MUMBAI: Finance Minister Nirmala Sitharaman on Saturday urged markets regulator Securities and Exchange Commission of India to take the lead in implementing the ‘One Nation, Know Your Customer’ process initiated by the government.For a long time, the government has been working on a standardized know-your-customer (KYC) system to eliminate redundancy across services regulated by banks, mutual funds, stocks, bonds, insurance and pensions. However, the system is not yet fully operational, which causes inconvenience as users have to complete the Know Your Customer (KYC) process separately for different services. While SEBI has stepped forward, other regulatory bodies seem to be lagging behind.“We need a seamless, secure and portable KYC experience across the financial sector,” she said.
“Sebi should help drive common KYC standards and simplify and digitize KYC processes across the Indian stock market,” she added at the 38th Sebi Foundation Day event.“Sebi has the scale of investor engagement, depth of digital infrastructure, and institutional credibility among peer regulators to take the lead. It is a shared responsibility of all stakeholders to ensure that no citizen has to repeat the same verification journey across multiple financial products and platforms. We must act collectively with urgency,” she said.
