The Securities and Exchange Board of India (Sebi) opposes delegating the responsibility of conducting knowyour-client (KYC) formalities to individual entities due to fears of "Paytmlike contamination".
In response to a question about centralising KYC across the financial system, Sebi Chairperson Madhabi Puri Buch (pictured) said, "The current KYC registration agency (KRA) system is widely acknowledged and robust. If you have a validated KYC by a KRA, you don't need to repeat the KYC process in the capital markets."
KRA is a Sebi-regulated body responsible for conducting and maintaining KYC records within the capital market ecosystem.
This story is from the July 31, 2024 edition of Business Standard.
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This story is from the July 31, 2024 edition of Business Standard.
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