TMI BlogGuidelines in pursuance of the SEBI KYC Registration Agency (KRA) Regulations, 2011 and for In-Person Verification (IPV)X X X X Extracts X X X X X X X X Extracts X X X X ..... ion (IPV) Please refer to SEBI circular no. MIRSD/Cir-23/2011 dated December 2, 2011 providing you a copy of the KRA Regulations, 2011 notified on December 2, 2011. With a view to implement the Regulations effectively, the following guidelines are being issued: 1. Guidelines for Intermediaries: i. After doing the initial KYC of the new clients, the intermediary shall forthwith upload the KYC information on the system of the KRA and send the KYC documents i.e. KYC application form and supporting documents of the clients to the KRA within 10 working days from the date of execution of documents by the client and maintain the proof of dispatch. ii. In case a client s KYC documents sent by the intermediary to KRA are not complete, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ediary. iv. KRA shall maintain an audit trail of the upload / modifications / downloads made in the KYC data, by the intermediary in its system. v. KRA shall ensure that a comprehensive audit of its systems, controls, procedures, safeguards and security of information and documents is carried out annually by an independent auditor. The Audit Report along with the steps taken to rectify the deficiencies, if any, shall be placed before its Board of Directors. Thereafter, the KRA shall send the Action Taken Report to SEBI within 3 months. vi. KRA systems shall clearly indicate the status of clients falling under PAN exempt categories viz. investors residing in the state of Sikkim, UN entities / multilateral agencies exempt from paying ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... al Institute of Securities Market (NISM) or Association of Mutual Funds (AMFI) and have undergone the process of Know Your Distributor (KYD) , can perform the IPV. However, in case of applications received by the mutual funds directly from the clients (i.e. not through any distributor), they may also rely upon the IPV performed by the scheduled commercial banks. In view of the above provisions, the following SEBI circulars/letters pertaining to IPV stand modified accordingly: i. Letter No. 47/2006/ISD/SR/122539 dated April 4, 2008 ii. Letter No. MIRSD/DPS-III/130466/2008 dated July 02, 2008 iii. Circular No. SEBI/MIRSD/Cir. No. 02/2010 dated January 18, 2010 iv. Circular no. CIR/MIRSD/22/2011 dated October 25, 2011 4. Ap ..... X X X X Extracts X X X X X X X X Extracts X X X X
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