Key Points
The primary objective is to enable banks to thoroughly understand their customers and their financial activities, thereby allowing them to manage associated risks more effectively..
KYC is the mandatory process of identifying and verifying the client's identity when opening an account and periodically over time..
To enhance KYC norms and ensure the identification of every participant in the securities market, PAN (Permanent Account Number) is mandated as the unique identification number..
The account opening form for clients will consist of two parts: Part I will be the KYC form capturing basic client details, while Part II will gather additional information pertinent to the intermediary's area of activity..
Mandatory KYC details for updating your demat account typically include proof of identity (such as an Aadhaar card, passport, or driver's license), proof of address (like utility bills or rental agreements), and PAN card information...
