Addressing the CII Mutual Fund Summit 2011, on Wednesday, Sebi Chairman U K Sinha said that currently, different market intermediaries regulated by it have different KYC requirements. Hence, the need to have a uniform KYC under which an investor has to satisfy the requirement only once for all capital market transactions and that would be applicable across all intermediaries providing economy of effort.
The plan, though not finalised yet, may have a sweep in the financial markets similar to what the government is aiming with the unique identification number, or Aadhaar, project to plug the loopholes in delivering social welfare schemes.
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