CKYC – (Central Know Your Customer) mandatory for new Mutual fund investors
From Feb 1, 2017, new investors in mutual funds will have to do CYKC (Central Know Your Customer) before investing. The CKYC will replace the existing KYC.
What is CKYC?
Central KYC Registry, or CKYCR, is the new central KYC process that will replace the multiple KYC process exists for various financial transactions, such as opening bank accounts, buying life insurance, and investing in mutual funds.
The government has authorised the Central Registry of Securitisation and Asset Reconstruction and Security Interest of India (CERSAI) to manage the CKYC Registry process.
What is the benefit by CKYC?
CKYC is helpful to move investors to a single KYC platform. Before this, investors were required to complete KYC formalities with multiple agencies for various financial products.
All the reco...