Know Your Customer Registration Agencies or KRAs will now upload verified or validated KYC information of a client onto the Central KYC Records Registry (CKYCRR).
Earlier, this used to be done by other market intermediaries, such as stock brokers and alternative investment funds, who had an account-opening relationship with the client.
The KRAs have also been given a deadline of six months from August 1, 2024, within which KYC documents of legal entities and individual clients have to be uploaded to the central registry. Earlier the intermediaries were required to upload the KYC records as and when the information was received from the client.
The Securities and Exchange Board of India (Sebi) issued a circular regarding this on June 6.
The circular, which modified the master circular on KYC norms, stated that Para 115 of the master circular will now read as follows:
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KRAs shall upload the verified/ validated KYC information onto the system of CKYCRR within 7 days of receiving the same from intermediaries or any other timeline as notified under PML Rules. The KRAs shall integrate their systems with CKYCRR and commence the uploading of KYC records on CKYCRR from August 01, 2024.
The master circular before this modification stated that registered intermediaries need to file an electronic copy of the client's KYC records with CKYCRR, within 10 days after the client opens an account with the intermediary.
The other modifications to the master circular are on the way the intermediaries should share information with the KRAs and the timeline within which the KRAs have to upload the existing KYC records onto the central registry.
The circular stated: "Para 114 (a) shall be inserted as under: Registered intermediaries shall continue to upload/ download/ modify the KYC information with proper authentication on the systems of KRA, as per the provisions of SEBI KRA Regulations, 2011".
It added, "Para 116 of the master circular shall read as under : KRAs shall ensure that existing KYC records of legal entities and of individual clients are uploaded on to CKYCRR within a period of 6 months from August 01, 2024."
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