Why do brokers like Finvasia require re-submission of copies of PAN & AADHAAR even from KRA registered investors (who have already submitted the same with KRA) ? Brokers / DPs get full access to data & documents of prospective clients from KRA, the moment they sign up on broker websites (This is what KRAs say). This defeats the purpose of KRA. Don't they trust client data / downloadable documents in KRA? It is like re-doing KYC all over again. No joy.... All they should be asking for (from KRA regd. investors) must be limited to cancelled cheque for simple investments. Bank statements / ITR from those desirous of FnO trading.
Generally, we do not need your basic information if updated in KRA correctly since we directly fetch from KRA. The process is simple, if KRA is complete, open account instantly, for any KRA rejection, we hold and may needs additional documents based on the reason. Further recent signatures help verify DIS/POA compliance, we may ask PAN copy in case of any mismatch. Trust me it is for your safety. We make all possible efforts to keep process seamless and convenient.
Thanks