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24 June 2016
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What is KRA, KYC and IPV?

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.

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  • Guest - user

    about 2 years ago

    In case you are KRA compliant client, than KYC-KRA is not required to be done again. Similarly In Person Verification (IPV) is also not required if you already undergone "in person verification" in any other DP. While entering your PAN at KRA portal, if it displays IPV Done with mentioning the Date, it means that you are already KYC compliant and also IPV compliant. So, you no need to do "in person verification" to your DP through Directly in person (Regular Mode) (or) No Need to do Video KYC (Latest online mode introduced in Covid-19 period). Again And Again to do KYC/IPV is really inconvenience. So, our Government has simplified the inconvenience. Good. :)

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  • Guest - Kala k s

    about 1 year ago

    Why my Kra pending

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  • Guest - Prospective Client

    about 1 year ago

    Eventhough, i like prostocks, I hesitate to open due to Two issues / Hurdles / inconveniences. One is prostock Back Office Support is running by Apex Softcell. I used apex softcell web to access back office of my another DP. I'm sorry to states that their service is not Good. Most of the time, it will not displays the menu items. After several email requests, they corrected the technical issues partially only and remaining unresolved. Second Inconvenience is IPV through mobile app (or) Laptop camera. IPV is no need for KRA/IPV Complainant. If you check the applicant PAN at www.nsekra.com (or) https://kra.ndml.in/kra-web/jsps/pos/KYCClientInquiry_NEW.jsp
    it will display the result as whether the applicant is KYC and IPV complainant (or) not ? When i called to prostock helpdesk, one customer support madam told me that eventhough i deal with another DP and if i'm IPV complaint, i need to do IPV once again through mobile app (or) laptop camera, which i don't like. Suppose, if you have any offices at Every Capital City of India, then customers like me will come Directly to appear in person verification once again in traditional method (offline Direct IPV). There is no issue. But, IPV
    using online is risk due to security & privacy. Regulatory Provision for Skipping of KYC/IPV is mentioned here under for your ready ref
    Page No.9 of 19 File Name : CDSL-KYC-KRA.PDF
    5. Would an intermediary be required to do In-Person Verification (IPV) again, for a KYC compliant client?
    A SEBI vide its circular MIRSD/Cir-26/2011, dated December 23, 2011, states that In-Person Verification (IPV) carried out by one SEBI registered intermediary can be relied upon by another intermediary. Hence the intermediary may, at its own discretion choose not to do the IPV again. In case of non individual investors, IPV is not required to be carried out.
    Clause No:101 (Page No: 26 of 43) File Name : 1697120943335-Sebi Latest Circular.pdf
    Master circular of SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169, Dated 12-October-2023
    The validated records shall be allowed portability i.e. the client need not undergo the KYC process again when the client approaches different intermediary in securities market and the intermediary shall fetch the validated records from the KRA database.
    Clause No. 56 (Page No:17 of 43) :
    The IPV carried out by one SEBI registered intermediary can be relied upon by another intermediary.
    Clause No: 61 (Page No:18 of 43)
    IPV shall not be required in the cases where: a) the KYC of the client has been completed using the Aadhaar authentication/ verification of UIDAI. b) the KYC form has been submitted online, documents have been provided through Digilocker or any other
    source which could be verified online Kind Note : KYC is one time excercise while dealing in securities markets – once KYC is done through a SEBI registered intermediary (broker , DP, Mutual Fund etc.), you need not undergo the same process again when you pproach another intermediary once KYC is done through a SEBI registered intermediary, you need not undergo the same process again when you approach another intermediary ] Thanks for permit me to share my thoughts. Kingly ignore personal details. Thanks !

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