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CKYC Compliance
No. of Comments: 9
By Radhakrishna Rao, Mumbai, 33513 On 30-Oct-2017
In March 2017, a KYC request of my client was processed as a CKYC by the registrar KARVY. Last week on the basis of the CKYC # a purchase request was made in ICICI AMC, which subsequently rejected the application on the ground that KARVY had not uploaded the same on the KRA site. The AMC insists that investor's who have a CKYC # are to get a IPV done. Is the AMC right in rejecting the application despite a valid CKYC # & to insist on fresh IPV? Seeking answers from those in the know.


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Posted by Sunil Kelkar on 08-Nov-2017 ARN NO :ARN-107612 City :Pune
I fail to understand the logic behind introducing CKYC while KRA is still alive. What is a related person? Who can be a related person? What is the significance of the related person? What can the related person do? Should a related person be a blood relation of the investor? Can he be the employer of the investor? Is an employer allowed to invest money in his employees name? If so, what declarations are to be made? Everything about CKYC is vague and hazy. Why is a person who has done eKYC not allowed to make a physical transaction? How does it matter if the money flows from the same bank account either through a physical cheque? How does it differ from the online payment made out of the same bank account? Why is a birth certificate must for PAN Exempt investors doing KYC on the basis of their Aadhaar Cards? What if the investors parents have not registered his birth and he/she cannot produce a birth certificate? While the KYC in such cases is done with Aadhaar card, why the birth date on aadhaar card considered? Why the birth date in the aadhaar card record not picked up by the system? Is the person who does not know his date of birth not allowed to invest? Why is place of birth mandatory in FATCA records? What if the investor does not know his place of birth? What if he gives a false place of birth? Why should there be so many KYC Registration agencies? Why should there be so many different RTAs? Why is KYC not done independent of the AMC? If KYC/CKYC is one time exercise, why do CAMs and KARVY ask for a purchse/SIP Registration form along with KYC form? Why should a person MUST invest for being KYC compliant? So many questions troubling the inquisitive mind! Need clarity from someone who knows. Thanks for your patience.

Posted by Ajeet Tomar on 01-Nov-2017 ARN NO :ARN-97967 City :DEHRADUN
Number of sips getting rejected by AMCs due to complete KYC Oon hold. the reason of hold is document not uploaded by amc.

Posted by Radhakrishna Rao on 31-Oct-2017 ARN NO :33513 City :Mumbai
Thanks for responding to my query

Posted by Karthick Babu on 31-Oct-2017 ARN NO :ARN-0000 City :Chennai
Currently, both CKYC requirements and SEBI KRA Regulations co-exist and hence there is a need for compliance of both regulations/guidelines. Requirement of In-person Verification (IPV) & upload of KYC details in KRA system is necessary to comply with SEBI KRA Regulations apart from collection and upload of CKYC details in CKYC records.

Posted by SANDEEP VED on 31-Oct-2017 ARN NO :1906 City :VASAI-WEST
HI GE Why should the investor suffer for lack of coordination on the part of RTA/FUND HOUSES, before making anything compulsory the authorities should check whether the system is in place or not

Posted by Lakshmi narayana d on 31-Oct-2017 ARN NO :55056 City :Hyderabad
It is the delay in service from Karvy. We hv to inform to Karvy and get it done. Or u can upload from customer email also get updates

Posted by pavan shah on 31-Oct-2017 ARN NO :8001 City :pandharpur
i agree with both comments, it is the negligence of AMC by whom such types of mistakes happened & we have to face it. Mr doshi has given c l u e to contact them infuther to solve our problem. lets try to update our data by discussing such matter in future. thanks

Posted by sanjay doshi on 31-Oct-2017 ARN NO :4644 City :Mumbai
Karvy is very laggard in these matters.I am going through a similar experience right now . Do contact Mr Sadanand Bhosale at fort, Bombay office . Tel : (B) 66235353 (D) 66235323 Mobile : 8879148050 Email : sadanand.bhosale@karvy.com. Tell him that modification in CVL KRA has not happened. You may also contact Mr Suresh kanaparthi at karvy Hyderabad. suresh.kanaparthi@karvy.com Tel : 040 44677400/23312454. All the best

Posted by Vivek on 31-Oct-2017 ARN NO :114208 City :Mumbai
I am facing the exact same issue. I spoke to Motilal who processed the CKYC, they denied uploading any details on KRA. Then I spoke to the Compliance Office at CVL KRA, he confirmed that the details were uploaded by Motilal. CVL KRA wants IPV to me mentioned on the documents which are submitted, this was never a criteria till date, all our Applications were processed with "Verified with Original" Stamps with the ARN Code and they went thru smoothly. If there is a change in the process for KRA, the same should be correctly communicated to all the Distributors to avoid duplication of work.

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