Friends, in the field of finance, mutual funds and shares, you must have heard the term CAMSKRA often, but friends, do you know what this CAMSKRA is? Or what does CAMSKRA mean? And what is the Full Form of CAMSKRA?
Hello friends, welcome to all of you on the nitin tech.com. Are you also looking for information about CAMSKRA (CAMSKRA Full Form) on the internet? If yes then today through this article we will tell you about What does CAMSKRA mean? Or what is the Full Form of CAMSKRA? By reading this Article you will be able to know about CAMSKRA Full Form or its details.
What is CAMSKRA Full Form?
So friends, this term CAMSKRA is made up of two different terms CAMS and KRA, in which CAMS stands for Computer Age Management Services and KRA stands for KYC Registration Agency. In this way the Full Form of CAMS-KRA is Computer Age Management Services KYC Registration Agency.
CAMSKRA Full Form : Computer Age Management Services KYC Registration Agency
What is CAMSKRA (Computer Age Management Services KYC Registration Agency)?
CAMS KRA It is a government recognized body for tracking KYC registration status. The Government of India has allowed some companies to track KYC registration status and CAMS KRA is one of them.
CAMS – CAMS or Computer Age Management Services which are used for mutual fund transfer and it is the most trusted agency in all over India.
KRA – KYC Registration Agency (KRA) is registered with SEBI, the Indian financial market regulator, under the Securities and Exchange Board of India (SEBI) Regulations, 2011. A KRA agency is responsible for collecting and maintaining KYC records of SEBI-registered financial market investors.
A KRA Agency helps in providing a centralized system for obtaining KYC records of financial market investors, who have to go through the complex process of completing KYC whenever an investor transacts in a financial market related instrument.
CAMS stands for Computer Age Management Service, it is a Private Limited Company, which was established in 1988 to focus on Software Development.
In the 1990s, it shifted its focus to the mutual fund industry and became an R&T agent (registration and transfer agent) company for mutual funds. Avk.m.n R&T agent handles all the processes for mutual fund entities to handle investor forms etc.
CAMS sets up a subsidiary for the purpose of KYC process – CAMS Investor Services Pvt Ltd / CISPL.
CISPL was empowered to act as KYC Registration Agency (KRA) in June 2012. In the month of July 2012, CAMS KRA was launched by CISPL to carry out the process of common KYC verification across all financial intermediaries regulated by SEBI.
CAMS KRA also provides a platform to complete the process of paperless Aadhaar-based KYC verification to start investing in mutual funds. You can check your KYC status on its website along with the normal KYC process and E-KYC.
Why the need for KRA (KYC Registration Agency)?
Earlier, the KYC process was not exactly uniform across various SEBI registered intermediaries like venture capital funds, portfolio managers and mutual funds etc. There was a separate KYC process for each intermediary which was very tedious for the investors.
Thus, to bring uniformity in the KYC process, SEBI introduced the concept of KYC Registration Agency (plKRA). KYC Registration Agency eliminates duplication of KYC process for different intermediaries.
Therefore, to bring uniformity in the KYC process and eliminate such duplication, SEBI introduced the concept of KRA (KYC Registration Agency).
Thus now, there are 5 KYC Registration Agencies (KRA) in India. This includes :
CAMS KRA
Karvy KRA
NSDL KRA
NSE KRA
CVLKRA
As per SEBI guidelines of 2011, investors who want to invest in mutual funds need to register with any of the above mentioned agencies to get KYC done. Once the customers are registered or complete the KYC process, they can start investing in mutual funds.
Once an investor completes the KYC process with any SEBI registered KYC Registration Agency, they need not repeat the process while dealing with any other KYC Registration Agency (KRA). The records of the entire KYC process are stored centrally by the agency and can be accessed by other intermediaries and KYC Registration Agency (KRA).
Also, any future changes are also updated centrally. This can be done by giving a single request to the agency through any registered intermediary.
KYC Process through KYC Registration Agency (KRA)
Step 1 :- Fill KYC form with all required documents
If an investor wants to complete his/her KYC through KYC Registration Agency (KRA), he/she needs to first fill the KYC form. Along with the correctly filled KYC form, you need to submit a self-attested set of documents for proof of identity and proof of address (for personal KYC process).
There are other sets of documents prescribed by SEBI for non-personal KYC. You can download the KYC form of each KRA from their respective website.
Step 2 :- Document Submission and KYC Verification done
After you submit the required documents, the financial institution you are dealing with, if the details mentioned in the KYC form are correct and match with the documents submitted.
In case of any document detail mismatch, the KYC Registration Agency (KRA) will check the same in the system and update the same after receiving the required KYC documents from the customer.
Also, there is an In-Person verification (IPV) process for client verification. Investors can check their PAN card based KYC status on any KYC Registration Agency (KRA) website.
Step 3 :- Uploading and updating your details
All KYC Registration Agencies (KRAs) accept KYC documents in scanned format. This is done as per SEBI regulation for KYC Registration Agency (KRA). All KYC Registration Agencies (KRAs) accept KYC documents in scanned format. This is done as per SEBI regulation for KYC Registration Agency (KRA).
