Uploading of the existing clients’ KYC details in the KRA system by the intermediaries
Summary
This SEBI circular mandates the phased uploading of existing clients' KYC details into the KRA system by various securities intermediaries. It establishes specific timelines for data upload and document submission based on when clients first traded or invested with an intermediary. The directive also assigns monitoring responsibilities to Stock Exchanges, Depositories, and Boards of Directors to ensure compliance.
Text
SEBI simplified the account opening process and developed the KRA system for centralization of KYC records, made applicable for new clients from January 1, 2012.
It is decided to upload the KYC details of existing clients registered prior to January 1, 2012 in the current KRA system in a phased manner.
Intermediaries shall forthwith upload KYC details of existing clients who traded/invested during specified periods and send original documents within prescribed time limits.
Specific timelines are set for uploading data and sending documents: e.g., for clients active April 16-June 15, 2012, upload by August 31, 2012; originals by March 31, 2013.
While uploading, the intermediary shall indicate the date of account opening/activation/updation; if data exists, other intermediaries shall upload modifications after that date.
The intermediary shall highlight missing KYC details not mandated earlier; KRAs shall categorize such clients and highlight available information.
The intermediary downloading data from KRA must update missing information, do IPV, and send supporting documents to the KRA.
Timelines mentioned are minimum requirements; remaining existing clients can also be uploaded on the KRA system.
Stock Exchanges and Depositories must bring provisions to notice, amend bye-laws, monitor compliance through audits, and communicate status to SEBI.
Compliance for mutual funds shall be monitored by Boards of Asset Management Companies and Trustees; for others, by their Board of Directors.
This circular is issued under Section 11(1) of the SEBI Act, 1992 and Regulation 17 of SEBI (KYC Registration Agency) Regulations, 2011.
Source: SecMarx — Uploading of the existing clients’ KYC details in the KRA system by the intermediaries. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.