Karvy KRA is one of the leading KYC Registration Agencies in India, ensuring compliance with SEBI regulations for financial services. It provides seamless KYC solutions for mutual funds, banks, NBFCs, and other financial intermediaries. Every client intending to transact through SEBI-registered intermediaries must undergo the “Know Your Client” (KYC) process by submitting an application along with Proof of Identity and Proof of Address to the intermediary. The intermediary registers the KYC with a KRA, and updated client details are shared with all associated intermediaries automatically.
CKYC (Central Know Your Customer) is a centralized repository that securely stores customer KYC details. It provides a unique 14-digit CKYC ID, ensuring a seamless and one-time KYC process for financial services.
CKYC is governed by CERSAI and simplifies compliance for mutual funds, banks, insurance, and other financial institutions.
eKYC (Electronic Know Your Customer) is a digital process for instant verification of customer identity using Aadhaar or other digital credentials. It is fast, cost-effective, and convenient for both customers and institutions.
eKYC ensures paperless onboarding and is widely used in financial sectors for real-time verification.
| Feature | CKYC | eKYC |
|---|---|---|
| Process | Centralized Repository | Digital Verification |
| Documents Required | Proof of Identity & Address | Aadhaar or Digital Credentials |
| Verification Time | Manual Processing | Instant |
| Usage | All Financial Institutions | Real-Time Services |
CKYC application form and supporting documents received at POS location by the intermediary offices from the respective customer.
Scrutiny of CKYC application form and supporting documents (as per regulatory norms) by the intermediary officials.
CKYC application form and supporting documents submitted along with application to be verified with originals & In-person verification by the intermediary officials.
Scanning of CKYC application form and supporting documents (grey scale colour & pdf format).
Upload of scanned images and generation of internal reference number. (Bucket ID).
CKYC data entry (mandatory information) at POS location.
CKYC data validation, correction and document verification by KDMSL officials at KRA.
Rejection of incomplete / incorrect application forms and tagging with appropriate rejection reasons. Rejected applications can be viewed by the respective POS users for rectification & re-uploaded.
CKYC application form and supporting documents submitted along with application to be verified with originals & In-person verification by the intermediary officials.
Cropping of POI, POA, Signature and Photograph available in the CKYC application form as per data upload requirements.
Generation of upload text file and image files as per Central KYC Registry format.
Upload of CKYC files to Central KYC Registry.
CKYC information is registered / Validated in KARVY KRA for KYC not available in any KRA as on date of processing of CKYC application.
IOP modifications are being raised, in case already exists in other KRA. (Terms & conditions applicable and Charges applicable).
Acknowledgement numbers are updated from the response files against the respective KYC records.
Update of KYC status and CKYC ID numbers provided by Central KYC Registry from bulk periodic response files.
Rectification and re-upload of unsuccessful records to Central KYC Registry.
Reconciliation of probable matches / IDNC cases based on reports provided by Central KYC Registry.
Handling telephone and email queries of POS locations and AMCs.
FI code issued by Central KYC Registry (CERSAI).
Region code & branch code created in Central KYC Registry (CERSAI) system (This region / branch code will be used for all KYC detail uploaded to Central KYC Registry (CERSAI) system).
User ID (Maker) used to upload data to Central KYC Registry (CERSAI) .
User ID (Checker) used to approved data to Central KYC Registry (CERSAI) .