J&K&L HC Quashes 65-Year-Old's Detention, says Cattle Smuggling isn't Public Disorder  ||  Karnataka HC Bars Denial of MV Inspector Posts over Experience with Non-Existent HGV/HPV Vehicles  ||  P&H HC: Lengthy Incarceration alone is No Substantial Change for Repeat Bail Plea  ||  Meghalaya HC Flags Amicus' Non-Appearance amid Lawyers' Strike, Stresses Loyalty to Justice  ||  MP HC: Arms Act doesn't allow Sports Firearm Licence Conversion to Self-Defence Category  ||  Delhi HC: Public Funding of LTC, CGHS Benefits doesn't Mandate Personal Disclosure under RTI  ||  Delhi HC: Fake Caste Certificate alone cannot Justify Removing Advocate from State Rolls  ||  Delhi HC Refuses to Stop Sale of 47 Law Books in Family Copyright Dispute  ||  Supreme Court: S. 394 IPC Conviction Requires Proof of Robbery or Attempted Robbery  ||  Supreme Court Questions MP HC's Cryptic Reduction of Murder Conviction as 'Shocking'    

Centralization of certifications under Foreign Account Tax Compliance Act and Common Reporting Standard at KYC Registration Agencies- (Securities and Exchange Board of India) (20 Feb 2024)

MANU/SSMD/0005/2024

Capital Market

1. SEBI circulars CIR/MIRSD/2/2015 dated August 26, 2015 and CIR/MIRSD/3/2015 dated September 10, 2015, and guidance note on FATCA and CRS norms issued by the Department of Revenue, Ministry of Finance state that the reporting financial institution (RFI) [as defined under rule 114F(7) of Income Tax Rules,1962] shall obtain a self-certification from the client, as part of the account opening documentation, to determine the client's residence for tax purpose.

2. In terms of rule 114G(11)(a) of Income Tax Rules,1962, the regulators are, inter alia, required to issue necessary instructions and guidelines to provide the procedure and manner of maintaining the information by the reporting financial institution (RFI).

3. Based on feedback received from stakeholders in securities market, and for ease of doing business and compliance reporting, it is decided that the intermediaries, who are RFI, shall upload the FATCA and CRS certifications obtained from the clients onto the system of KRAs with effect from July 01, 2024.

4. The existing certifications obtained from clients prior to July 01, 2024 shall be uploaded by the intermediaries onto the systems of KRAs within a period of 90 days of implementation of this circular as mentioned above in para 3.

5. The onus of obtaining and reporting the FATCA and CRS certification and related compliances shall lie with the respective intermediaries.

6. The intermediary shall confirm the reasonableness of such certification based on the information obtained in respect of account opening, including any documentation obtained in accordance with Prevention of Money Laundering (Maintenance of Records) Rules, 2005 and shall update the self-certification, as and when, there is a change reported by the client.

7. The KRAs shall develop their systems/mechanism, in co-ordination with each other and shall follow uniform internal guidelines/standards, in consultation with SEBI.

8. This circular is being issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 and Regulation 17 of the SEBI {KYC (Know Your Client) Registration Agency} Regulations, 2011 to protect the interests of investors in securities and to promote the development of, and to regulate the securities markets.

Tags : CENTRALIZATION   CERTIFICATIONS   CIRCULAR  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved