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Good information platform.

Please guide me.

this is nothing but harassment as regulatories are also confused so to prevent their faults they always ask repeted things and putting everybody in difficulty.there is no profit from mutual fund investment and investors have lost money and do this and that thing irritates clients.pan card and address proof is sufficeient for kyc according to me.

The Authorities have made a fun of this kyc like uid.

In my view all the policy/Guide line make by the so called authority on ad hock basis or like idiot. All the change never us full and relevant in the day to day practice.

This query is very old now Sanjay. We here at jaipur are promoting this "KYC detail change" for the past 1 month. You must have recd a letter from AMFI about 2 months back with green colour form of "KYC Detail Change form". You have to submit your client's form (if KYC was done before 01 jan 2012). Pl fill in details like, Father/Spouse name, Nationality, Marital status, Net Worth / Annual Income and IPV (In Person Verification) by affixing your ARN seal and submit it to the nearest CAMS centre. Also if possible attach a self attested copy of PAN card. Regards, Anup Agarwal

REALLY VERY CONFUSION WHAT WE TO DO FOR KRA N KYC

REALLY VERY CONFUSION WHAT WE TO DO FOR KRA N KYC

PL. GUIDE ME.

Sebi is expected to announce in 2013 and the setting up of a self-regulatory organization to govern MF agents, the due diligence process will reduce mis-selling and bring in greater transparency in the distribution space. “The due diligence process would mean that a distributor who goes through this has got an independent evaluation or endorsement of his investment advisory process. This would lead to a greater investor’s trust in the adviser,”

Well there is money in confusion. It started with the SEBI UID Map-in which was a Bio-Metric process capturing your finger prints and Photograph by CAMS, KARVY, Integrated Enterprise and many others with a charge of Rs.300 payable to SEBI by means of a Demand Draft, when majority of the market participants were mapped within a set deadline this was scrapped without any valid reason. Then CVL was formed to get KYC done when that work was over and revenues fell the have formed KRA,We have multiple agencies on that, CVL KRA, CAMS KRA & NSE KRA though there are 3 KRA Agencies they have no co-ordination among themselves. A client of mine who was under NSE KRA (and he had not applied But his DP had made the application on his behalf !!!) had difficulty in investing in Mutual Fund as we could not get the CVL KRA as they rejected the application stating that as the applicant had applied with NSE KRA (DotNet) they could not do the KRA and the Fund houses said that as he was not CVL KRA Compliant he could not invest. When we have CAMS , Karvy FT & Sundaram R&T Agencies for Account statement can anyone justify the services of Manipal Technologies in providing consolidated statement ? They are cutting our brokerage expenditure and spending more than the payouts in forming new agencies to provide duplicate data. Who is footing the bill for Manipal ? CONFUSED ! GOOD ! THEN BE SURE SOMEONE SOMEWHERE IS MAKING MONEY AT YOUR EXPENSE.

It seems SEBI and AMFI officials have a lot of spare time on their hands because all they seem to do is complicate issues for the MF Industry with a vengeance.This unhelpful attitude was started by the erstwhile SEBI chief Mr Bhave and while we were under the mistaken impression that the new encumbent Mr Sinha would ease matters,he seems to have only concentrated on pleasing the mandarins in South Block because clueless politicians seem to think what he is doing is revolutionary!! This battle to gain turf with the politicians at any cost will spell the gradual death knell of our industry,unless the IAS is kept out at all costs and only thorough finance professionals with proven track records man such positions.The MF Industry is being treated as just a PSU which can be manned by yet another IAS officer on the verge ofr retirement!!

KYC/KRA I am too confused. Will some one elighten me in this regard?

KYC/KRA I am too confused. Will some one elighten me in this regard?

sir first let me know the difference between old kyc and new kyc ? I found only UID colomn in new KYC not in old KYC form. about date confussion:- today I have received a mail from DSP block rock mutufal is about sebi circular I furnishing below To enhance the KYC process and bring about uniformity in basic KYC norms across all intermediaries, SEBI has issued a circular no. MIRSD/SE/Cir-21/2011 dated 05th October, 2011. This circular highlights salient changes in the KYC process w.e.f 1st of January, 2012.

I don't understand in other investment process is very simple regrading document but in mutual fund. New business very difficult m f industry struggling all ready when kyc rules launch lots of problem rural investment not investment. No bank. No pan card some place no photo I'd. After 3 year all IFA comfortable in kyc rules now. New complicated KYC RULES INTRODUCE . All Amc diff view and all client got mail about that. At present. Market not support and we ask for new kyc. Client say withdraw our fund but mangment not face this problem. IFA. FASE IT

pl guide me

once the customer have gone through the KYC I don't think that they should do the same again. It is not possible to visit all the existing clients and collect their documents again and submit to the AMC.

