Monday, December 10, 2012

KYC norms have made investments in financial instruments all but impossible

Janmejaya Sinha, chairman for Asia-Pacific at the Boston Consulting Group, described in graphic detail his travails trying to establish his identity after he’d shifted to a new address in the same city. Well, that was before the recent tightening of know-yourcustomer (KYC) norms and Sinha at least had the consolation that he’d moved to a new and, presumably, better accommodation . There is no such consolation for millions of others who will have to endure similar, if not worse, travails; thanks to flawed KYC norms..........

Read - ET

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