Mumbai: The National Stock Exchange (NSE) has launched a know your customer registration agency (KRA) through its subsidiary, Dotex International.
The move comes in the wake of specific directive from the Securities and Exchange Board of India to start KRAs.
"Brokers who have been working with us had approached us to provide them with this additional service, as it will be convenient for them. So, NSE has decided to offer this facility through Dotex," NSE said in a statement.
The initiative by SEBI will benefit investors, as their paper work will be reduced and they have the option of going to another intermediary, without repeating the know your customer (KYC) formalities.
An investor will not have to repeat the KYC, if he has done it through either a broker or a depository participant, or with an asset management company, to invest in a mutual fund.