The Central Know Your Customer Registry (CKYC) is a centralised repository for KYC papers from clients who use financial services. The goal of CKYC is to make submitting KYC documentation for verification easier when starting a new financial relationship with a new finance company.
The central government has the jurisdiction under Section 73 of the Prevention of Money Laundering Act, 2002, to enact various laws and regulations to combat black money. The Central Government used this ability to implement CKYC, which ensures that individuals only need one KYC to acquire or invest in financial instruments. The CKYC registration is managed by the Central Registry of Securitisation Asset Reconstruction and Security Interest (CERSAI). Before we jump into how to do a CKYC number check, let’s know more about CKYC.
How does CKYC work?
If you’re thinking of investing in the stock market or mutual funds, you’ll have to go through the CKYC process. When you contact a fund house to invest, you will be requested to complete a KYC form and present supporting documentation. These documents would be transmitted to CERSAI, and a 14-digit CKYC number would be assigned to you. You will not be required to submit the documents for verification if you desire to invest in another mutual fund house. CERSAI would be requested by the mutual fund house to provide your papers by giving your CKYC number. CKYC makes investing simple and stress-free for you.
- The ID evidence is connected to a 14-digit number called CKYC.
- Data from customers is securely saved in an electronic format.
- The issuer verifies the documents that have been supplied.
- When there are changes to KYC details, all affected institutions are notified.
Types of CKYC Account
- Normal Account: You can open a normal account by submitting the following six official papers as proof of identity: PAN, Aadhaar, Voter ID, Driving License, Passport, and NREGA Job Card.
- Simplified Measures Account: If you submit other officially valid documents (OVDs) that are allowed under RBI circular RBI/2015-16/42, this sort of CKYC account will be formed. The prefix ‘L’ will be added to the KYC identifier for these accounts.
- Small Account: You can open a small account by submitting only your personal information and a photograph. These accounts’ KYC identifiers would begin with the letter ‘S.’
- OTP-Based eKYC Account: This sort of account will be created if you submit a photograph together with an OTP-enabled Aadhaar PDF file downloaded from the UIDAI website. These accounts’ KYC identifiers would begin with the letter ‘O.’
Now that we know what CKYC is let us learn about its benefits before we learn how to do a CKYC number check.
Benefits of CKYC
- The CKYC registry makes it simple for financial institutions to authenticate papers.
- Before beginning a new financial relationship with a new financial company, investors do not need to submit KYC documents each time.
- Investors can amend their information in the CKYC registration.
- The CKYC number can be used to purchase or invest in various investment products, including insurance policies, mutual funds, and stock markets.
How to do a CKYC Number check
Following these steps will allow you to do a CKYC number check with a variety of financial services companies:
- Go to any financial services company’s website that offers a CKYC check.
- Fill in your PAN.
- Enter the security code that appears on the screen.
- It would show your CKYC number.
Documents needed to obtain a CKYC number Central KYC Application Form
- Photograph of Passport Size
- PAN Card Information
- Proof of Address and Identity
What is a CKYC Number, and how can I get one?
- The form can be downloaded on the CKYC website.
- Complete the form to the best of your ability.
- After that, enter the information for your Pan Card.
- Please provide proof of your address and identity.
- Please enclose a passport-sized photograph.
People in today’s environment expect everything to be completed in a couple of minutes. Starting a financial relationship with a financial company used to be a time-consuming process that required you to submit KYC paperwork. The documentation process has been more straightforward, faster, and, most importantly, safer since the advent of the CKYC register.
Existing mutual fund investors do not have to go through the CKYC process. It, however, could change in the future. If an existing mutual fund investor wishes to invest with a new firm, the CKYC process must be completed.