Frequently Asked Question

As per SEBI circular (PDF), Upmove is required to collect specific details while opening an account. In addition, depositories are required to collect additional information when opening a demat account, as per this SEBI circular (PDF). The following information is collected from the person or entity signing up.

• The mobile number and email ID are verified using a One-Time Password (OTP). This information is used to send important updates from Upmove, exchanges, depositories, and other relevant sources. Clients can update their contact details if necessary.
• Permanent Account Number (PAN) is the unique identification number required for all transactions in the securities market. It is essential for completing the online KYC process, including retrieving CKYC details, which are necessary for opening trading and demat accounts in accordance with KRA regulations and PMLA guidelines. SEBI mandates the collection of PAN as it serves as a distinct identifier, verifying details such as identity, eligibility for trading and demat accounts, and ensuring compliance with KYC norms across exchanges and depositories.
• Client addresses that are registered with the Know Your Client (KYC) Registration Agency (KRA) are retrieved from the KRA. Clients who are not KYC-registered with the KRA or wish to update their address must complete the process through Aadhaar via Digi locker, a digital platform provided by the Indian Ministry of Electronics and Information Technology. The address is extracted, and an XML copy of the Aadhaar containing the address is saved with Upmove. The Aadhaar number itself is neither copied nor stored anywhere else
• Bank account details, including the client's account number, Indian Financial System Code (IFSC), and Magnetic Ink Character Recognition (MICR) code, are collected to facilitate secure fund transfers. Upmove’s verification process confirms that the bank account belongs to the client and is linked to their Upmove account. These details are also shared with depositories to ensure accurate crediting of payouts for corporate actions such as dividends.
• Background information, including details such as name, date of birth, photograph, address, educational qualifications, occupation, residential status, trading experience, income details, marital status, and a declaration of political exposure status, is required for regulatory compliance and risk assessment purposes.
• Nominee details, including the nominee's name, mobile number, and ID proof, are collected to verify the authorized nominee and enable them to carry out necessary actions during claims and settlements.
• Income proof is required to assess the financial capability of clients wishing to trade in derivatives, serving as a protective measure to prevent excessive risk-taking. Additional documentation may be collected in accordance with PMLA guidelines to verify the legitimacy of transactions that exceed specified thresholds.
• Signature proof is collected to authenticate the client's identity by cross-referencing it with the submitted application forms. This process ensures that any request form can be verified against the client's signature whenever necessary.
• The information mentioned above is collected in accordance with regulations to enhance the trading experience. Upmove is dedicated to safeguarding client data and ensuring privacy through strong security measures to prevent unauthorized access, data breaches, and misuse of personal information. To learn more about Upmove's privacy policy