SEBI vide circular dated April 06, 2022, has specified Guidelines in pursuance of amendment to SEBI Regulations which were issued in 2011 to implement the SEBI {KYC Registration Agency (KRA)}Regulations, With a view to implement the regulations effectively, the following additional guidelines are being issued:
1. KRAs shall continue to act as a repository of KYC data in the securities market and shall be responsible for storing, safeguarding, and retrieving the KYC documents and submit to the Board or any other statutory authority as and when required.
2. KRAs shall independently validate records of those clients (existing as well as new) whose KYC has been completed using Aadhaar as an OVD. The records of those clients who have completed KYC using non-Aadhaar OVD shall be validated only upon receiving the Aadhaar Number.
3. During the process of validation, KRAs shall validate the following details:
a. Aadhaar through Unique Identification Authority of India (UIDAI) authentication/verification mechanism.
b.Mobile number and e-mail ID using OTP validation (only in cases where the mobile number and e-mail ID provided by client are not seeded with Aadhaar)
c. PAN using the Income Tax Database.
4. The KRAs shall develop systems/mechanisms in consultation with SEBI and in co-ordination with each other, and shall follow uniform internal guidelines detailing aspects of identification of KYC attributes and procedures for KYC validation.
The validation of all KYC records (new and existing) shall commence from July 01, 2022
Circular Link:
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