Making Know-Your-Client process easier for
investors, Sebi today cleared a proposal to allow various market
entities such as brokers and mutual funds to get investor details from
centralised KYC agencies, rather than carrying out a fresh KYC
verification procedure. Presently, there is an option available to a
market intermediary that it may access the centralised KRA (KYC
Registration Agency) system in case of a client who is already KYC
compliant, or may also carry fresh KYC process. At a board meeting here
today, Sebi decided to do away with the second option of fresh KYC
processing being carried out, if the concerned investor has once gone
through the KYC procedure with any of the registered intermediaries.
Citing that the KRA system "is working well", Securities and Exchange
Board of India (Sebi) approved amendments to the KRA regulations to
bring in these changes. However, as provided in under the norms, an
intermediary can undertake enhanced KYC measures commensurate with the
risk profile of its clients, Sebi said. "Sebi KRA system has evolved
and stabilised over a period of two years and with inter-operability in
place, there is easy exchange of KYC data among five Sebi registered
KRAs," the regulator said. KRA are institutions which maintain KYC
details of investors. Wholly-owned subsidiaries of stock exchanges and
depositories are eligible able to act as KRA. In December, last year,
Sebi had simplified investor account opening form by doing away with
details about income and occupation of the applicant for the purpose of
centralised KYC registration agency. Sebi had said that certain
information about applicants like gross annual income details,
occupation, permanent address proof and whether the applicant is a
politically exposed person are not required for the centralised KRAs.
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