Who is a Politically Exposed Person (PEP) and why is income proof needed during account opening at Jainam?

As per SEBI Circular, Politically Exposed Persons (PEP) are individuals who are or have been entrusted with prominent public functions in a foreign country, e.g., heads of States or of Governments, senior politicians, senior government/judicial/military officers, senior executives of state-owned corporations, important political party officials, etc.

While opening an offline account with Jainam, it is mandatory to declare your PEP status. You must answer the question “Are you a politically exposed person?” by selecting either Yes or No. If you are a close relative of a PEP, you should select “Related to one.” Clients must select Yes or No to the question.

If you are a PEP or related to one, you will be required to submit proof of income.