(Know Your Client Registration Agency) Regulations, 2011
Though the concept of KYC and its concern regulation is implemented since 2011 itself, as of now only five entities are operating as KRA. The registration requirement itself with high bracket, more precisely the promoter need to be already registered by Board. The list is as follows:-
- Cams Investor Services Private Limited
- Cdsl Ventures Limited (Cvl)
- Dotex International Limited (Dotex)
- Karvy Data Management Services Limited
- Nsdl Database Management Limited (Ndml)
Know Your Customer (KYC) is strategy or set of regulation and procedure to verify the client at utmost level with required documents, data and information. the procedure prescribed by Board for identifying and verifying the proof of Address, Proof of Identity and Compliance with rules, regulations, guidelines and circulars issued by the Board or any other authority for Prevention of Money Laundering from time to time, conclusively can be said as KYC undertaking of Client.
KYC Registration Agency is company formed under Companies Act, 2013 and which has been granted certificate of registration under these regulations by Board.
Client means person seeking to do/has done his KYC through intermediary with KRA i.e. KYC Registration Agency