CAMS KRA is a KYC registration agency (KRA) in India. CAMSKRA offers KYC services for all Mutual Funds, SEBI compliant stock brokers, etc. KYC – Know Your Customer – is a process to verify the customer’s identity and is mandatory for customers buying products of any financial institution.
Earlier different financial institutions like AMCs, banks, etc., had different KYC verification processes. To bring uniformity in that process, SEBI introduced the KYC registration agency (KRA) regulations in 2011. As mentioned above, CAMSKRA is one such KRA (there are other KRAs in India that offer similar services). Here you can check your KYC Status, download the KYC Form and undergo KYC verification/modification. CVLKRA, NSDL KRA, NSE KRA and Karvy KRA are the other KRAs in the country.
Earlier, investors could complete the KYC process as and when they opened an account with any of the SEBI intermediaries by submitting relevant documents. This process led to a high duplication of KYC records since a customer had to undergo the process of KYC with each entity separately. In order to eliminate such duplications and bring uniformity in the KYC process, SEBI introduced the concept of KYC Registration Agency (KRA). There are 5 such KYC Registration Agencies in India, as below:
Investors who want to invest in Mutual Funds and become KYC complaint can register with any one of the above-mentioned agencies. Once registered or KYC complaint, customers can start Investing in Mutual Funds.
CAMS stands for Computer Age Management Services Pvt Ltd and was established in the year 1988 to focus on software development. However, in the 1990s, when the Mutual Funds industry opened up, it focused towards the Mutual Fund industry and became an R&T agent (Registrar & transfer agent) for Mutual Funds. An R & T agent handles all the operations for processing investor forms, redemptions, etc., for Mutual Funds.
CAMS has set up a subsidiary called CAMS Investor Services Pvt. Ltd. (CISPL) to do KYC processing. CISPL was given the licence in June 2012 to act as a KRA. In July 2012, CISPL launched CAMS KRA to implement the common KYC verification process across all the financial intermediaries regulated by SEBI. CAMS KRA also provides a paperless Aadhaar-based verification process to complete the KYC requirements to start investing in the Mutual Funds. Along with that, it also conducts the traditional PAN-based KYC process as well.
The KRA for Mutual Funds by SEBI is setup in order to eliminate the duplication in the KYC process and to bring a uniformity in the KYC process across SEBI registered intermediaries. This will also enable a client to invest or trade through various intermediaries, after undergoing the KYC process only once through any intermediary. The KYC for a Mutual Fund is a one-time process and once an investor successfully gets registered under the KYC norms, he can invest through various intermediaries. Additionally, if there are any changes or modifications in investor’s static or demographic information, it can be made under a single request to the KRA through one of the registered intermediaries. The customer needs not go the initial KRA only where initial KYC was carried out, but for modification, one can go to any KRA.
CAMSKRA boasts of using top-end technology in processing, storing and retrieving the documents required for KYC. It implements constant regulatory changes and takes care of all the other compliance while functioning as a KRA. The registration under CAMS KRA are carried out in the following ways:
To register with CAMS KRA with PAN Card you need to submit the following documents-
Under this process, subsequently, an In-Person Verification (IPV) carried out to verify the documents submitted with the originals. Once this verification is completed and everything is found to be in order, the KYC status changes to "KYC Registered".
This process is very simple with one needing to fill their Aadhaar number and then confirming the OTP (One-Time Password) which comes on the registered mobile number. When it comes to Aadhaar based KYC, also known as eKYC, it allows you to invest up to
INR 50,000 per Mutual Fund per year. If one wants to invest more than
INR 50,000 in an AMC, then you need to complete the PAN-based KYC verification in order to invest more or one needs to complete the biometric based aadhaar process.
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Investors can download the KYC form from the CAM KRA website. There are different KYC forms available for download such as:
1.Individuals can download the KYC Form here- Download Now!
Overview of Individual KYC Form
Investors can check their KYC status – PAN based or Aadhaar based – on CAMS KRA website. If you have opted for Aadhaar based KYC registration, then you can do a KYC check (called eKYC) by putting your UIDAI or Aadhaar number and check for the current status. The same procedure can be done for PAN-based registration by putting PAN number instead of Aadhaar or UIDAI number.
Investors can also check their KYC status by visiting the below mentioned KRA’s website by submitting your PAN number.
Investors can also check their KYC status at Fincash.com
KYC Registered: Your records are verified and is successfully registered with the KRA.
KYC Under Process: Your KYC documents are being accepted by the KRA and it is under process.
KYC On Hold: Your KYC process is on hold due to the discrepancy in the KYC documents. The documents/details that are incorrect need to be re-submitted.
KYC Rejected: Your KYC has been rejected by the KRA after verification of PAN details and other KYC documents. This means that you need to submit a fresh KYC form with relevant documents.
Not Available: Your KYC record is not available in any KRAs.
Aforementioned 5 KYC statuses can also reflect as Incomplete/Existing/Old KYC. Under such a status, you may need to submit fresh KYC documents to update your KYC records.
There are certain validation processes in KYC where investors (individuals) need to submit the following proofs (mentioned below), following with the IPV verification.
In-Personal Verification (IPV)
IPV is a one-time process and is mandatory to become a KYC compliant. Under this process, all the above-submitted documents will be verified in person. As per SEBI guidance, without IPV, the KYC process shall not proceed ahead and KYC will not be complete.
CAMS provides following online services to its customers:
CAMS has its headquarters in Chennai. But for the convenience of investors and intermediaries, CAMS KRA has its service centres located all over the country. All these centres are connected to the main branch in real-time. These service centres are capable of processing and retrieving documents just like the main branch. CAMS KRA's Headquarters Address: New No.10, Old No.178, MGR Salai, Opp.Hotel Palmgrove, Nungambakkam, Chennai, Tamil Nadu-600034.
KYC means ‘Know Your Customer’, which is commonly used for Client Identification Process. SEBI who has initiated the KRA KYC process has prescribed certain requirements relating to the KYC norms for intermediaries. Through the KYC process intermediaries would verify investors’ identity, address, personal information, etc. Any investor investing in Mutual Funds must be KYC compliant.
For an individual, identity proof (such as Voter ID, PAN Card, Passport, Driver’s Licence), an address proof and a photo is required. Non-individual investors will have to produce entity's registration certificate, company's PAN card, a list of directors, etc., along with authorized signatories.
A KYC applicant form is a mandatory document, which an investor needs to fill before investing in a Mutual Fund. The form is required for processing the KYC for an individual or any entity, and this form needs to be submitted along with certain documents.The form is designed for individuals and non-individuals investors separately. These forms are available on the website of AMCs and Mutual Funds. Before filling the form, one must read all the important instructions mentioned on the form.
All investors who wish to invest in Mutual Funds needs to complete the KYC process. There is no exemption for an individual (Minors/Joint account holders/PoA holders) or non-individuals.
Any changes in name/signature/address/status, one should intimate to the authorized PoS. The desired changes in the KYC records will be done within 10-15 days. The specified form can be obtained from the Mutual Fund and AMFI.