Making know-your-client process easier for investors, Securities and Exchange Board of India, SEBI has notified a net set of norms. It will allow various market entities such as brokers and Mutual Funds to get details from centralised KYC agencies, rather than carrying out a fresh KYC verification procedure. An option available to a market intermediary is that it may access the centralised KYC Registration Agency system in case of a client, who is already KYC compliant. The SEBI said, when the client approaches another intermediary subsequently, the intermediary shall verify and download the client's details from the system of KYC Registration Agency.
News On AIR | March 20, 2014 9:39 AM
KYC details from centralised agencies for market entities now: SEBI