To attract more overseas investment into the country, government is working on bringing new norms for a common KYC (Know Your Customer) norms for foreign institutional investors, Finance Minister P Chidambaram said on Monday.
“Government will soon come out with a new set of norms that will have a common KYC across various regulators, be it pension, banking, stocks or insurance. There should be one KYC,” he told the Rajya Sabha.
He said if a new FII applies in India, it has to go through due diligence and once registered it has to go through KYC norms.
At present there are 1,756 FIIs registered in the country, he said, adding that it takes a maximum of three weeks for an FII to register with SEBI.