Know Your Customer (KYC) is required in accordance with Securities and Exchange Board of India (SEBI) laws in order to open a Demat account. KYC involves providing details about your identity, address, and other personal information to the Depository Participant (DP) where you wish to open the account. In this article, we will discuss the documents required for Demat account KYC and the process involved in KYC submission. Check more on What is demat account
Identity Proof Documents
Identity proof documents are essential for KYC submission for your Demat account. The following are the documents accepted under identity proof:
a. PAN Card-
The Permanent Account Number issued by the Income Tax Department is an important document for KYC submission.
b. Aadhaar Card-
The Aadhaar Card is a distinctive identification document that includes both the person’s biometric information and personal data.
A valid passport with a photograph of the applicant can be submitted as identity proof.
d. Voter ID Card-
The Voter ID card can also be submitted as identity proof. Check more on What is demat account
e. Driving License-
A driving license issued by the Regional Transport Authority with a photograph of the applicant can also be accepted as identity proof.
Address Proof Documents
Proof of address is also mandatory for KYC submission for the Demat account. The following documents can be submitted as proof of address:
a. Aadhaar Card-
The Aadhaar card with the address mentioned in the document can be submitted as proof of address.
A valid passport with the address mentioned in the document can be submitted as proof of address.
c. Voter ID Card-
The Voter ID card with the address mentioned in the document can be submitted as proof of address. Check more on What is demat account
d. Driving License-
A driving license issued with the address mentioned in the document can be submitted as proof of address.
e. Utility bills-
Bills such as electricity, telephone, or gas bills that have the applicant’s name and address can be submitted as proof of address.
Recent Passport-sized Photographs
Submitting recent passport-sized photographs is mandatory for KYC submission for a Demat account. It is advised that the photo be high-quality, color, and have distinct face features.
The Depository Participant may conduct an in-person verification (IPV) for KYC submission in some cases. This is a process where a representative from the DP verifies the document and conducts a physical verification of the applicant. Check more on What is demat account.
In conclusion, KYC is an essential part of opening a Demat account. To complete the KYC formalities for your Demat account, you must submit the required documents as mentioned above. It is crucial to remember that the documents you provide for KYC ought to be legitimate and real. Providing fake documents can lead to legal implications.
Once the KYC formalities are completed, the DP will verify the documents and details provided by you. If all details are correct and as per the regulations of SEBI, the account will be opened, and you can start trading.