Who are Clients of Special Category (CSC), and when must they provide income proof?
As per the SEBI circular (WEB), Clients of Special Category (CSC) are required to provide income proof while opening an account or doing Re-KYC as part of enhanced due diligence. CSC includes the following categories of clients:
- Non-resident Indian clients.
- High net worth clients.
- Trusts, charities, Non-Government Organisations (NGOs), and organisations receiving donations.
- Companies having close family shareholdings or beneficial ownership.
- Politically Exposed Persons (PEP). To learn who PEPs are, see Who is a politically exposed person?
- Clients who are publicly known to have questionable reputations.
The income proof can be one of the following:
- Bank statement or passbook for the last six months.
- The latest salary slip.
- Form 16 or Income Tax Return (ITR) acknowledgement.
- Net worth certificate.
- Statement of demat holdings.
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