SEBI on 13.01.2021 has issued consultation paper on Role of KYC Registration Agencies (KRAs)/Market Infrastructure Institutions (MIIs) in performing KYC (Know Your Client) of clients in securities market. It is being proposed that the KYC and account opening process may be separated by doing client KYC through KRAs (which includes Market Infrastructure Institutions like Stock Exchanges, Depositories). This would ensure an end to end secured KYC process including Aadhaar authentication, independent verification of Officially Valid Document (OVD) / Income Tax Permanent Account Number (PAN), document safekeeping, technological innovations, standardization, cyber security norms, etc.
