The Securities and Exchange Board of India (“SEBI”) vide its circular dated April 6, 2022, had issued guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011 (“KYC Guidelines”). The provisions of the KYC Guidelines at Clause 9 (validation of KYC records of existing clients) and Clause 13 (validation of KYC records new and existing) were to come into effect from July 1, 2022.
Subsequently, SEBI vide its circular dated June 24, 2022, had granted an extension whereby the aforesaid Clauses 9 and 13 were to come into effect from August 1, 2022.
Pursuant to request received from the KYC Registration Agencies for further extension of the timeline for applicability of the said Clauses 9 and 13, SEBI has now vide its circular dated July 27, 2022 (“Circular”), decided as under:
a. KYC records of all existing clients (who have used Aadhaar as an OVD) will be validated within a period of 180 days from November 1, 2022.
b. The validation of all KYC records (new and existing) will commence from November 1, 2022.
Please find a copy of the Circular here and a copy of the KYC Guidelines here.
This update has been contributed by Aastha (Partner) and Swaraj Narula (Senior Associate).
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