India’s top securities depository relies on us to implement their KYC Registration Agency’s processing.
With a view to bringing uniformity in the KYC requirements for the securities market, SEBI initiated the usage of uniform KYC by all SEBI registered intermediaries and approved the formation of KRAs (KYC Registration Agency).
Our customer is a wholly-owned subsidiary of India’s top securities depository. It is approved by SEBI to function as a KRA. KRA provides for centralization of the KYC records in the securities market with single KYC for investors investing in the markets through stock brokers, mutual funds, and other instruments.
- The Challenge
- Non-adherence of TAT in KYC validation for account activation
- Multiple handoffs leading to damage and loss to documents
- Inefficient records storage and retrieval system
- Process in-efficiencies in KYC processing affecting accuracy
- Inefficient inbound mail room management
All of these could lead to non-compliance with SEBI guidelines.
- The Solution
- Deployed our in-house developed SaaS based DMS workflow
- Automated workflow solution for inbound mail room management
- Automated imaging, tagging, maker-checker process implemented for better quality output
- Dedicated business process team and space implemented in our facility
- Productivity monitoring system was implemented for review
- An efficient Records Management System implemented with effective audit trail
- Process champions managed a solutions-based approach as per Six Sigma standards with risk management and compliance
- Daily progress dashboard established
- Web-access to all assets in our system provided to the Customer
Benefits to our Customer
- TAT adherence as per SEBI guidelines on records storage and KRA process management
- Centralized and secure records storage system was established
- Single point and secure in-warding, scrutiny, and data entry
- Over 120% increase in Depository’s KRA productivity
- Improved coverage of Depository’s market participants