SEBON modifies KYC to be maintained by the brokers

Securities Board of Nepal (SEBON) has issued a notice regarding the modification in the Know Your Customer (KYC) detail. It has been modified to efficiently implement the changed Acts Rules and Directives related to Securities market and the Act promulgated for prevention of Asset Laundering. Recently, the board has taken action against the brokers who failed to comply with the direction of modifying the KYC. Currently, there is a limited detail to be maintained in the KYC whereas the modification will ensure the following details to be obtained: Detail of customer’s family, Job description, Map of customer’s location, Detail for indulgence or non-indulgence in any investment companies and Detail of the wealth used for securities transaction. In case of company, detailed description regarding its registration and 3 generation description of the contact person. SEBON is positive about the implementation of the changes made as it ensures protection of investor’s interests, transparency and clarity in the market.