As per the new guidelines by SEBI there is no need to fill the KYC data more than once. Once this data is validated and stored in a central repository any financial institution registered with the repository can access the KYC data of a particular individual. So at the beginning of new relationship with a financial institution there is no need to fill the KYC form again.
The important points of the ruling are listed below:
1. Standard KYC form from Jan2012
2. Setting up of KYC regulatory body (KRA) which will be responsible for interconnectivity between different financial institutions for reference and validation of KYC data
3. KRA will be responsible for KYC process at the first account opening stage
4. Once KRA data for a client is approved it can be used as valid KYC data by different registered agencies for account opening process
KYC | New | Procedure | Sebi |
The important points of the ruling are listed below:
1. Standard KYC form from Jan2012
2. Setting up of KYC regulatory body (KRA) which will be responsible for interconnectivity between different financial institutions for reference and validation of KYC data
3. KRA will be responsible for KYC process at the first account opening stage
4. Once KRA data for a client is approved it can be used as valid KYC data by different registered agencies for account opening process
KYC | New | Procedure | Sebi |
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