Mumbai: Finance Minister Nirmala Sitharaman on Saturday urged market regulator Securities and Exchange Board of India to take a lead role in implementing the ‘One Nation, One KYC’ process launched by the government.The government has long been working on a unified Know Your Customer (KYC) system to eliminate duplication in services regulated by banks, mutual funds, stocks, bonds, insurance and pensions. However, the system is still not fully operational, causing inconvenience as users have to complete KYC separately for different services. While SEBI has moved ahead, other regulators seem to be lagging behind.“We need a seamless, secure and portable KYC experience in the financial sector,” he said. “SEBI should help in pushing forward common KYC norms and simplification and digitalization of KYC processes in the Indian securities market,” he said at SEBI’s 38th Foundation Day event.“SEBI has the scale of investor participation, depth of digital infrastructure and institutional credibility among peer regulators. It is the 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 work collectively with urgency,” he said.
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