KYC to be done again?

POSTED BY Bunker ON January 24, 2013 3:58 pm COMMENTS (5)

The following article says that KYC needs to be done once more and completed before 15-Mar-2013 even if you were KYC compliant before.

http://www.valueresearchonline.com/story/h2_storyview.asp?str=21976

I tried clicking www.cvlindia.com to see the List of POS. It gives an empty excel. 🙂

I guess what additional information is the annual income/networth. I still dont know why you need that information for being KYC and how will the agency verify whether it is true or not?

 

5 replies on this article “KYC to be done again?”

  1. Ashal Jauhari says:
    January 25, 2013 at 4:19 pm

    Dear Bunker, if there is a mismatch in your income & investment. for example you are investing 50000 Rs. mly & showing your income as 60000 Rs. mly, it’s an unsual thing & it indicates that either you are not reporting your true income or you are concealing your income. this concealment of income ‘ll lead the question, how are you managing such money or in simple words from where you are arranging money to invest?

    Ultimately the anti money laundering things ‘ll come into the picture & you may be caught for such deds.

    These KYC things are part of anti money laundering activities taken up by govt. of India.

    Thanks

    Ashal

    Reply
  2. Bunker Guide says:
    January 25, 2013 at 3:18 pm

    Thanks for your responses. All what is new in the new form is the income details / networth of the individual, employment sector. Why do they need that information from investor? On what basis/law was it decided that such information should be captured alongwith the other KYC details. What does the agency gain from having such information related to investor? And what benefit does the investor get out by giving this information?
    When will investors get to protest?

    Reply
  3. Karthik says:
    January 24, 2013 at 6:42 pm

    Its Jan 2012 and not 2011

    Reply
  4. Manish Chauhan says:
    January 24, 2013 at 5:09 pm

    If you had done your KYC before Jan 2011 . Then you will have to do it again else not .

    Reply
  5. Ashal Jauhari says:
    January 24, 2013 at 4:54 pm

    Dear Bunker Guide, please read the article again. These guidelines are applicable for only limited set of investors. If your status of KYC is “Verified by KRA”, no reason to worry, you are already fulfilling the latest KYC guidelines.

    Thanks

    Ashal

    Reply

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