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Business Standard
06-05-2025
- Business
- Business Standard
Sebi comes out with 'investor charter' for KYC registration agencies
This charter is aimed at facilitating investor awareness about various activities where an investor/client has to deal with KYC (Know Your Client) Registration Agencies Press Trust of India New Delhi Markets regulator Sebi on Tuesday said it has developed an 'investor charter' for KRAs detailing the services provided to investors along with their rights and grievance redressal mechanism. Additionally, the investor charter would provide details about activities of KRAs as well as dos and don'ts for investors. This charter is aimed at facilitating investor awareness about various activities where an investor/client has to deal with KYC (Know Your Client) Registration Agencies (KRAs) for availing investor service requests. In its circular, Sebi asked registered KRAs to bring the investor charter to the notice of existing and new investors by putting it on their websites and displaying it at prominent places in offices. With regard to services provided by KRAs to investors, Sebi said a KRA facilitates registration and modification of KYC records of investors in the securities market through registered-intermediaries, ensuring verification and validation of the investor's identity. KRA provides ease of access to investors or registered intermediaries to track status of KYC registration and modification, online. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Time of India
04-05-2025
- Business
- Time of India
Sebi, FinMin push centralised KYC rollout; AI tools tackle 70,000 fraud cases: Pandey
Markets regulator Sebi is actively working with the Ministry of Finance and other financial regulators to set up a centralised Know Your Customer (KYC) system, Sebi Chairman Tuhin Kanta Pandey has said. The central KYC is an online database designed to streamline compliance by maintaining KYC records of customers in one place for use across financial institutions. When asked about the progress of the common KYC system, Pandey told news agency PTI, "Yes, I think we will move forward on that also. We're really trying to have a system which will be very, very effective." He added that the finance secretary is chairing the committee driving this initiative and that efforts are being made to speed up the process. While he did not provide a specific timeline, Pandey expressed optimism, saying, "It should be done quite early." To highlight current efficiencies, he pointed to the KYC Registration Agency (KRA) system. "This system is right now very effective where you do one KYC and then, everywhere it is really being done," he noted. He emphasised that the KRA system is not merely an uploading tool but a thoroughly authenticated setup. All six KRAs are currently interlinked, enabling seamless retrieval of data across platforms. Finance Minister Nirmala Sitharaman had announced during her Budget speech that a new and revamped central KYC registry would be launched in 2025. Subsequently, in April, Financial Services Secretary M Nagaraju chaired a meeting to review the Central KYC Records Registry and address key compliance issues to facilitate easier access to financial services. Separately, Pandey discussed the introduction of same-day (T+0) trade settlements. He clarified that the system is currently optional. "T+0 is actually an optional thing. It was intended to be optional," he said, explaining that this allows market participants to adapt gradually to the new system. On the technology front, Pandey highlighted Sebi's increasing use of artificial intelligence (AI) to strengthen regulatory processes. AI is already being used for market surveillance and faster processing of IPO documents, and its use is expanding into supervisory technology (sup-tech). "And increasingly, it will be used for many other uses," he said. Pandey detailed how AI-powered surveillance is helping Sebi detect unauthorised advisory services on digital platforms. With cooperation from social media companies, Sebi has taken down over 70,000 fraudulent investment handles and misleading posts. He also cautioned about the risks of AI, particularly in the context of algorithmic trading and the influence of automated systems on trading and settlements. "AI has both sides," he noted, stressing the importance of developing and using AI responsibly to mitigate potential threats. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
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Business Standard
04-05-2025
- Business
- Business Standard
Sebi working to set up centralised KYC system: Tuhin Kanta Pandey
He added that the finance secretary is chairing the committee responsible for this initiative, and efforts are underway to expedite the process Press Trust of India New Delhi Markets regulator Sebi is actively working with the Ministry of Finance and other financial regulators on setting up a centralised KYC (Know Your Customer) system, chairman Tuhin Kanta Pandey has said. The Central KYC is an online database that maintains KYC records of customers in a centralised manner, aiming to streamline compliance across financial institutions. When asked about the common KYC system, Pandey told PTI, "Yes, I think we will move forward on that also. We're really trying to have a system which will be very, very effective." He added that the finance secretary is chairing the committee responsible for this initiative, and efforts are underway to expedite the process. While no definitive timeline was shared, Pandey expressed optimism, saying, "It should be done quite early." To illustrate the effectiveness of current systems, he cited the robust KRA (KYC Registration Agency) system. "This system is right now very effective where you do one KYC and then, everywhere it is really being done," he noted. He emphasised that it is not merely an uploading mechanism but a thoroughly authenticated system. All six KRAs are currently interlinked, enabling seamless data retrieval. Finance Minister Nirmala Sitharaman, in her Budget speech, announced that a new, revamped central Know Your Customer (KYC) registry will be rolled out in 2025. Following this, in April, Financial Services Secretary M Nagaraju chaired a meeting to discuss the revamp of the Central KYC Records Registry and address key issues related to KYC compliance to facilitate easier access to financial services. On another front, Pandey addressed the issue of same-day (T+0) trade settlements. He clarified that T+0 will remain optional for now, stating, "T+0 is actually an optional thing. It was intended to be optional." This flexibility allows market participants to gradually adapt to the new system. On technology, he highlighted Sebi's use of artificial intelligence (AI) in enhancing regulatory processes. AI is currently being leveraged for surveillance and faster processing of IPO documents, and its applications are expanding into supervisory technology (sup-tech) and beyond. "And increasingly, it will be used for many other uses," he said. Elaborating further on Sebi's AI-powered surveillance capabilities, Pandey explained that the tools continuously monitor online platforms to detect unauthorised advisory services. Through collaboration with social media platforms, Sebi has successfully taken down over 70,000 fraudulent investment handles and misleading posts. However, he also cautioned about the inherent risks of AI. He pointed to concerns around algorithmic trading and the extent to which machines and algorithms might impact the trading and settlement system. "AI has both sides," he said, adding there is a need for responsible AI development and implementation to mitigate such risks.
