SEBI may allow fin regulators to access central KYC data

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Market watchdog Sebi may soon allow other financial sector regulators to access the centralised database of Know Your Clients (KYC) details of capital market investors, reported PTI.

The KYC information available on the centralised KRA (KYC registration agency) system will be shared with other financial sector regulators, official sources said.

The move would simplify the procedures and help investors in the entire financial sector.

The board of Securities and Exchange Board of India (Sebi) is likely to consider the issue in its board meeting on Thursday.

Sebi's board will also apprise of special surveillance measures taken by Sebi last month to tackle market volatility due to general elections.

KRA maintains KYC records of investors on behalf of capital market intermediaries registered with Sebi. About 1.5 crore KYCs have been uploaded in the KRA system.

Earlier, Sebi had taken a number of steps to simplify and rationalise the KYC and account opening process for investors in the securities market including prescribed standard KYC formats to make the process uniform for all market intermediaries.

Story first published: Tuesday, June 17, 2014, 23:00 [IST]
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