Mumbai: Market regulator SEBI has appointed CDSL Ventures Ltd. (CVL) as the KYC Registration Agency (KRA), said two sources familiar with the development. CVL already possesses the database of all KYC compliant mutual fund investors.
SEBI had streamlined the KYC process by putting in place guidelines for common KYC agencies through its circular issued on December 23, 2011.
“The KRA system shall be applicable for all new client accounts opened from January 1, 2012. Only for the client accounts opened between Jan 1 and Jan 31, 2012, the intermediaries may upload the KYC data on the KRA system and send the relevant KYC documents to KRA, by February 15, 2012,” states the circular.
SEBI has permitted wholly-owned subsidiaries of stock exchanges, depository and SROs registered with SEBI as eligible entities to become KYC Registration Agency (KRA) for a period of five years. The KRA has to have a net worth of Rs. 25 crore.