Business Upturn
30-04-2025
- Business
- Business Upturn
KFin Technologies launches KFIN KRA to simplify customer onboarding
By Aman Shukla Published on April 30, 2025, 14:56 IST KFin Technologies Limited has launched KFIN KRA, a new-generation KYC Registration Agency (KRA), through its wholly owned subsidiary, KFin Services Private Limited (KFSPL). This initiative aims to streamline customer onboarding for financial institutions amid increasing digital adoption and evolving regulatory requirements in India. KFIN KRA is built as a unified platform with blockchain-backed infrastructure to improve data security, enhance verification speed, and reduce identity management complexity. The agency supports both digital and physical KYC processing, offering flexibility to financial institutions and investors. Key Features of KFIN KRA: Integrated KYC Services : Handles registration, modification, downloads, and interoperability to reduce repetitive documentation. Advanced Authentication : Enables eKYC using DigiLocker and eAadhaar verification. CKYC Integration : Connects with the Central KYC Records Registry for wider compliance. Multi-Mode Processing : Supports both straight-through digital and physical submission workflows. Real-Time Alerts : Sends SMS and email updates throughout the KYC process. Enterprise Integration : Offers secure API/SFTP channels for data exchange across financial platforms. Document Management: Provides digital storage and retrieval to reduce reliance on physical paperwork. The platform uses AI-driven verification and centralized data systems to shorten processing times and support compliance. KFIN KRA is designed to assist financial service providers and investors with a consistent and transparent KYC process. This development aligns with KFin Technologies' efforts to support India's financial infrastructure through efficient and technology-driven solutions. Aman Shukla is a post-graduate in mass communication . A media enthusiast who has a strong hold on communication ,content writing and copy writing. Aman is currently working as journalist at
Zawya
24-04-2025
- Business
- Zawya
Kenyan Revenue Authority unveils the Electronic Rental Income Tax System
Nairobi: On 10th April 2025, the Kenya Revenue Authority (KRA) officially announced that it had unveiled the Electronic Rental Income Tax System (eRITS), touted as a landmark innovation designed to streamline rental income tax compliance in the country. According to Alex Mathini, Tax Partner at Bowmans in Kenya, "The eRITS is accessible through the Gava Connect and eCitizen platforms, which support real-time integration with KRA's digital services. "The platform is designed to enable seamless tax computation, filing and payment of monthly rental income tax, and reduce the administrative burden associated with tax compliance in the real estate sector," he explains. Pursuant to the press release from the KRA, the Rental Income Tax System (RITS) is a voluntary compliance tool tailored to support tax compliance by landlords, property owners and agents with residential rental income under the Monthly Rental Income (MRI) tax regime, which only applies to Kenyan residents. Mathini explains that the introduction of eRITS complements the existing MRI regime, which was introduced in 2016 for landlords earning rental income of between KES 288,000 and KES 15 million annually. Notably, the MRI tax rate was reduced from 10% to 7.5%, effective 1st January 2024. "With the rollout of eRITS, the KRA is leveraging technology to enhance revenue collection. While the use of eRITS is not mandatory, it would be ideal to adopt it as it eases compliance," he explains. Bowmans Tax Partner Andrew Oduor notes further that the KRA has yet to issue the step-by-step guidelines on the eRITS registration process. "However, once registered, taxpayers will be able to generate and submit monthly MRI tax returns through eRITS. These monthly returns are official and feed into the individual's or entity's overall tax returns, easing the person's annual income tax filings," Oduor says. Oduor notes that eRITS is only accessible via Gava Connect and eCitizen platform, meaning that users must have internet access to use the system. "This does pose a drawback since despite Kenya having made commendable efforts to improve internet connectivity, the quality and affordability of internet access still remain a challenge. Accordingly, while residential property owners may view eRITS as a welcome move towards simplifying compliance, its adoption may be hindered by limited access to reliable internet," he says. Oduor explains that the eCitizen platform has occasionally experienced downtimes during peak usage periods. "Such outages could hinder timely filing and result in compliance difficulties, particularly in the absence of alternative filing methods. The KRA may therefore consider setting up a USSD code for taxpayers who do not have internet connectivity to access the system. "It is noteworthy that the KRA has yet to issue guidance on procedures to follow in the event of system failures, highlighting the need for contingency planning as the platform continues to roll out," adds Oduor
