Today I am telling you about SEBI, KYC on Ginfo4U, what is the full form of SEBI and KYC? When is it formed? what are its members? And what is its working purpose? What are the required documents for KYC? Where do you want KYC ?, and What are the required documents for KYC?
KYC Full Form in English
KYC ka full form means know your customer, who will say in simple English, know your customer. Banks and financial companies fill this form and also take some identity proof with it, through which they confirm their customer's identities. It has been made mandatory for banks to get customers to fill KYC by the Reserve Bank of India.
Why is KYC Required?
The main objective of getting KYC filled is to ensure that criminal elements, knowingly or unknowingly, do not use the banking system improperly for their activities. Any attempt to open an account by revealing fake identities and fake addresses by criminals can be stopped by KYC.
What are the required documents for KYC?
Banks can also understand their customers better through KYC, understand their financial transactions, and can fulfill their needs well. In order to verify the identity, name, and address of the customer for KYC, photo, and address proof are taken in the bank.
Where do you want KYC?
In addition to opening an account with a bank, KYC forms may be required to be availed for taking loans, locker, credit cards, buying mutual funds, post office RD and insurance, etc. It is mandatory to fill the KYC form for bank transactions and opening an account.
What are the required documents for KYC?
Passport size photographs have to be submitted.
Identity Proof: PAN card, driving license, passport copy, voter ID, Aadhaar card, or bank passbook copy.
Proof of Address: Recently found landline or mobile bill, electricity bill, passport photocopy, current Demat account statement, new bank passbook, ration card photocopy, voter ID, rental agreement copy, driving license (DL) or Aadhaar card copy.
SEBI Full Form and Work of SEBI
SEBI's full form means The Securities and Exchange Board of India. SEBI is the regulatory board for securities and finance in India. SEBI headquarter is located in Mumbai. And SEBI also has some regional offices which are located in Delhi, Chennai, Kolkata, and Ahmedabad respectively.
When and why was Sebi Established?
It was established on 12 April 1988 and got statutory recognition under SEBI Act 1992 on 30 January 1992. So in this way, Sebi has its headquarters located in four metropolitan cities besides Mumbai.
What is the Purpose of Setting up SEBI?
To protect the interests of investors in the stock market. Capital markets have to be developed. All parts of the stock market have to be brought under the SEBI framework. Prevent unethical trading in the stock market. Insider trading is prohibited. Registration of collective gems including mutual funds is to be done.
What are its Members?
The entire management of SEBI consists of 6 members. Of these, one member is the chairman, and the other five members are of different functions. As we said that SEBI consists of 6 members.
What is Share Market?
Primarily, we can say that SEBI takes care of every activity happening in the stock market. And this broker should not cheat the investor, it is SEBI's main objective and task to stop all these things.
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