Bombay HC: Insolvency Cannot be Used to Evade a Family Court’s Maintenance Order  ||  Kerala HC: Forklifts and Factory Cranes Are Motor Vehicles and Must be Registered under MV Act  ||  Guj HC: Edible Crude Palm Kernel Oil Qualifies for Duty Exemption; End-Use Condition not Applicable  ||  NCLAT Delhi: Advance under Land-Development MoU is not Financial Debt and Cannot Trigger CIRP  ||  NCLAT: NCLT Cannot Change Capital Structure of a Legally Compliant Successful Auction Purchaser  ||  Supreme Court: Endless Investigation and Long Delay in Filing Chargesheet Can Justify Quashing Case  ||  SC: Landowners Accepting Compensation Settlements Cannot Later Claim Statutory Benefits  ||  Supreme Court: Provident Fund Dues Have Priority over a Bank’s Claim under the SARFAESI Act  ||  Supreme Court: Indian Courts Cannot Appoint Arbitrators for Arbitrations Seated Outside India  ||  Madras HC: Police Superintendent not Liable For IO’s Delay In Filing Chargesheet or Closure Report    

Rollout of legal entity template- (Securities and Exchange Board of India) (10 Mar 2021)

MANU/SSMD/0006/2021

Capital Market

1. SEBI vide circular no. CIR/MIRSD/66/2016 dated July 21, 2016 on Operationalization of Central KYC Records Registry (CKYCR) directed the Registered Intermediaries (RI) to upload the KYC records with CKYCR, in respect of all individual accounts opened on or after August 01, 2016. Changes to the template, as and when required are released by CERSAI.

2. CKYCR, in its communication no. CKYC/2020/11 dated January 04, 2021 has specified that since CKYCR is fully operational for individual clients, it has been decided to extend CKYCR to Legal Entities (LE) as well. Accordingly, RIs shall upload the KYC records of LE accounts opened on or after April 01, 2021 on to CKYCR in terms of Rule 9 (1A) of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005.

The LE Template and the Annexure thereof are attached as Annexure "A" and Annexure "B" respectively to this circular.

3. The LE template is made available by CERSAI in the CKYCR test environment enabling RIs to develop necessary infrastructure.

4. RIs shall ensure that in case of LE accounts opened prior to April 1, 2021, the KYC records are uploaded on to CKYCR when the updated KYC information is obtained/received from the client. RIs shall ensure that during such receipt of updated information, the clients' KYC details are migrated to current Client Due Diligence (CDD) standards.

5. Further, to ensure that all existing KYC records of individual clients are incrementally uploaded on to CKYCR, RIs shall upload the KYC records pertaining to accounts of individuals opened prior to August 01, 2016, as and when updated KYC information is obtained/received from the client.

6. Where a client, for the purpose of establishing an account based relationship, submits a KYC Identifier to a RI, with an explicit consent to download records from CKYCR, then such RI shall retrieve the KYC records online from CKYCR using the KYC Identifier and the client shall not be required to submit the same KYC records or information or any other additional identification documents or details, unless there is a change in the information of the client as existing in the records of CKYCR.

7. Once KYC Identifier is generated by CKYCR, the RIs shall ensure that the same is communicated to the individual/legal entity.

8. The provisions of this circular are not applicable to Foreign Portfolio Investors (FPIs).

9. This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.

Tags : ROLLOUT   LEGAL ENTITY   TEMPLATE  

Share :        

Disclaimer | Copyright 2025 - All Rights Reserved