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Sebi approves CAMS KYC registration agency

BS Reporter / Mumbai 03 Jul 12 | 05:23 PM

The Securities and Exchange Board of India (Sebi) has approved CAMSKRA, a wholly owned subsidiary of Computer Age Management Services (CAMS), to serve as a KYC Registration Agency (KRA).

The KRA initiative is aimed to eliminate duplication of KYC efforts which an investor has to undergo while dealing with multiple intermediaries like mutual funds, portfolio management services, private equity funds, brokers and depository participants.

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CAMSKRA shall obtain and store KYC documents of customers from intermediaries and their authorized agents. It will facilitate reliable and quick information update to all intermediaries that avail of the services to avoid duplication of KYC process. CAMS will bring the convenience of pan India reach through its network of service centers for administering the KYC process.

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