Sebi for same KYC forms in all intermediaries

The Securities and Exchange Board of India (Sebi) on Wednesday said mutual funds, portfolio managers and venture capital funds would have to use the same Know Your Customer (KYC) forms prescribed for stock brokers.

Sebi had streamlined the account-opening process for stock market transactions and had prescribed a two-part form for brokers last month.

On Wednesday, it said Part-II will collect industry-specific information, while the first part will be common for all intermediaries opening customer accounts.

“The KYC form as given shall be filled by an investor at the account-opening stage while dealing with any of the above intermediaries. Additional details specific to the area of activity of the intermediary being obtained now, but not covered in the KYC form, shall also be obtained from investors in Part-II of the account-opening form,” a Sebi circular said.

The additional information (Part II) shall be prescribed by depositories for their participants and by the Association of Mutual Funds in India for all mutual funds.

Portfolio Managers, venture capital funds and collective investment schemes shall capture the additional information specific to their area of activity, as considered appropriate.

The intermediaries shall also continue to abide by the circulars issued by Sebi from time to time for prevention of money laundering, the circular added.