Sebi eases KYC norms

New Delhi: Markets regulator Sebi has decided to simplify the risk management framework for validating Know Your Customer (KYC) records through KYC Registration Agencies (KRAs), a move that will ensure ease of transacting for investors, experts said on Wednesday.

Under the new framework, KRAs can now verify PAN, name, address, email, and mobile number from official databases. If these details are found to be in order, they will be considered validated records, Ankit Ratan, Co-founder & CEO, Signzy said. “The new framework is expected to address challenges faced by many investors, while also ensuring the verification of investors’ digital identities. With a growing number of investors embracing digital platforms for investment, verifying digital identities has become increasingly important,” he added.

The exchanges, depositories, and relevant intermediaries are tasked with implementing necessary technical changes in their systems by May-end.