After the banks and financial market regulators made the Know Your Customer (KYC) process mandatory for all individuals and organizations, many reputed and established organizations have started to offer KYC services on behalf of capital market players. Robust customer data collection and management has been the important aspect of these organizations.
There are five registered KRA operating in India including NSE KRA.
The services of KYC Registration Agency are offered through its 100 percent subsidiary DotEx International Ltd. DotEx deals with data and info-vending products of NSE. Its three primary products & services are Data and Info vending (deals with the real-time data feed of NSE), NOW ( NEAT on WEB which provides risk management tools and trading platform to members) and KRA services.
The project on KYC services has been started on 6th March 2012 after DotEx received SEBI registration on 28th February 2012 to act as a KRA intermediary. The KYC services are provided through NSE registered financial intermediaries or advisors. DotEx incorporates the latest data management system to ensure Inter-operability among different KRA’s and to maintain the accuracy of data.
The KYC services are available for both Individual and Non-Individual entities. Individual investors are required to download the KYC form from its website and get it submitted to any NSE registered members or financial intermediaries.
*All documents need to self-attested
The NSE KYC form is very easy to understand and fill in the details. In the form, basic details of the applicant are asked including the Tax residency status ( Applicant residing in India needs to select the Resident Individual option and NRIs are required to select the Non-Resident option).
NSE KRA doesn't provide e-KYC services for online KYC process to its clients.
For any details, Applicant can write to NSE KRA via email (email@example.com) or can call at their number.
The FATCA declaration status is provided by nsemf.com. The form is to be downloaded from the nsemf website and submit the filled in form to any NSE registered members or financial intermediaries.
The form is divided into two segments in which details of PAN, Address Type, Place and Country of Birth, Income details and whether the applicant is a politically exposed person or not. In the second segment of the form, the applicant has to declare their Tax Residency status and if the applicant resides in other country and pays taxes in that country then he/she has to provide the details including Country of Tax Residency, Tax Payer Identification Number and Identification Type etc. The form should be duly signed and submitted to the concerned person for further verification with the supporting documents of income and tax residency status.