I am M F Advisor as well as sub-broker and we are also facing utter confusion with regard to KYC & KRA as same is applicable to all existing/new clients who invests in stock market. Our sub-brokers forum also discussed in this regard which is appended below for further clarifications and new thoughts. The recent Circular Issued by SEBI on April 13, 2012 w.r.t. uploading of Existing clients KYC details in the KYC Registration Agency (KRA) system by intermediaries has its own negative implications. 1. As on date there is no interconnectivity available between all the Registered KRA’s, which is a basic requirement of the KRA Regulation. 2. As per the circular we can currently send the printouts of scanned documents to KRA’s but still the originals are required to be sent before 31st March 2013, why such duplication? 3. There are many cases in HOLD mode with different KRA’s and are pending for more than 2 months for which there is no confirmation or rejection, what would be the role of other intermediary who wants or wishes to verify the data and details when he is mentioned by the Client that he has already undergone a KYC process with other intermediary. 4. Who would be bearing the charges for the clients who are actively participating in the market and are transacting through Brokers, Investing Mutual Funds and transferring and receiving the securities from and in their demat accounts and are associated with different Intermediaries example For demat Accounts are held with ABCD Bank, Trading with XYZ Stock Brokers Pvt. Ltd. and investing in MF Mutual Funds schemes. Would all three of them will be required to upload the available data or any one would upload and subsequently others will download the data. 5. In case all the three have to upload the data all three of them will have to bear the charges of KRA’s, there is possibility of duplicacy of same data, there is also possibility of different data keyed in by the intermediaries on the basis of available documents. 6. There is no clarity as to the ownership of this data. 7. What would be the mechanism of updating the information or modification for an Investor whose data is uploaded with one KRA as per intermediaries association with the KRA and subsequently visits the other intermediary who is associated with the other KRA, will he be able to get his details modified. 8. What should be done in Case of Transmission cases brought forward to Depository Participants and are getting effected after the set deadline time of SEBI (i.e.) 16th April 2012. 9. What should be done for the client transferring the Securities from one Demat account to another through Closure request, should we get the KYC done for these clients also, what happens if the clients does not support or co-operate. 10. What happens when the client is registered way back before 2000 and subsequently has provided change of address, the documents might be filed separately, it would become difficult to collate and update the latest data available with the intermediary. 11. In case if the intermediary is having multi branch setup, the things would be still further difficult as the investor would have provided the documents at different branches as per his/her convenience as the same is permitted in case of Banks. 12. Nothing is mentioned in regulations pertaining to Change / alteration / modification of client’s demographic details. Should they also be updated as and when received by the Intermediaries and all the intermediaries can rely upon such updated information. Suggestions: (a) Wouldn’t it be the right approach for over all market where in deadline time is set for making the KYC compliance mandatory as was made in case of PAN where by all the Investors who intends to Invest and transact in Capital Market through Brokers, Depository Participants, PMS or Mutual Funds should be KYC Compliant as per new regulation. A date should be fixed after which the Investors without KYC compliance shall not be permitted to transact / invest in Securities market. (b) The Investor is required to visit any of the associated intermediary through whom they transact and complete all the formalities of KYC compliance. Once the same is done the KYC documents are sent to KRA’s for further processing. Once the KRA’s updates the data let the same be disseminated to respective Stock Exchanges, Depositories and AMFI and other members if any. (c) In turn the Exchanges, depositories provide a facility to auto download the data to the respective stock brokers, Depository Participants and other associated Intermediaries such as PMS and AMC’s of Mutual Funds. (d) The Intermediaries are required to verify the information and in case of any differences, variations or discrepancies the same should be reverified with the registered Investor. (e) This way the flow will be in a single direction. In this even the intermediaries who are uploading the data should not be charged but in turn all other intermediaries at whose level the data gets downloaded should be charged, this way the Intermediaries will not feel the heat of updating the data and KRA’s will be able to recover their charges from the ultimate beneficiary intermediaries.

Sir, First this circular is for updation in details of clients, If there is no change in what so ever u need to simply fill in name , address and pan card details and sign at the end of application form, More over as the client is of yours u need to put your sign on zerox copies of pancard and address proof for your client, u r here by varyfing the client existence, remember it is your duty to make sure that u have seen original documents, your client need not go to any amc,this is being done by sebi to avoid benami investments in mf. if any doubt pl call me on 9428060242