To make the KYC process easier, markets regulator Sebi on Monday said that registered intermediaries are allowed to use ‘e-KYC Setu System’ of National Payments Corporation of India (NPCI) to perform digital KYC.
Registered intermediaries can use this facility to perform digital KYC, as an additional alternate mechanism available to them to carry out Aadhaar-based e-KYC of their clients.
Under the present framework, registered intermediaries use e-KYC services of Unique Identification Authority of India (UIDAI) in the securities market. This service has been accepted as a valid process for digital Know Your Client (KYC) verification using KYC User Agency mechanism and or the Digilocker.
NPCI along with UIDAI has developed and implemented a system known as ‘e-KYC Setu System’ to enable digitization of the customer onboarding.
