New Delhi, June 19 : With the government facing heat on the issue of black money, the Finance Ministry has begun an exercise to make identification norms uniform and more stringent for capital market players like FIIs, mutual funds and brokerage customers.
In addition, market regulator SEBI is working on further tightening of its surveillance mechanism, an official in the Finance Ministry said.
The issue of making the 'know your customer' (KYC) norms more strict was taken up at the last meeting of a sub-committee of the Financial Stability Development Council (FSDC), headed by Reserve Bank Governor D Subbarao.
"We are working on a common KYC. It will be more strong and stringent," the official said.At present, different market players follow different KYC norms.As for the SEBI surveillance rules, he said, "We have enough safeguards to check inflow of illicit and unaccounted money into the capital market. PTI