Explain the Know Your Member (KYM) Proforma for ICSI Members indicating its purpose and procedure relating to its submission.

CS Professional · Secretarial Audit, Compliance Management and Due Diligence · PYQS · December 2024
Explain the Know Your Member (KYM) Proforma for ICSI Members indicating its purpose and procedure relating to its submission.

Answer & Explanation:

Introduction of Know Your Member (KYM) proforma for ICSI members: The "Know Your Member" (KYM) proforma submitted by the members of the Institute, is required to verify their identity/details on similar lines with that of KYC used by banks. This KYM facility is expected to prevent identity theft of members by fraudulent elements and help the Institute to maintain updated information about the members. The members should submit two documents along with the KYM proforma duly filled and signed – one document which serves as Proof of Identity (PoI) and another document which serves as Proof of Address (PoA). A member should submit any one of the following five documents notified as 'Officially Valid Documents' (OVDs) by the Government of India as proof of identity: Passport; Driving Licence; Voters Identity Card; PAN Card; or Aadhaar Card issued by UIDAI If any of these documents also contain the address details, then same is accepted as a 'proof of address'. If the document(s) submitted by the member for proof of identity does not contain address details, then the member should submit another document which contains address details such as Water bill, Telephone (landline or post-paid mobile bill), Electricity bill, Income Tax Assessment Order, Proof of Gas Connection, Certificate from Employer of reputed companies on letter head, Applicant's current and valid ration card, Photo Passbook of running Bank Account (Scheduled Public Sector Banks, Scheduled Private Sector Indian Banks and Regional Rural Banks only).

Topics: Professional Ethics

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