Capital markets regulator Securities and Exchange Board of India, SEBI, has launched India’s first Know Your Customer Registration Agency – KRA. SEBI’s Chairman, Mr. U.K. Sinha launched the service at Bombay Stock Exchange on Wednesday.
Talking about the KRA service, Mr. Sinha said that he hopes that the system will be beneficial to both customers and market intermediaries alike.
He added that SEBI would like to encourage other regulators to adopt this model.
Mr. Sinha also congratulated the Central Depository Services Limited (CDSL) for setting up the KRA platform in record time.
He acknowledged this service as SEBI’s major milestone in providing customer service.
Informing about the advantages of KRA system, Executive Director of CDSL, PS Reddy said that this system avoids duplication of customer details and is interoperable, which means that other market participants can share the data and bring in more uniformity.
Mr. Sinha added that Sebi will soon launch a mass media campaign to educate retail investors about the simplified KYC norms.
Source- News on Air