I did my KYC when I opened my bank account. Why do I have to redo it again while opening an account at ATS?

Banks and brokers follow two different KYC processes. The broking firm must follow the KYC registration process via KRA (KYC Registration Authority), but the bank must follow the KYC registration process via CKYC Agency (Central KYC).

NOTE:

1. KYC is identified with the PAN number. However, CKYC is identified by a 14-digit number (CKYC number)
2. KYC is limited to SEBI intermediaries, whereas CKYC is universal for the Banking, financial services and insurance (BFSI) sectors.
3. The KYC is created/ fetched with us during the account opening, and you need not follow any separate process.