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SEBI's Updated KRA Regulations: KYC Amendment Guidelines

Explore the latest SEBI guidelines detailing amendments to the KYC Registration Agency (KRA) Regulations, 2011, ensuring enhanced compliance and efficiency. Stay informed on the revised norms governing KYC procedures.

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SEBI's Updated KRA Regulations: KYC Amendment Guidelines

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  1. SEBI Guidelines for Amendment of SEBI KYC Registration Agency (KRA) Regulations, 2011

  2. On 27th July 2022, The Securities and Exchange Board of India (SEBI) issued a circular for implementation of Guidelines in pursuance of amendment to SEBI KYC (Know Your Client) Registration Agency (KRA) Regulations, 2011. The Circular was issued for SEBI Registered Intermediaries, namely, - 1.KYC Registration Agencies (KRAs); 2.Stock Brokers through Stock Exchanges; 3.Depository Participants (DPs) through Depositories; 4.Mutual Funds (MFs) and AMCs; 5. Portfolio Managers (PMs); 6. Collective Investment Schemes (CIS); 7. Investment advisors; 8. Registrar and Transfer Agents; 9. Custodians; Alternate Investment Funds (AIFs); 10. Association of Mutual Funds in India (AMFI) The SEBI/HO/MIRSD/DOP/P/CIR/2022/46 issued on 06th April 2022, which was to come into effect from 1st July 2022, was granted an extension till 1st August 2022 via Circular No. SEBI/HO/MIRSD/DOP/P/ CIR/2022/89, which was issued on 24th June 2022. Circular states Clause 9 and Clause 13 of Circular No. In accordance with the consideration for the KRA's request for the extension for the implementation of Clause 9 and Clause 13 of Circular No. SEBI/HO/MIRSD/DOP/P/CIR/2022/46, the circular states that The KYC Records for already registered clients who have utilised Aadhaar Card as an OVD are to be verified and deemed valid within 180 days to be counted from 1st November 2022. The Circular also states that the commencement for validation of all new and existing KYC Records is deemed from 1st November 2022. For the validation, the KRAs are required to verify the following details - Aadhaar Card via the Unique Identification Authority of India (UIDAI) Authentication or Verification Mechanism. The Mobile number and e-mail ID validation through the OTP verification system. PAN Details are to be obtained through the Income Tax Database. The Circular was issued in accordance with the exercise of powers under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 17 of the SEBI KYC (Know Your Client) Registration Agency) Regulations, 2011 with the intention to protect the investors in the securities along with promoting the development and regulating the securities market. Sushree Dash Legal Researcher

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