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, he said.
