Registration with the FINNET 2.0 system of Financial Intelligence Unit – India (FIU-India)
Summary
SEBI advises all registered debenture trustees to register or re-register in the FINNET 2.0 system of FIU-India. This directive follows guidelines from FIU-India regarding suspicious transaction detection and mandatory reporting entity registration. The circular is issued under Section 11(1) of the SEBI Act, 1992, and Regulation 2A of the Debenture Trustees Regulations, 1993.
Text
FIU-India has specified guidelines including red flag indicators for detecting suspicious transactions by Debenture Trustees under Rule 7(3) of Prevention of Money Laundering (Maintenance of Records) Rules, 2005.
All Reporting Entities falling under Debenture Trustee segment registered in FINNET 1.0 system of FIU-India are required to re-register themselves in FINNET 2.0 system/ module.
Those reporting entities who have not yet registered themselves with FIU-India are required to be registered in FINNET 2.0 system/ module of FIU-India immediately in light of the FATF mutual evaluation.
All the SEBI registered debenture trustees are advised to register/ re-register themselves in FINNET 2.0 system of FIU-India as soon as possible.
This Circular is issued in exercise of powers conferred under Section 11(1) of Securities and Exchange Board of India Act, 1992 and Regulation 2A of the Securities and Exchange Board of India (Debenture Trustees) Regulations, 1993 to protect the interest of investors in securities and to promote the development of, and to regulate, the securities market.
Source: SecMarx — Registration with the FINNET 2.0 system of Financial Intelligence Unit – India (FIU-India). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.