First Business News Portal in English from Nepal
KATHMANDU: The Securities Board of Nepal (SEBON) has approved the Centralized KYC Service Operation Directive 2077.
With this, investors can fill the ‘Know Your Customer’ (KYC)forms with their personal details from their homes itself through the authorized person or employee of the KYC registration representative.
The directive has been approved to make the KYC details accessible to all entities within the securities market. It enables the customers to file their identification details with their stock brokers easily and safely amid the current coronavirus pandemic.
The directive, which was submitted to the board by CDS & Clearing Limited, has been approved and returned to CDSC for implementation.
The directive 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.
It 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.
SEBON believes 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 stock 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.
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