SEBI has asked entities regulated by it, including investment advisers, to upload the KYC data of all individual accounts opened on or after August 1, 2016 on Central KYC Registry (CKYCR) platform. However, SEBI has clarified that the requirement for PAN would continue to be mandatory for completing the KYC process.
The government’s ambitious central KYC (CKYC) has gone live from July 15 in a phased manner. This paves way for a single bank KYC which will suffice to invest in all financial products, including mutual funds. This was announced in the Union Budget 2012-13.
Last week, RBI and IRDAI have issued circulars instructing their respective regulated entities to upload KYC data of their customers on the CKYCR platform. Over a period of time, all investor data will be stored at one place which can be accessed by all financial institutions to verify the KYC. All investors need to do is obtain a central KYC number from Central KYC Registry through the financial institutions and use it to invest in any financial product. There will be no need to do multiple KYC.
Click here to read the operational guidelines for uploading KYC data.
