Why 2nd broker asked for all documents again even if I gave all of them to 1st broker

General
1

This is what I found about KRA.

With the introduction of KRA, you are no longer required to submit these proofs again to Broker 2, if Broker 1 had registered you with the KRA when you first opened an account with them

To my understanding broker one registered me with KRA when I opened account with them.

But 2nd broker asked me give all document proof again…may I know why?

2

They ask for information only, which is then cross checked with your KYC data, and not for documents. Were you asked to submit information only or documents too?

1 Like
3

Yes I had to submit documents.

4

As an investor, if one is registered as KYC compliant with any KRA, it is easy to open an account with any SEBI-registered intermediary without going through the KYC process once again. So you were required to submit only your documents without any need of getting done the mandatory KYC process again this time with your new broker.

5

So documents are required second time?

6

That’s the only written proof of identity of client, they’d need them to know whose account they’re opening.
This is different from kyc which isn’t needed now.

7

They asked for PAN card + canceled check + client master record from other broker and address proof.

If I am kyc compliant through first broker …I hesitate to give pan card copy because I am worried that it can be misused…

should I be worried about that?

8

so if I am not mistaken …what you meant is with 2nd broker …they dont need to go through kyc process again but I still need to submit documents correct?

9

Yes.
Kyc is only one time and never repeated.

10

But I am wondering if client is KYC verified …why they still insist on documents?