Biometric cards for MF agents likely

Market regulator SEBI has ushered in a major overhaul of the way mutual funds are sold with the introduction of biometric cards and stringent licensing norms for distributors to weed out agents indulging in frauds.

Market regulator SEBI has ushered in a major overhaul of the way mutual funds are sold with the introduction of biometric cards and stringent licensing norms for distributors to weed out agents indulging in frauds.

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Following directions from SEBI, the mutual fund industry body AMFI has asked all fund houses in the country to comply with ‘Know-Your-Distributor (KYD)’ norms before the grant or renewal of registration of distributors. Agents would be required to get biometric cards that would help in immediately checking their record for any possible irregularities.