Amfi issues guidelines for cyber security and privacy of user data

The Association of Mutual Funds in India (Amfi), in a communication to top officials of asset management companies (AMCs), has issued a set of minimum standards that the industry must follow, in order to protect digital-savvy investors from cyber crime and identity theft.

Markets regulator Securities and Exchange Board of India (Sebi) had in the past directed the players to follow the ‘best practices’ guidelines laid down by Amfi.

On cyber security, the guidelines said that AMCs should conduct checks to ensure that a bank account belongs to a genuine investor. “This may be done by means of verification of