Why FYERS collects information during account opening?

Why FYERS Collects Information During Account Opening?

We only ask for details we genuinely need to confirm it’s really you, follow Indian laws for investment accounts, and move your money safely (deposits, withdrawals, dividends).

Step 1: PAN & Address - Mandatory

  • Verify identity & prevent duplicates: PAN is the government identifier used for investment accounts.
  • Regulatory KYC: Required by SEBI/KRA and exchanges to open and maintain Demat & Trading accounts.
  • Tax compliance: Links trades, payouts, and reports to the correct taxpayer.
  • Address on record: Maintained with KRA/depository for regulatory correspondence and residency/tax classification.

Step 2: Bank & Others

Bank account linking - mandatory

  • Ownership & AML controls: Ensures deposits/withdrawals happen only with your verified bank (prevents third-party transfers).
  • Payout safety: Withdrawals and refunds are routed only to your verified account.
  • Corporate actions: Dividends and similar credits are paid to the bank registered in your demat (depository) records.

Trading segments - optional choice

  • Right-sized access: Lets us provision the exact exchange segments you want.
  • Operational efficiency: Reduces repeat checks if you plan to trade those segments later.

Income proof for Derivatives (F&O) - conditional

  • Exchange/SEBI compliance: Required to activate Equity/Currency/Commodity derivatives.
  • Risk alignment: Confirms access to leveraged products matches your declared financial capacity.

Nomination & Declaration - mandatory (choose one)

  • Investor protection & compliance: You must either add nominee(s) or formally opt out.
  • Transmission of assets: Ensures your securities can pass to chosen nominees without avoidable legal hurdles.

Step 3: Additional Info - Mandatory

  • Regulatory KYC profile: Fields such as employment type, income range, tax residency (FATCA/CRS), and PEP status are required for onboarding and ongoing compliance.
  • Security & fraud prevention: Helps confirm legitimate use of the account.
  • Essential communications: Enables delivery of regulatory and account-related updates.

Step 4: Live Verification - Mandatory

  • Identity assurance: Liveness/selfie checks deter impersonation and satisfy e-KYC norms.
  • Depository authorisations: Your signature is kept on record for demat-related instructions and verification.

Last updated: 17 Sep 2025

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