, PAN Number and Date of Birth.
In Person Verification (IPV) is part of the process of doing KRA-KYC registration of client. KRA compliant client are not required to undergo this process.