1. Introduction & Purpose
This KYC (Know Your Customer) Policy outlines the mandatory verification process for all investment partners of Omkar Enterprises. The policy ensures compliance with anti-money laundering (AML) regulations and prevents financial fraud. KYC verification is mandatory before any investment partnership can be established.
Legal Basis for KYC
KYC verification is mandated by Prevention of Money Laundering Act (PMLA) 2002, RBI guidelines for partnership firms, and SEBI Anti-Money Laundering regulations applicable to financial services.
2. Required Documents for KYC
All prospective investment partners must submit the following documents for verification:
PAN Card
Permanent Account Number card issued by Income Tax Department. Required for tax compliance and identity verification.
MANDATORY
Aadhar Card
Unique Identification Number issued by UIDAI. Required for identity and address verification.
MANDATORY
Address Proof
Latest utility bill (electricity/water), bank statement, or rental agreement. Must be less than 3 months old.
MANDATORY
Passport Photos
2 recent passport-size photographs with white background. Required for partnership documentation.
MANDATORY
Bank Details
Cancelled cheque or bank statement showing account number, IFSC code, and account holder name.
MANDATORY
Partnership Agreement
Signed and notarized partnership agreement detailing investment terms, returns, and partnership conditions.
MANDATORY
3. KYC Verification Process
The KYC verification follows a structured 4-step process:
1
Document Submission
Partner submits all required documents either in-person at our offices or through secure digital channels. Documents are checked for completeness and validity.
2
Document Verification
Our compliance team verifies all documents for authenticity. PAN is verified through Income Tax portal, Aadhar through UIDAI database. Address is verified through utility bills and bank statements.
3
In-Person Verification (IPV)
For investments above ₹10 Lakhs, mandatory in-person meeting with founder Santosh Shendkar or authorized representative. Identity cross-verified with submitted documents.
4
Approval & Activation
Upon successful verification, partner is approved and partnership agreement is activated. Investment can proceed and monthly returns cycle begins.
Processing Timeline
Standard Processing: 24-48 hours for complete KYC verification
High-Value Investments (₹50L+): Additional 24 hours for enhanced due diligence
Incomplete Documentation: Process paused until all documents are submitted
4. Data Storage & Security
KYC documents are stored with utmost security following regulatory guidelines:
- Physical Storage: All physical documents stored in fireproof safes with biometric access control. Access limited to authorized compliance personnel only.
- Digital Storage: Scanned copies encrypted with AES-256 encryption and stored on secure servers with multi-factor authentication.
- Access Logs: Complete audit trail maintained for all document access, modification, or viewing activities.
- Backup: Regular encrypted backups maintained at secure off-site locations for disaster recovery.
- Data Segregation: KYC data segregated from operational data with additional security layers.
5. Data Retention Period
KYC documents are retained as per regulatory requirements:
Active Partnership
Duration: Entire partnership period
Documents: All KYC documents actively maintained and updated annually
Post-Partnership
Duration: 5 years from partnership closure
Documents: All KYC documents retained as per Prevention of Money Laundering Act requirements
Beyond Retention
Disposal: Secure destruction after 5-year retention period
Method: Physical documents shredded, digital data securely deleted using DoD 5220.22-M standard
6. KYC Updates & Re-Verification
KYC information requires periodic updates to maintain accuracy:
Annual Re-Verification
All partners undergo annual KYC re-verification to ensure information remains current and accurate.
Update Triggers
KYC must be updated within 30 days of: Change in address, change in contact details, change in bank account, significant change in investment pattern.
Non-Compliance
Failure to update KYC may result in temporary suspension of partnership activities until compliance is restored.
7. High-Risk Scenarios & Enhanced Due Diligence
Additional verification required for specific scenarios:
- High-Value Investments: Investments above ₹50 Lakhs require enhanced due diligence including source of funds verification
- Politically Exposed Persons (PEPs): Government officials, their relatives, and associates require additional verification
- Non-Resident Indians (NRIs): Additional documentation including passport, visa, and overseas address proof
- Corporate Partnerships: Company registration documents, board resolution, authorized signatory verification
- Suspicious Transactions: Unusual transaction patterns trigger immediate enhanced verification
8. Rejection & Non-Acceptance Criteria
KYC may be rejected under specific circumstances:
- Fake, forged, or tampered documents
- Incomplete documentation despite reminders
- Negative findings in anti-money laundering checks
- Sanctions list matches or adverse media reports
- Unwillingness to cooperate with verification process
- Inability to establish legitimate source of funds
- Age below 18 years or legal incapacity
Rejection Communication
Partners are informed of KYC rejection in writing with specific reasons. Rejected applications are not reconsidered for 6 months.
Important Legal Notice
KYC verification is mandatory for all investment partnerships as per Prevention of Money Laundering Act 2002 and RBI guidelines.
Providing false information or documents constitutes fraud and may lead to legal action.
By submitting KYC documents, you consent to verification and acknowledge understanding of this policy.