In its vision to harmonize the KYC process across capital market players, SEBI has accorded license to CAMSKRA, a wholly owned subsidiary of CAMS, among others, to serve as a KYC Registration Agency (KRA).
CAMSKRA was launched today by U. K. Sinha, Chairman, SEBI at a function well attended by securities market intermediaries.
The KRA is a path breaking initiative of SEBI, aimed to eliminate duplication of KYC efforts which an investor has to undergo while dealing with multiple intermediaries like Mutual Funds, PMS, PE Funds, Brokers, Depository Participants, etc. Single KYC across SEBI regulated entities is a reality now.
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.
Briefing about the enhanced conveniences of CAMSKRA to Mutual Fund investors, NK Prasad, President and CEO, CAMS said “CAMSKRA is uniquely positioned to render One-stop KYC services for Mutual Funds serviced at its pan India network of service centers.
As per the latest KYC regulations of SEBI, KYC for Mutual Fund investors includes completion of In-person verification (IPV). Investors can walk into any of CAMS Service centers to complete the KYC process including IPV along with their transactions forms. Distributors can also submit Mutual Funds transactions along with KYC forms."
One-stop KYC services from CAMSKRA also facilitates investors to update any changes to their KYC records.
Image based technology, real time connectivity of it’s pan India service centers bring speed and efficiency to CAMSKRA services. CAMSKRA uses proven methods to bring accuracy and reliability to data. Besides Mutual Funds, CAMSKRA will also serve other SEBI regulated intermediaries to ensure efficient, hassle-free on-boarding experience to their customers.
India Infoline Research Team / 14:59, May 20, 2015
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