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of <h1>SEBI Introduces Centralized KYC System to Simplify Client Verification in Securities Market; Streamlines KRA Responsibilities and Compliance.</h1> The Securities and Exchange Board of India (SEBI) issued a circular to streamline the Know Your Client (KYC) process across the securities market. Previously, clients had to repeat the KYC process with each intermediary. The new regulations establish a centralized KYC Registration Agency (KRA) system, allowing intermediaries to access and verify client details from a central database. This eliminates the need for repeated KYC checks. The circular outlines the responsibilities of KRAs and intermediaries, mandates amendments to relevant rules, and requires compliance monitoring through audits. The initiative aims to protect investors and enhance market regulation.
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