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Framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs - SEBI - SEBI/HO/EFD1/EFD1_DRA4/P/CIR/2022/104

Extract

..... t maintained. This is borne out of the fact that when SEBI issues any notices, etc. during the course of any enforcement proceedings on such addresses, the same remain unserved. 2. To ensure that the client furnishes accurate/updated details of address and to ensure that KYC details are correct, the following framework involving stock exchanges (except Commodity Derivatives Exchanges) and depositories (hereinafter collectively referred to as “the MIIs”) is proposed: 2.1 Where SEBI instructs MIIs to serve any Show Cause Notice (“SCN”) or order issued by SEBI, the MIIs shall arrange to physically deliver the same to the entity. The MIIs shall forward the signed acknowledgement of its receipt by the concerned addressee .....

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Framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs - SEBI

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..... hat they communicate the details of the deactivation along with reasons thereof to the respective registered intermediary. They shall also ensure that the reasons for the deactivation are displayed in a clear and unambiguous manner, when the entity attempts to transact using his trading/demat account. 2.4 Subject to the above, the MIIs shall ensure that the deactivated accounts are not used for dealing in securities market in any manner whatsoever. 2.5 The concerned entity may place a request to the registered intermediaries with which the entity holds a trading/demat account, seeking re-activation of trading/demat accounts along with - (i) the correct proof of address; and, (ii) signed acknowledgement of receipt of the SCN or order, as the .....

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Framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs - SEBI

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..... Circular in appropriate cases, where the compliance with the framework is hampered due to factors beyond the control of the entity. In such cases, the MIIs shall record the reasons for deviating from the mandate of the framework and communicate the same to SEBI within 2 working days of such deviation. 2.11 MIIs shall have a mechanism for exchange of information and coordination amongst themselves for the purpose of implementing the framework described in this Circular. MIIs shall submit a consolidated report indicating status of requests forwarded by SEBI, on a monthly basis. 2.12 MIIs shall advise their registered intermediaries to ensure updation of KYC records at regular intervals as per the extant norms. This framework shall be in addit .....

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Framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs - SEBI

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..... ivery becomes unsuccessful. CDSL attempts the service on August 16, 2022 and the delivery becomes unsuccessful. Sharing of information on delivery status The details of unsuccessful delivery shall be shared with all the other MIIs on August 25, 2022. The details of unsuccessful delivery shall be shared with all the other MIIs on August 15, 2022. The details of unsuccessful delivery shall be shared with all the other MIIs on August 16, 2022. The details of unsuccessful delivery shall be shared with all the other MIIs on August 16, 2022. Implementing freeze on debit and credit of trading/demat accounts (within 5 working days from the last unsuccessful delivery report) Freeze shall be implemented by MIIs by August 30, 2022 as the last date of .....

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Framework for automated deactivation of trading and demat accounts in cases of inadequate KYCs - SEBI

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