Uploading of the existing clients' KYC details with Central KYC Records Registry (CKYCR) System by the registered intermediaries
Summary
This circular mandates registered intermediaries to update IT systems and register new individual accounts in the CKYCR template by October 31, 2016. It establishes specific deadlines for uploading existing client KYC data, with mutual funds required to complete uploads by March 31, 2017, and other intermediaries by December 31, 2016. Stock Exchanges and Depositories are directed to monitor compliance through audits and communicate implementation status to SEBI.
Text
Registered intermediaries have to update their IT systems as well as register all new accounts of individuals in accordance with the CKYCR template, mandatorily by October 31, 2016.
Mutual funds may ensure 30% completion of uploading of existing KYC data by November 30, 2016, another 30% of KYC data by January 31, 2017 and the rest 40% data by March 31, 2017.
Intermediaries other than mutual funds may ensure 50% completion of uploading of existing KYC data by November 30, 2016 and the remaining 50% of KYC data by December 31, 2016.
bring the provisions of this circular to the notice of the Stock Brokers and DPs, as the case may be, and also disseminate the same on their websites;
make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision in co-ordination with one another, as considered necessary;
monitor the compliance of this circular through half-yearly internal audits and inspections;
communicate to SEBI, the status of the implementation of the provisions of this circular.
In case of mutual funds, compliance of this circular shall be monitored by the Boards of Asset Management Companies and the Trustees and in case of other intermediaries by their Board of Directors.
Source: SecMarx — Uploading of the existing clients' KYC details with Central KYC Records Registry (CKYCR) System by the registered intermediaries. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.