Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications

Saturday, March 4, 2017

What is CKYC?

What is CKYC?

 

Central KYC Registry (CKYCR) is a centralized repository of KYC records of customers in the financial sector with uniform KYC norms. 

 

Government of India has authorized the Central Registry of Securitization and Asset Reconstruction and Security interest of India (CERSAI), set up under subsection (1) of Section 20 of Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002, to act as, and to perform the functions of, the Central KYC Records (CKYC) Registry under the PML Rules 2005, including receiving, storing, safeguarding and retrieving the KYC records in digital form of a "client", as defined in clause (ha) sub-section (1) of Section 2 of the Prevention of Money Laundering Act, 2002.

 

As per the new KYC norms, once the customer completes the KYC process with an entity authorized to conduct KYC, the customer will be able to invest in all the financial products including Mutual Funds using the 14 digit KYC Identification Number (KIN) issued by CKYC.

 

As the mutual fund industry is already having KRAs,  as a first step, CKYC is being implemented for "New Individuals" for whom KYC is administered by the Intermediaries,  effective 1st Feb. 2017.  There will be slight change in the KYC form, which encompasses  KYC with KRA as well as CKYC.


What is changing?

 

AMFI circular has mandated that, with effect from 01-Feb-2017, individual investor who is new to KRA (i.e. a prospective investor whose KYC is not registered or verified in the KRA system) has to complete CKYC process by submitting duly filled & signed CKYC form to register KYC.

 

Kindly note, PAN is still mandatory for investing in Mutual Funds (except Micro KYC and other PAN Exempt scenarios). If an investor had complied with KRA-KYC and CKYC norms, then he/she will have to update the 14 digit KIN and also mention date of birth in the mutual fund application form. There is no change in terms of the documentary proof submission such as ID Proof and Address Proof for both KRA-KYC and CKYC.

 

In case of an investor who had got the CKYC reference number through non mutual fund route (outside KRA), he has to additionally be compliant of KRA-KYC as well, by submitting the application form, including IPV (In Person Verification) and PAN.







------------------------------------
Invest Rs 1,50,000 and Save Tax upto Rs 46,350 under Section 80C. Get Great Returns by Investing in Best Performing ELSS Funds

Top 4 Tax Saver Mutual Funds for 2017 - 2018

Best 4 ELSS Mutual Funds to invest in India for 2017

1. DSP BlackRock Tax Saver Fund

2. Invesco India Tax Plan

3. Tata India Tax Savings Fund

4. BNP Paribas Long Term Equity Fund



Invest in Best Performing 2017 Tax Saver Mutual Funds Online

Invest Best Tax Saver Mutual Funds Online

Download Top Tax Saver Mutual Funds Application Forms


For further information contact SaveTaxGetRich on 94 8300 8300

------------------------------------

Leave your comment with mail ID and we will answer them

OR

You can write to us at

Invest [at] SaveTaxGetRich [dot] Com

OR

Call us on 94 8300 8300

------------------------------------


 

No comments:

Mutual Fund Application Forms Download Any Applications
Invest in Tax Saving Mutual Funds Invest Online
Infrastructure Bond Application Forms Download Applications
Related Posts Plugin for WordPress, Blogger...

Popular Posts