TABLE OF CONTENTS
Overview
You can now request KYC documents of all your clients and maintain them for record-keeping purposes through smallcase Publisher's direct integration with NDML KRA.
SEBI registered RIAs are required to maintain the KYC records of all their clients as a mandatory compliance step.
Context
The KYC documents of all the users who have completed their KYC are maintained by entities known as KRA (KYC Registration Agency).
There are 5 KRAs registered with SEBI, please find the details here.
- Any entity which is registered with SEBI (has a SEBI Regd. no.) can request their client’s KYC status as well as KYC documents from the SEBI registered KRAs.
smallcase Publisher has an integration with NDML (NSDL Database Management Limited) which is a SEBI registered KRA.
- For making such requests, the SEBI registered entity has to be onboarded with the KRA.
- This is a 4-5 day process which will require you to share an onboarding form along with other documents with the KRA.
- Once onboarded, you will receive a set of credentials. These credentials will have to be updated on the Publisher Profile section to enable the below flows.
How will it work?
KYC status inquiry in Subscription flow
For every user who tries to subscribe to a manager-created smallcase, we ask for the user’s PAN No. in the subscription flow.
Using the PAN No. of the user and our integration with NDML, we check the KYC status of the user.
The user will be allowed to proceed with the subscription flow based on the user’s KYC status being Compliant.
This will be done only if you opt for such a check on your clients. This is configurable by you from the Publisher Profile section on the Publisher Platform.
Note: This feature will NOT imply any extra cost to you.
You can do NDML KYC status inquiry by yourself in this portal.
KYC documents request for the clients
Once the user has subscribed, through our integration with NDML we enable you to download the KYC documents of all your subscribers from the Publisher Platform Reports section (for bulk download) & Users tab (for individual download).
Every user has to fill their PAN & DOB while subscribing to a smallcase and the user’s PAN + DOB combination is required for requesting the user’s KYC documents.
Note: DOB should be as per PANFor users who subscribe and their PAN + DOB combination doesn’t match, KYC documents cannot be requested.
All such users will be flagged and you will be able to see on the platform that the KYC documents cannot be requested for these users.
For such users, you will have an option to upload a CSV with the correct DOB (as on the entered PAN). Once the CSV is uploaded, you will then be able to download the KYC documents of those users.
The KYC documents request will include a charge of Rs. 35 + GST per PAN
The invoice will be raised by the KRA (NDML here) to you on a monthly basis.
The charge per PAN is applicable only once i.e. for the first time the KYC documents are requested for a PAN and on successful requests only. So if a user's KYC documents are not received for any reason, this amount will not be charged.
If the documents are requested for the same PAN again (as the documents might have updated), there will be no extra charge.