All you need to know about changes in KYC

Changes in KYC details

Know Your Customer (KYC) is a mandatory process to be completed by every individual investing in the securities market.

The KYC formalities include establishing identity and address and this is done at a point of service (PoS) of a KYC Registration Agency (KRA).

The details and information submitted while undergoing the KYC process may change over a period of time.

The information needs to be updated in the KYC database with the KRA.

For this, the investor needs to approach any PoS of the KRA where he had originally completed KYC formalities. 

KYC change form

A KYC change form needs to be filled up by the investor in order to change details such as alteration of name (in case of marriage or otherwise), change of address (permanent or correspondence) and contact details.

The form is available with any PoS of the KRA or can be downloaded from their respective websites.

Documents

The form needs to be submitted along with documents to support the altered details.

Supporting documents need to be self-attested and accompanied by originals for verification.

Additionally, a self-attested copy of PAN card needs to be submitted.

KYC before 1 January 2012

If KYC formalities had been done before 1 January last year, additional mandatory information needs to be provided, such as father's/spouse's name, marital status, current nationality and current gross annual income.

The investor also needs to undergo in-person verification formalities to carry out future investments.

Points to note

Supporting documents must always be submitted in A4-sized paper. 

The investors who have already complied with KYC formalities after 1 January 2012 need to submit documentary proofs of only the changed information.

Source:-The Economic Times