Re-KYC Process – What You Need to Know
What is Re-KYC and Why is it Needed?
Re-KYC (Re-Know Your Customer) is a process to ensure that our KYC (Know Your Customer) information is up to date, in accordance with regulatory requirements. If your last KYC was completed more than 365 days ago, you’ll need to complete the Re-KYC process to continue accessing all platform features, including withdrawals.
How Does the Re-KYC Process Work?
If your KYC is more than 365 days old, you will be prompted to complete the Re-KYC process. Here’s what to expect:
Eligibility Check: Our system will check if your KYC details are outdated (more than 365 days old).
Prompt Notification: You will receive a notification via app and other channels prompting you to complete the Re-KYC process.
Re-KYC Steps:
Step 1: Verify Existing Information: You will see your existing Aadhaar and PAN details and will need to verify if they are correct.
Step 2: Full KYC Option: If your details are incorrect or outdated (like address or DOB and you would like to update them), you can proceed to choose the “Do Full KYC” option & update your Aadhaar and PAN details and upload a new selfie. If not, you can simply select “Proceed” and continue with selfie.
Step 3: Financial Self-Declaration: After successfully completing the Re-KYC or Full KYC, you will need to fill out a financial self-declaration form. This includes questions on your source of income, annual income, and Politically Exposed Person (PEP) status.
What Happens During the Re-KYC Process?
While your account is undergoing Re-KYC, you will have limited access to certain features:
Withdrawals Disabled: You will not be able to withdraw funds from your account during the Re-KYC process.
Bank Details Management: You will not be able to delete or add new bank details until Re-KYC is successfully completed.
Deposits & Trading: You can still deposit funds and place trades, but withdrawals will be restricted until Re-KYC is completed.
What Happens If You Don’t Complete Re-KYC on Time?
You have 30 days from the date of receiving the notification to complete your Re-KYC. If you fail to do so:
Deposit and Trade Restrictions: Your ability to deposit funds and place new trades will be revoked.
Open Positions: You will still be able to close existing positions or cancel open orders, but you won’t be able to place new ones.
How Will I Be Notified?
You will receive multiple reminders during the 30-day window:
Pre-Expiration Reminder: A reminder will be sent 10 days before the deadline, urging you to complete the process.
Post-Expiration Notification: If you do not complete the Re-KYC process within 30 days, you will be notified about the removal of deposit and trade privileges.
What Happens After I Complete Re-KYC?
Once you successfully complete the Re-KYC process:
Your account status will be updated to “KYC completed.”
You will regain access to all platform features, including withdrawals and the ability to manage your bank details.
Can I Modify My Aadhaar or PAN During Re-KYC?
During the Re-KYC process, you will not be allowed to modify your Aadhaar or PAN numbers. If there are any updates like on your address or DOB , you can attempt the full KYC.
Need Help?
If you encounter any issues during the Re-KYC process or have questions, our support team is here to help! Visit our Help Center for more FAQs or Contact Support directly.
Thank you for your attention to this important process. We appreciate your cooperation in keeping your account compliant with legal regulations.
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