Account Opening Process Flow

Objective: To outline the steps involved in the account opening process for Trading Accounts at KIFS Broking Private Limited (KSBPL).

Process Steps:

  1. Application Submission:

• Clients can open Demat and Trading Accounts either at the Branch or the Head Office.
• Accounts can be opened using physical account opening forms.

  1. Identity Verification:

• During the account opening process, the KSBPL staff /AP will verify the identity of the applicant.
• The photograph affixed in the account opening form will be cross-checked for identification purposes.
• Proof of identity documents attached in the form will also be verified.

  1. Document Verification:

• Client’s PAN number and Bank Account details will be verified using NSDL PAN site and penny drop system to ensure accuracy and authenticity.
• The client’s KRA (KYC Registration Agency) and CKYC (Central KYC) status will also be verified.

  1. Required Documents for Physical Account Opening:
    • PAN Card
    • Valid Address Proof
    • Bank Account Details (Cheque Copy and Bank Passbook copy if name is not printed on the cheque)
    • Passport Size Photographs
  2. KRA Validation:

• A valid mobile number and email address are required for KRA (KYC Registration Agency) validation.
• This step helps ensure that the client’s KYC details are up-to-date and accurate.

  1. Account Opening Confirmation:

• Once all the necessary documents are verified and validated, the Demat and Trading Accounts will be successfully opened for the client.

  1. Welcome Letter:

• After the successful account opening, a welcome letter will be sent to the client’s registered email address.
• The welcome letter may include important account details, guidelines, and contact information for future assistance.

Responsibilities:

  • KSBPL Staff/AP: Responsible for guiding clients through the account opening process, verifying documents, and ensuring compliance with regulatory requirements.
  • Clients: Responsible for providing accurate and genuine documents and Income, Networth and occupation related Information, as well as cooperating with the verification process.

Completion:

• The account opening process is considered complete once all necessary verifications and validations have been conducted, and the welcome letter has been sent to the client’s registered email address.

Important Notes:

  • The account opening process aims to ensure the authenticity and accuracy of the client’s information for compliance and security reasons.
  • Verifying PAN, Bank Account details, KRA, and CKYC status enhances the legitimacy of the account and minimizes the risk of fraud.
  • The use of physical account opening forms ensures that all required documents are provided for the account opening process.
  • A valid mobile number and email address are essential for maintaining communication and ensuring a smooth validation process.
  • The welcome letter provides clients with essential information to get started with their newly opened Demat and Trading Accounts.