The Sumsuber

Best practices for KYC/AML

3 min read

What Is a KYC Form?

A KYC (Know Your Customer) form is a document filed by an individual applying to become a customer/investor of a financial or similar institution in India. The form usually contains a selection of verification data and documents. For example, you may be requested to provide and proof your name, address, marital status, and job.

KYC forms are used as a part of the identification and verification processes; their goal is to help businesses and the government track and prevent suspicious or potentially dangerous activities such as fraud, bribery, and/or corruption.

From the customer point of view, a correctly filled-in KYC form is the key to the financial institution’s premium products and services. Businesses often need to fill them in to get involved with export-import activities.

KYC forms are stored by the Central KYC Records (CKYC) Registry and also by KYC Registration Agencies (KRAs). Once an individual submits the KYC form and has it registered with an entity authorized to conduct KYC, he/she is authorized to invest in all financial products including Mutual Funds using their unique 14 digit KYC Identification Number (KIN) issued by CKYC.

Who needs to fill in KYC forms?

Adhering to the KYC norms is mandatory for those who want to open a bank account, a demat and stock trading account, and new investors (who are not KYC compliant through KRA).

Below, you will find the list of supporting documents to be submitted alongside the KYC application form.

Private entities

  • Proof of identity (passport, driving license, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI, NREGA Card, Letter from the National Population Register containing details of name and address)
  • Proof of address (utility bill, a copy of the employer’s address, bank account statement received by mail or courier along with signature verification by the Banker Ration card, letter from employer, bank manager of scheduled commercial banks, a land receipt or a municipal tax receipt, or a monthly pension payment order).

Non-individual investors

Company / Body corporates

  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Resolution of the Board of Directors
  • A list of authorized signatories

Hindu Undivided Family (HUF)

  • Deed of declaration
  • Latest Bank Passbook / Latest Bank Account Statement

Partnership firm

  • Certificate of Registration
  • Partnership Deed
  • Documents evidencing authority to invest
  • A list of authorized signatories

Trusts, foundations, NGOS, charitable bodies, clubs / mutual fund schemes

  • Certificate of registration
  • Trust deed
  • Authorized Signatory list with specimen signatures
  • Scheduled Commercial Banks and Registered Financial Institutions not incorporated under the Companies Act, 1956 / Regulatory Bodies / Army / Government Bodies / Any other bodies created/incorporated/registered under state or central legislation being eligible to invest in Mutual Funds
  • Copy of Constitution / Registration documents – Documents evidencing authority to invest – List of authorized signatories

Unincorporated association or a body of individuals

  • Proof of Existence / Constitution Document
  • Documents evidencing authority to invest
  • A list of authorized signatories

Foreign Institutional Investors (FIIS)

  • A letter and Certificate of Registration issued by SEBI
  • A list of authorized signatories

Non-resident indians

  • A certified true copy of the passport+translation
  • Certified true copies of proof of overseas address and permanent address+translation

Now, let’s go over the application process itself.

How can I submit a KYC form?

New investors should submit the new CKYC form alongside the investment application form or enclose a supplementary CKYC form.

An individual can either do this via the financial institution or download the registration form from the KRA website, fill it in and submit it alongside the required documents. To do it online, please follow the instructions below.

  1. Visit Click on the ‘Aadhar Services’ tab, select ‘Aadhar sign’.
  2. Enter your Aadhar number and get the OTP via your registered mobile number.
  3. Fill in the required data ( your name and address) as per your Aadhar Card.
  4. Enter ‘Share Code’ as per the instruction of the website.
  5. Enter the Security code and submit the data.
  6. Download an XML file with the QR code.
  7. Scan the QR code located on your Aadhar card; your demographic details and photo will then be displayed and verified.

Interested in onboarding Indian customers? Have a quick read on how to verify clients using Aadhaar.

KYC form types

There are five KYC Registration Agencies (KRAs) in India: CAMS, CLV, NSE, KARVY, and NSDL, each offering a similar form that you can download and submit.

A KYC form is a major part of the verification process for both individuals and businesses in India. You will come across it, whether you want to open a bank account, become an investor, or onboard customers.

Be it India, the US or Malaysia, Sumsub can help you to onboard customers from every corner of the world.