Rollout of Legal Entity Template
Summary
This circular mandates the extension of the Central KYC Records Registry (CKYCR) to cover Legal Entities starting April 1, 2021. It requires Registered Intermediaries to upload KYC records for new and existing accounts based on specific timelines and triggers. The provisions explicitly exclude Foreign Portfolio Investors and are issued under Section 11(1) of the SEBI Act.
Text
RIs shall upload the KYC records of LE accounts opened on or after April 01, 2021 on to CKYCR in terms of Rule 9 (1A) of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
The LE template is made available by CERSAI in the CKYCR test environment enabling RIs to develop necessary infrastructure.
RIs shall ensure that in case of LE accounts opened prior to April 1, 2021, the KYC records are uploaded on to CKYCR when the updated KYC information is obtained/received from the client... clients’ KYC details are migrated to current Client Due Diligence (CDD) standards.
RIs shall upload the KYC records pertaining to accounts of individuals opened prior to August 01, 2016, as and when updated KYC information is obtained/received from the client.
Where a client... submits a KYC Identifier to a RI, with an explicit consent to download records from CKYCR, then such RI shall retrieve the KYC records online from CKYCR using the KYC Identifier and the client shall not be required to submit the same KYC records...
Once KYC Identifier is generated by CKYCR, the RIs shall ensure that the same is communicated to the individual/legal entity.
The provisions of this circular are not applicable to Foreign Portfolio Investors (FPIs).
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.
Source: SecMarx — Rollout of Legal Entity Template. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.