The functions and duties of KYC Registration Agency (KRA) are defined by SEBI “KRA Regulations 2011”. They are as follows –
KYC Registration Agency (KRA) is responsible for storing, safekeeping and retrieval of KYC records submitted to various intermediaries registered with SEBI.
All original KYC documents will be retained by the KYC Registration Agency (KRA) in both electronic and physical form for a specified period. Also, it needs to be ensured that the recovery of KYC details is processed within a specified period.
Any update in the customer information should be disseminated by the KYC Registration Agency (KRA) to all intermediaries who are associated with the agency in respect of the customer.
The agency should have electronic connectivity with other KYC Enrollment Agency (KRA) to have interoperability between the agencies.
The KYC Registration Agency (KRA) should send a verification letter to each client on receipt of the KYC documents from the intermediary.
How to check KYC Status on any KYC Registration Agency (KRA) website?
To check KYC Status on the website of any KYC Enrollment Agency (KRA), you can check your KYC Status by visiting the website of that KRA and clicking on “KYC Enquiry”. You need to enter your Aadhaar number to get the current status of Aadhaar based KYC registration (E-KYC). Similarly, for PAN-based registration, you can repeat the same process and enter your PAN number there.
Similarly, investors can also check their KYC status by visiting the website of any KYC Registration Agency (KRA) and filling in their PAN number there.
What are the options in KYC Status?
KYC Registered : If the status is showing “KYC Registered” to check KYC Status on the website of KYC Registration Agency (KRA), it means that your records are verified and successfully registered with KRA.
KYC Under Process : If the status of “KYC Under Process” is shown on the website of KYC Registration Agency (KRA) to check KYC Status, it means that your KYC documents are being checked by KRA and KYC is currently being processed.
KYC On Hold : If the status “KYC On Hold” is showing on the website of KYC Registration Agency (KRA) to check KYC Status, it means that your KYC process is stuck due to the difference between the KYC documents and the details provided by you. The documents / details which are incorrect need to be submitted again.
KYC Rejected : If “KYC Rejected” status is shown on KYC Registration Agency (KRA) website to check KYC Status, it means that your KYC has been rejected by KRA after verification of PAN details and other KYC documents. This means that you will have to submit a fresh KYC form along with the required documents.
Not Available : If the status is showing “Not Available” to check KYC Status on the website of KYC Registration Agency (KRA), it means that your KYC record is not available in any KRA.
The above 5 KYC statuses can also appear as Incomplete / Existing / Old KYC. In such a situation, you may need to submit fresh KYC documents to update your KYC records.
FAQ About CAMSKRA Full Form
Q. What is CAMSKRA Full Form?
Ans : The Full Name of CVLKRA is “Computer Age Management Services KYC Registration Agency”.
CAMSKRA Full Form : Computer Age Management Services KYC Registration Agency
CAMSKRA Full Form in Hindi : कंप्यूटर एज मैनेजमेंट सर्विसेज KYC रजिस्ट्रेशन एजेंसी
Q. What does CAMSKRA mean?
Ans : CAMS KRA is the government recognized body for tracking this KYC registration status. (Government has allowed some companies to track KYC registration status and CAMS KRA is one of them).
Q. What is KYC?
Ans : KYC (or Know Your Customer) is a commonly used term for the customer identification process. For better “Know Your Customer” SEBI (Securities and Exchange Board of India) has mentioned some essentials related to KYC norms for Financial Institutions and Intermediaries including Mutual Funds.
KYC forms are mandatory for all financial institutions and intermediaries.
Any customer investing in mutual funds has to fill the KYC form to get KYC registered.
Q. What is the KYC Form?
Ans : KYC form is a registration form that needs to be filled before investing in mutual funds. The KYC form is easily available on the mutual fund website or with any of the concerned KRAs. Must read all the instructions properly before filling the form.
Q. Is it mandatory to fill KYC form? or is there a discount?
Ans : Yes, filling KYC form is mandatory for all investors who wish to invest in Mutual Fund schemes, irrespective of the amount they need to invest. No exemption is available to an individual or a non-individual.
Q . When is the KYC form canceled?
Ans : If there is no required or mandatory information in the KYC form, the further process is likely to be canceled. Investors need to ensure that they follow the guidelines required to register or do KYC.
Q. Is there any special requirement for NRI to get KYC done?
Ans : Yes, it is necessary to verify the foreign address and permanent address along with the attached copy of passport along with other documents. Also, any document which is proof of identity if it is in a foreign language, they will have to be translated into English before submission.
So friends, here in this article, we have given you information about “Full Form of CAMSKRA (CAMSKRA Full Form): Computer Age Management Services KYC Registration Agency”, hopefully after reading this article you got to know about Full Form of CAMSKRA Will be and I hope you liked the article.
For more information about CAMSKRA, you can visit their official website https://www.camskra.com/. Thank you!
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