Standard Operating Procedure for KYC Verification (Nippon Life India Asset Management Ltd)

1. Proposal Overview

Objective: Department of Posts (DoP) conducts KYC verification for Nippon Life India Asset Management Ltd (NLIAM) through door-to-door visits by postal staff.

Process:

• Collect and verify investor documents (PAN, address proof).
• Submit completed KYC forms to NLIAM.
• Payment: Rates per verification:
• ₹230 (up to 2 visits) | ₹350 (3rd visit) (exclusive of GST).

2. Key Roles & Responsibilities

• Role Responsibilities >Central Nodal Officer (DoP) Oversee project execution, ensure timelines.
• Circle Monitoring Officer Coordinate training, collect progress reports.
• Controlling Officer (Divisional Office) Distribute forms, monitor submissions, maintain records.
• Delivery Supervisor Quality-check forms, manage delivery staff.
• Delivery Staff (Postman/GDS) Visit investors, collect documents, ensure compliance.
• Nodal Office (Sansad Marg HO) Handle payments, generate invoices.

3. Operating Procedure

NLIAM Shares Data:

• Provides investor details (pincode-wise) and blank KYC forms to Divisional Offices.

Field Verification:

Postmen visit investors, collect self-attested copies of:

• PAN card (mandatory).
• Address proof (Aadhaar/Passport/Voter ID).
• Max 3 visits per investor (7-day gap between attempts).

Submission:

• Verified forms submitted to NLIAM via Divisional Offices.

4. Business Rates & Payment

Verification Fees:

• ₹230 (2 visits) | ₹350 (3 visits).

Payment Terms:

• 25% advance deposit by NLIAM.
• Quarterly billing with 12% penalty for delays.

5. Timelines

• ActivityDeadlineNLIAM submits documents + advance T+0 days
• Forms distributed to Post Offices T+2 days
• Field verification completed T+10 days
• Final submission to NLIAM T+13 days

6. Annexures (Record-Keeping Formats)

• Annexure A: Daily register at Divisional Office.
• Annexure B: Daily register at Delivery Office.
• Annexure C: Monthly progress report (Divisional Office).
• Annexure D: Consolidated monthly report (Circle Office).
• Annexure E: Authorization letter template.
• Annexure F: Quarterly bill format.

7. Additional Provisions

• Training: NLIAM to train postal staff.
• Incentives: Disbursed quarterly to delivery staff.
• Grievance Handling: Non-available investors marked as "shifted" in records.

Key Notes:

• Validity: MoU signed on 03.04.2025 (valid for 1 year).
• Compliance: Mandatory document checks and timelines enforced.
• Exclusions: No charges to investors; GST borne by NLIAM.

For full details, refer to the original document annexures (pages 11–13)