What is Know Your Customer(KYC)? How can I check my KYC status?
Know Your Customer or KYC is a standard in the financial services industry that determines the Identity of the customer and other details such as income levels, expectations of business etc. which helps both the customer and the firm towards ease of business.
Further, It is a SEBI mandate that all clients who want to deal in the securities market get the KYC registered, the broker facilitates the registration for KYC during the account opening process. The KYC registration agency (KRA) maintains all the details in its records.
To check your KYC Status you can log in to CVL KRA < under KYC enquiry, enter PAN to fetch your status
Let’s understand all the KYC status:
Status as Registered: Your KYC status would show as registered/ approved when it is successfully updated in the KRA agency.
Status as under process: if you have recently opened an account with us, In such cases the KYC status will reflect as under process. You will have to wait for 4-5 working days as it will take time to be updated.
Status as On-hold or rejected: This could be because your past broker has not provided proper details to the KRA agency or Incomplete documents have been uploaded during the account opening. Here, we would be sending you an email for required documents, you can follow the procedure in this article to get the status rectified.
Note: If your account is inactive for a year, the KYC has to be updated in our records you can follow this procedure to get it updated.
As mentioned above, KYC is mandated by regulators and if not updated, your account may be blocked.