What details does Quantxs collect when you open an account, and why?
You need to provide specific details when opening a Quantxs account as per SEBI regulations. In addition, depositories are required to collect additional information when opening a demat account, as per this SEBI circular. The following information is collected from the person or entity signing up:
Mobile number and email ID: Mobile and email are verified through One Time Password (OTP). This information helps Quantxs, exchanges, and depositories convey important information to you. You can update your contact details if needed
Permanent Account Number (PAN): PAN is the sole identification number for all transactions in the securities market and is required to conduct online KYC, including fetching CKYC details, as necessary for trading and demat account opening in compliance with KRA regulations and PMLA guidelines. SEBI mandates PAN collection as it acts as a unique identifier, verifying your identity, eligibility for trading and demat accounts, and compliance with Know Your Customer (KYC) norms across exchanges and depositories.
Address Proof: If your Know Your Client (KYC) is registered with the KYC Registration Agency (KRA), Quantxs fetches your address from the KRA. If you are not KYC registered with the KRA or want to update your address, you must complete the process through Aadhaar using Digilocker, a digital platform provided by the Indian Ministry of Electronics and Information Technology. Quantxs extracts your address and saves an XML copy of your Aadhaar with the address. Your Aadhaar number is not copied or saved anywhere else.
Bank account details: Bank details such as the client’s account number, Indian Financial System Code (IFSC), and Magnetic Ink Character Recognition (MICR) code are collected to ensure secure fund transfers. Quantxs’s verification process ensures that the bank account belongs to the client and is linked to their Quantxs account. These details are also shared with depositories to ensure payouts for corporate actions like dividends are accurately credited.
Background Information: Background information, such as name, date of birth, photograph, address, educational qualifications, occupation, residential status, trading experience, income details, marital status, and declaration of political exposure status, must be collected for regulatory compliance and risk assessment.
Nominee Details (Optional): If you choose to add a nominee, you need to provide the nominee's name, mobile number, and email address. Quantxs collects this data to ensure that your authorized nominee can be verified and perform specific actions during claims and settlements.
Income proof: An income proof is required to ascertain the financial capability of clients who want to trade in derivatives. It is a protective measure to prevent excessive risk-taking. Additional documentation may be collected as per the PMLA guidelines to ensure the legitimacy of the transactions for transactions exceeding specified thresholds.
Signature proof: The physical signatures serve as an authentication measure when cross-referenced with the submitted application forms. This process guarantees that any request form can be verified against the client’s signature as and when required.
Video In-Person Verification (IPV): A short video is recorded with a time stamp, IP address and location to verify the person signing up with Quantxs is the same person opening an account.
The above information is collected as per regulations and enhances the trading experience. Quantxs is committed to protecting client data and ensuring privacy through robust security measures designed to prevent unauthorised access, data breaches, and misuse of personal information. To learn more about Quantxs’s privacy policy, visit Quantxs.com/privacy-policy.
Clients who have any grievances regarding data protection can follow the stages of the grievance redressal mechanism:
1st stage: Create a ticket to raise a complaint.
2nd stage: File a complaint to the Data Protection Board. Quantxs will communicate the process for filing a complaint once notified.
3rd stage: Appeal before the Telecom Disputes Settlement and Appellate Tribunal (TDSAT).