The capital market regulator today the Centralised KYC Service Operation Directive 2077.
After the approval from Securities Board of Nepal (Sebon), investors can now fill the ‘Know Your Customer’ (KYC) forms with their personal details from their homes through the authorised person or employee of the KYC registration representative.
The directive has made the KYC details accessible to all entities within the securities market, according to a press note issued by the Sebon. “It enables the customers to file their identification details with their stock brokers easily and safely amid the current coronavirus pandemic,” according to the directives, which was submitted to the board by CDS & Clearing Ltd. The Sebon approved the directives and returned it to the CDSC for implementation.
The directive also mentions the provision of eKYC representative registration, provision of the development of eKYC system and provision of eKYC registration for securities transactions or related services for the customers. The directives also includes the provisions related to the use of KYC details, refining and enforcing KYC details, confidentiality and security of customers’ KYC details, and legal action in case of misuse of KYC details, according to the Sebon.
The capital market regulator expects that the implementation of the guideline will help reduce the various complexities involved for customers while submitting the same details in many places to avail the service of the share market. “The new system is also expected to ease the process of securities trading for the investors and help in the overall development of the stock market.”
No comments:
Post a Comment