STILL IN DRAFTING AND SORRY FOR BAD ENGLISH.
Space 2 – Consumer Account opening and modification, extra environment friendly.
ALL EXCHANGES, Depository, CLEARING CORPORATION WILL CONNECT THEMSELVES THROUGH THEMSELVES, THIS WILL CREATE COMMON CLIENT ACCOUNT CREATION AND UPDATE UNIFORM PROCESS THROUGH APIsTHE API FILE WILL HAVEPART 0- MARKET PARTICIPANT DETAILS. EXCHANGES, DEPOSITORY, CLEARING CORPORATION TO BE ENABLED.PART 1- CLIENT DETAILS AND KRA , AND UCCPART 2- EXCHANGE REQUIRED DETAILS INCLUDING SEGMENT DETAILS.PART 3- ALL DETAILS NECESSARY FOR DEPOSTROYPART 4- ALL DETAILS NECESSARY FOR CLEARING CORPORATIONPART 5- ANY OTHER(IF NY PART IS NOT NEED, THEN PART SHOULD BE DISABLED IN PART 0)
For this, KRA is nodal company for everythingBank Account – NPCI not too long ago constructing system to confirm beneficiary can be utilized.Digi Locker – to securely fetch all paperwork.
I believe that is one wayKRA will storeFull Title( AADHAAR) , PAN full title, Gender , DoD, Father Title, Mom Title, Partner Title(one is necessary and relaxation is possibility, but when aadhar and pan have totally different, then each will captured)Revenue Vary and EmploymentPermanent deal with and residential deal with
Change’s and brought fromFull name- based mostly on aadhar and altered as per aadharPan full title or ITR title – as per panGender and dob, each pan and aadhar similar.Father Title, Mom Title, Partner Title as per pan or aadhar or bothRest as per authorized paperwork.E-mail and telephone no
Steps of shopper registration online-
Fundamental particulars, then e-mail and cellular no verification by way of otp and sebi compliance of telephone no and e-mail.
Use digilocker to confirm aadhar and pan, then ship an API to kra to get consumer particulars.
Right here is my half,A) consumer can go together with similar KRA particulars with no adjustments and open account.B) consumer wants to vary few particulars or replace kraStep 1-Aadhar full title and pan title, gender , DOB will auto fetched from digilocker and robotically auto replace in kra if kra particulars is totally different from digilocker given aadhar and pan particulars.( These adjustments will likely be up to date all through all brokers, Mutual funds shopper is in)
Step 2-Relaxation, everlasting deal with deal with will be auto fetched from any authorized paperwork by way of digi locker.Revenue particulars by way of financial institution statements, auto fetch utilizing AA framework, join with ITD for ITR or others. And occupation, enter manually
These adjustments will likely be up to date all through all brokers , mutual funds robotically by way of kra sending updation APIs request to Market contributors.
Step 3-Residential deal with by way of digilocker utilizing authorized paperwork. e-mail, telephone no confirm by way of otp.Now,No change in KRA – this telephone no and e-mail or residential deal with is just for zerodha.Good as a result of I could haven’t any of residence, phoneno or e-mails.Change in KRA – all through or throughout all participantsPartial change in KRA- two optionsCan choose of adjustments want throughout all contributors of that section, say all contributors of inventory brokers, all mutual funds, PMS ,AMF and so on etcOr different is we will choose the place adjustments is required. Like zerodha, hdfc Mutual funds, zerodha mutual funds and so on.4. Zerodha will seize financial institution particulars of consumer, by way of kra, npci will do beneficiary verification and ship api again to zerodha, higher and less expensive than Penny drop. AA or handbook getting into of financial institution particulars can be utilized.5. All particulars will likely be despatched to KRA to verification , KRA will do authentication digilocker and different’s. After verification, KRA will ship api of affirmation to zerodha, and likewise ship APIs to different contributors the place particulars needs to be modified and can proceed to keep up a correspondence till all particulars in changed6. Zerodha after getting KRA will begin API course of to exchanges, Demat and clearing. ( Right here is my course of)ALL EXCHANGES, DEPOSITORYS, CLEARING CORPORATION WILL CONNECT THEMSELVES THROUGH THEMSELVES, THIS WILL CREATE COMMON CLIENT ACCOUNT CREATION AND UPDATE UNIFORM PROCESS THROUGH APIs
zerodha will ship api to to nodal level which will be anybody trade or depository, can any be used anytime as nodal.Let’s take cdsl for nowStep 1 – CDSL will do authentication of particulars with kra . As soon as performed it’s going to ship API to others exchanges/CC.All trade/CC which for API from cdsl will do authentication with kra.
Change and CC will ship affirmation or rejection to CDSL because it’s nodal. Of rejection will convey to DP
Step 2- If profitable accross exchanges/CC. Then they may register the shopper, cdsl will create an BO id. Change/CC/cdsl will ship emails and sms to shopper.And ship API to nodal company and cdsl to zerodha of account creation.
NOTE- an nodal company can be utilized to replace information. Day of you need to replace secondary financial institution accounts, ship api will likely be despatched to bse as nodal. BSE will ship api to nse, and CC to replace the identical.
Current system makes use of mixture of APIs and recordsdata and updation needs to be performed seperately in nse, bse, cdsl.This technique will be constructed on fault tolerance the place re request by way of api will be performed and adjustments will be made in on go.
Identical to kra system, the place I can replace my everlasting deal with in a single go throughout all sebi regulated contributors.
It reduces compliance and likewise mismatch of any.
