Making know-your-client (KYC) process easier for investors, Sebi has
notified a net set of norms that allow various market entities such as
brokers and MFs to get details from centralised KYC agencies, rather
than carrying out a fresh KYC verification procedure. The Sebi said,
“When the client approaches another intermediary subsequently, the
intermediary shall verify and download the client's details from the
system of KRA (KYC Registration Agency): Provided that upon receipt of
information on change in KYC details and status of the clients by the
intermediary or when it comes to the knowledge of the intermediary, at
any stage, the intermediary shall be responsible for uploading the
updated information on the system of KRA and retaining the physical
documents."
