In-Person Verification mandatory across intermediaries; one intermediary's IPV may be relied upon by another for KYC compliance. Intermediaries must complete initial KYC, upload client KYC data and send supporting documents to a KRA within ten working days, maintain electronic records, ensure no duplication when uploading existing-client data conforming to the uniform KYC form, and implement internal controls for data security. KRAs must provide data/images to intermediaries, confirm receipt to clients within ten working days, prevent duplicate client entries through coordinated systems, maintain an audit trail of KYC transactions, and conduct annual independent audits with action taken reports to their board and to SEBI. IPV is mandatory, recorded on the KYC form, and may be relied upon across intermediaries.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
In-Person Verification mandatory across intermediaries; one intermediary's IPV may be relied upon by another for KYC compliance.
Intermediaries must complete initial KYC, upload client KYC data and send supporting documents to a KRA within ten working days, maintain electronic records, ensure no duplication when uploading existing-client data conforming to the uniform KYC form, and implement internal controls for data security. KRAs must provide data/images to intermediaries, confirm receipt to clients within ten working days, prevent duplicate client entries through coordinated systems, maintain an audit trail of KYC transactions, and conduct annual independent audits with action taken reports to their board and to SEBI. IPV is mandatory, recorded on the KYC form, and may be relied upon across intermediaries.
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