Sebi and Finance Ministry Innovate Centralized KYC System

Sebi, in collaboration with the Ministry of Finance, is developing a centralized KYC system. Chairman Tuhin Kanta Pandey revealed plans to enhance financial regulatory compliance. The initiative, supported by advanced AI technologies, focuses on improving data accessibility through an interconnected network aiding various financial agencies.

Devdiscourse News Desk | New Delhi | Updated: 04-05-2025 12:12 IST | Created: 04-05-2025 12:12 IST

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Country:
India

Sebi, along with the Ministry of Finance and other financial bodies, is forging ahead with the creation of a centralized Know Your Customer (KYC) system, according to Chairman Tuhin Kanta Pandey. This initiative aims to enhance compliance across financial institutions by centralizing customer information.

Pandey expressed optimism about the new system's effectiveness and said that although the timeline is unspecified, progress is expected swiftly. The revamped KYC registry, anticipated by 2025, will streamline processes, ensuring seamless data retrieval through enhanced interconnectivity.

In addition, Sebi is leveraging artificial intelligence to bolster regulatory processes, focusing on surveilling online platforms to root out unauthorized advisory services. Despite these advancements, Pandey cautioned about AI's potential risks, advocating for responsible development and deployment of such technologies.

(With inputs from agencies.)