is the fourth player to get SEBI license for KYC Registration Agency (KRA)
CAMS KYC Registration Agency (KRA), a
wholly-owned subsidiary of CAMS has received SEBI approval to operate
as a KRA, confirms an official from CAMS.
The common KYC process came into effect from
January 1, 2012 with KRAs being appointed to facilitate the smooth
flow of data across intermediaries.
SEBI has permitted NDML (NSDL Database Management
Ltd), a wholly-owned subsidiary of National Securities Depository Limited
(NSDL), and CDSL Ventures Ltd. (CVL) and DotEx
International, a wholly owned subsidiary of NSE, to function as KRAs.
“At this point of time we are going to leverage
our engagement with the mutual fund industry. We will integrate KRA services to
the fund industry through our Pan-India network. The revenue model will be same
as what depositories have implemented. The customers will not have to bear any
charges. CAMS will provide its edge in technology and customer service since. We
don’t have any conflicting business,” says N K Prasad, President & CEO,
grants registration certificate to KRAs for a period of five years which can be
renewed. A KRA has to have a net worth
of Rs 25 crore on a continuous basis.
appoints CVL as KYC Registration Agency
receives in-principle approval from SEBI as KYC Registration Agency