One nation, one KYC need of the hour: Nirmala Sitharaman

MUMBAI: Finance Minister Nirmala Sitharaman Saturday urged markets regulator Securities & Exchange Board of India to instrumentality the pb successful implementing the govt-initiated 'one nation, 1 KYC' process.For long, the govt has been moving connected a unified cognize your lawsuit (KYC) strategy to destruct repetition crossed services regulated by banks, communal funds, stocks, bonds, security and pensions. However, the strategy is yet to beryllium afloat operational, causing inconvenience arsenic users indispensable implicit KYC separately for antithetic services. While Sebi has moved ahead, different regulators are seen to beryllium lagging."We request a seamless, secure, and portable KYC acquisition crossed the fiscal sector," she said.

"Sebi indispensable assistance thrust communal KYC norms and simplification and digitalisation of KYC processes crossed the Indian securities market," she added astatine Sebi's 38th Foundation Day event."Sebi has the standard of capitalist participation, extent of integer infrastructure, and organization credibility among adjacent regulators to instrumentality the lead. It is the shared work of each stakeholders to guarantee nary national has to repetition the aforesaid verification travel crossed aggregate fiscal products and platforms. We indispensable enactment collectively with urgency," she said.