Securities and Exchange Board of India (KYC Registration Agency) Regulations, 2011

LAD-NRO/GN/2011-12/29/36772 · 2025-02-10 · Securities and Exchange Board of India

Summary

This part comprises Chapter I Preliminary covering short title, commencement and definitions under Regulations 1 and 2, and Chapter II provisions on registration of KRA under Regulations 3 to 5. It defines Act, Board, Certificate, Client, Change in control, Inspecting authority, Intermediary, Intermediaries Regulations, KYC Registration Agency, KYC and Operating Instructions, and provides that undefined terms take meanings from the SEBI Act, SCRA, Depositories Act, Companies Act 2013 and PMLA. It requires applications for KRA registration to be made in Schedule I form with Schedule II fees, mandates rejection of incomplete or false applications after a 30-day written opportunity to cure extendable by the Board, and empowers the Board to seek further information and personal representation. This part covers Regulations 6 to 13 governing KRA registration, prescribing eligibility categories and a continuous net worth of Rs 25 crore under Regulation 6 and fit and proper criteria under Regulation 9. It provides for grant of certificate of registration in Schedule I form, its validity unless suspended or cancelled, fees under Schedule II, immediate intimation of changes and prior Board a

Text

These regulations may be called the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011.

They shall come into force on the date of their publication in the Official Gazette.

‘‘Act’’ means the Securities and Exchange Board of India Act, 1992 (15 of 1992);

“Board” means the Securities and Exchange Board of India established under section 3 of the Act;

“Certificate” means a certificate of registration granted by the Board under these regulations;

“Client” means a person seeking to do/has done his KYC through intermediary with KRA;

“Change in control” in case of a body corporate – (A) if its shares are listed on any recognised stock exchange, shall be construed with reference to the definition of control in terms of regulations framed under clause (h) of sub-section (2) of section 11 of the Act; (B) if its shares are not listed on any recognised stock exchange, shall be construed with reference to the definition of control as provided in sub-section (27) of Section 2 of the Companies Act, 2013 (18 of 2013);

‘‘Inspecting authority’’ means any one or more person appointed by the Board to exercise powers conferred under chapter IV;

“Intermediary” means an entity associated with securities market and registered under sub-section (1A), (1B) and (1) of Section 12 of the Act; who is required to do KYC of its clients;

“Intermediaries Regulations’’ means Securities and Exchange Board of India (Intermediaries) Regulations, 2008;

“KYC Registration Agency (KRA)” is a company formed and registered under the Companies Act, 2013 (18 of 2013) and which has been granted a certificate of registration under these regulations which hereinafter shall be deemed to be an intermediary in terms of the provisions of the Act;

‘‘KYC’’ means the procedure specified by the Board for identifying and verifying the Proof of Address, Proof of Identity and compliance with rules, regulations, guidelines and circulars issued by the Board or any other authority for Prevention of Money Laundering from time to time;

Source: SecMarx — Securities and Exchange Board of India (KYC Registration Agency) Regulations, 2011. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.