What is CAMS KRA? How to check KYC Status?

Mutual fund investing has gained popularity in recent years thanks to the rapid developments in technology. Along with making investing easier, associated processes have also become streamlined. Processes like know-your-customer (KYC) have become hassle-free despite the rise in the number of investors. In this article, we will take a look at what is CAMS KRA, the correct form for different types of investors and check KRA status, among others.

What is CAMS KRA?

The Computer Age Management Services Know Your Customer Agency (CAMS KRA) is a KYC registration agency. The primary function of CAMS KRA is to maintain and keep up-to-date KYC records of mutual fund investors.

CAMS KRA is mainly an online, effective service that enables fund houses to easily access KYC data, making compliance and verification an easy and streamlined process.

CAMS KRA stores the KYC data of mutual fund investors in a centralised digital depository. The regularly updated KYC records and centralised storage have simplified the KYC process, making it convenient for fund houses to access and use the data. CAMS KRA has also standardised the KYC process, making the process more secure and easy.

Process of CAMS KRA KYC

Here is the process of CAMS KRA KYC:

Fill out the Suitable CAMS KRA KYC Form

The first step is to fill out the suitable CAMS KRA KYC form. An investor should select the form based on the type of investor, i.e. individual investor, non-individual investor, or minor investor.

Submit the Documents

After the suitable KYC form has been filled with the necessary details, the investor has to submit the required documents. Documents required for identity verification include the Aadhar Card, PAN card, etc.

In-Person Verification

Once the documents have been submitted, an in-person verification needs to be conducted. The verification process can either be done online or by visiting the nearest CAMS KRA centre.

Verification and Confirmation

After all the necessary steps are completed, the documents will be verified. Following successful verification, the investor’s KYC status will be updated on the CAMS KRA database. Investors can check their KYC status online.

How to Check CAMS KRA KYC Status

Inventors can check their CAMS KRA KYC status either online or offline

Steps to Check CAMS KRA KYC Status Online

• Visit the CAMS KRA website.
• Select the KYC Status window.
• Enter your PAN Card, Aadhar Card, and any other necessary details to log in.
• After successfully logging in, you can check your KYC status.

Steps to Check CAMS KRA KYC Status Offline

• To check the CAMS KRA KYC status offline, visit the nearest CAMS KRA centre.
• Submit the necessary details to log in.
• A service representative will assist you with your KYC status.

Types of CAMS KRA KYC Forms

Before beginning the CAMS KRA KYC process, it is important to select the suitable form. There are three main types of CAMS KRA KYC forms.

Individual Investors

This form is for retail investors and requires basic proof of identity and address.

Non-individual Investors

This form is for entities like companies and trusts that are investing. This form requires additional documents such as board resolutions and authorised signatories.

Minor Investors

This form is for individuals below the age of 18. This form requires details of the guardian and their relationship with the minor.

SEBI Guidelines for KYC Registration Agencies

The Securities and Exchange Board of India (SEBI) has issued several guidelines for KRAs. The guidelines aim to smoothen the KYC process along with keeping it efficient, secure, and transparent. Given below are some of the key SEBI guidelines for KRAs:

Centralisation of KYC Records

To keep the KYC process standardised and to eliminate redundancy, SEBI has issued a guideline to KRAs to maintain a centralised database of KYC records. This also makes it convenient for mutual fund managing companies to access the data.

Security of Data

A key aspect of the SEBI guidelines for KRAs is data security. SEBI’s guidelines require strong security measures to secure and protect the KYC data of investors. For this, KRAs are required to use modern encryption technologies and implement the latest access control measures.

Audit Guidelines

SEBI’s guideline for KRAs requires the agencies to conduct regular audits. The audits should be conducted to ensure data security measures are in place and the accuracy of the KYC records. These audits should aim to locate weaknesses, if any, and make sure the system is updated for a hassle-free and secure KYC process.

Advantages of CAMS KRA

There are several benefits of the CAMS KRA KYC process:

• The CAMS KRA KYC process is a simple and standardised process that stores the KYC data in a centralised database, eliminating the need for multiple KYC processes.
• The CAMS KRA KYC process saves time. The process is primarily digital and can be completed within minutes.
• Data security is a grave concern for many. Due to SEBI’s guidelines, KRAs enforce stringent data security measures to store the data and conduct the KYC process in a secure environment.

Conclusion

CAMS KRA has made the KYC process convenient, quick, and secure. KYC records are updated regularly and stored in a centralised depository. The standardisation of the KYC process has not only offered benefits to investors but also helped mutual fund houses to easily access the KYC records of investors.