SEBI For Doing Away Of Fresh KYC For Opening Of New Accounts In Securities Market

Indian capital market regulator SEBI is considering doing away with the requirement of a fresh KYC for opening of new accounts in securities market if the investor has got a bank account. Under the proposed move, the market intermediaries like mutual funds would rather be allowed to use the Know Your Customer or KYC checks conducted by banks themselves.

According to SEBI Chairman U K Sinha, the common Know your Customer or KYC for the entire financial sector is also in works, but the regulator in the meantime is considering allowing banks’ KYC for the securities markets.

Speaking after a board meeting of SEBI in New Delhi recently,Mr. Sinha also said SEBI has also put in place new relaxed norms for listing of startup companies. Coupled with the sops announced by government in Budget, it may result in many such ventures hitting the markets

Extra info:
  • SEBI was established by The Government of India on 12 April 1988 and given statutory powers in 1992 with SEBI Act 1992 being passed by the Indian Parliament. SEBI has its headquarters at the business district of Bandra Kurla Complex in Mumbai, and has Northern, Eastern, Southern and Western Regional Offices in New Delhi, Kolkata, Chennai and Ahmedabad respectively. It has opened local offices at Jaipur and Bangalore and is planning to open offices at Guwahati, Bhubaneshwar, Patna, Kochi and Chandigarh in Financial Year 2013 – 2014.
  • SEBI Chairman – U K Sinha 
So lets do:
  • Who is the Chairman of Securities and Exchange Board of India?
  • Expand the KYC?
  • Where is the Securities and Exchange Board of India headquater?

Source – The Hindu

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