Regulatory Alerts2023-10-12
Master Circular on Know Your Client (KYC) norms for the securities market
The Securities and Exchange Board of India (SEBI) issued this Master Circular to consolidate and update KYC norms for all securities market intermediaries, aligning them with the Prevention of Money Laundering Rules and 2011 Regulations. The document mandates the use of uniform KYC formats, requires verification of Permanent Account Numbers (PAN) and Proof of Identity/Address, and outlines specific procedures for digital KYC, In-Person Verification, and beneficial ownership identification. Intermediaries are required to update existing KYC records in compliance with these provisions by December 31, 2023, while previous circulars are rescinded or modified as listed in the appendices.
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