Sebi simplifies account opening process

Capital markets regulator Securities and Exchange Board of India (Sebi) on Thursday simplified investor account opening procedures by doing away with details about income and occupation of the applicant for the purpose of a centralised KYC registration agency.

With this,the regulator is moving towards a common Know Your Client (KYC) framework for the entire securities market. Sebi,in a circular,has given six months time to various market intermediaries to bring the changes in the KYC form.

The Sebi said certain information about applicants like gross annual income details,occupation,permanent address proof and also whether the applicant is a politically exposed person are not required for the centralised KYC Registration Agency (KRA).