Registration of new clients in the domestic equity and commodity markets will likely come to a standstill from August 1, due to confusion among brokers and market intermediaries over the operational aspects of new central KYC agency.
In a circular issued on July 21, the Securities and Exchange Board of India (Sebi) directed market participants including brokers, mutual funds and depositories to report KYC of new clients from August 1, to the Central Registry of Secularization and Asset Reconstruction and Security Interest of India (CERSAI).
