Financial sector regulators have readied a roadmap for implementation of uniform

know your customer (KYC) norms for their collective use and decided to launch a
common demat account for consumers of financial products. Both these were promi
sed by finance minister Arun Jaitley in the Budget FY15.
A sub-committee of the Financial Stability Development Council (FSDC) met in Del
hi on Saturday, with RBI governor Raghuram Rajan at the chair. The meeting also
discussed ways to implement some other Budget decisions, including strengthening
and deepening markets for corporate bonds, currency derivatives and interest ra
te futures.
The panel also discussed participation of development finance institutions and f
oreign institutional investors in the commodity market, as per a press statement
issued later.
A draft roadmap for creating standards and protocol for setting up account aggreg
ation facility for financial assets was deliberated in the meeting, said the stat
ement. Account aggregation means a single window for a consumer to view details
of all of her bank accounts/investments/financial transactions. This will be a p
recursor to a common demat account for financial consumers. Rajan had earlier ta
sked the Inter Regulatory Technical Group (IRTG) to study the feasibility of two
proposals.