With trail commissions being withheld because of incomplete KYC, R&Ts CAMS and Karvy have started offering their help to distributors to complete pending KYC formalities of clients.
To help you update KYC details of your clients, R&T agents such as CAMS and Karvy have shared the status of KYC of your clients.
While CAMS has shared details of clients with pending KYC through an email, Karvy Computershare offers you special reports to manage your clients’ incomplete KYC and pending brokerage.
CAMS has facilitated a quick view of the list of clients whose KYC is not updated as on date. You can view this password protected file by keying in your ARN code without using hyphen or space. For instance, if your ARN is 96854, your password would be ARN96854.
In addition, CAMS has updated their mailback report titled WBR 56, which gives information on KYC status of your clients. You can take an overview on all non-KYC complaint clients irrespective of their transaction status.
Similarly, Karvy Computershare has introduced mailback reports titled MFSD 239 to give the detailed view of KYC status of all clients under your ARN and MFSD 247 to give you details on non-KYC compliant clients.
“While adhering to the KYC regulations is good for the industry, MF distributors have to work very hard to ensure that they identify KYC-non compliant cases so that they can follow-up with their clients for updating KYC. We understand this and have introduced these reports to help distributors know about their clients with incomplete KYC,” said Ravikumar Somasi, General Manager Karvy Computershare.
