Can the demat A/c provider initiate KYC without my filling up the form

POSTED BY Ravi ON May 4, 2013 3:45 pm COMMENTS (2)

I am holding a demat account with ICICIdirect. I was trying to open an account with FundsIndia for investing in Mutual Funds when I came to know that my KYC has already been initiated by ICICIdirect and is currently pending with DotEx.

This came as a surprise to me since I had never filled up any KYC form to initiate this and because of this I am unable to activate my account at FundsIndia.

My question is: Can ICICIdirect initiate the KYC without any form being filled?

2 replies on this article “Can the demat A/c provider initiate KYC without my filling up the form”

  1. Ravi says:

    Thanks Sumit. Yes the account was opened way back in 2007. I got your point. I will approach ICICI direct to complete KYC.

  2. Sumit says:

    I don’t know they should do it or not – but yes, they do initiate the process since you are already an account holder with the personal information they had about you. I guess, you had opened your account with them before the KYC compliance came into picture and was made mandatory.
    But the process will not be completed (KYC registration) till you fill the form to provide other necessary details like – annual income, total asset etc.
    Now, in this situation the better for you is to approach ICICI direct, fill up the form and get the KYC done by them and then go with other intermediates.

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