KYC validation by KRAs enables portability of client records and conditions access to further transactions. KRAs must verify PAN, Name and Address of all client KYC records and records verified with official databases and PAN Aadhaar linkage will be treated as Validated Records. Validated Records are portable across intermediaries and need not be re collected by another intermediary. Intermediaries and market infrastructure participants must update systems to implement validation and portability; clients may transact once KYC is completed, while clients whose attributes cannot be verified by KRAs will be restricted from further transactions until verification is achieved.
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.
KYC validation by KRAs enables portability of client records and conditions access to further transactions.
KRAs must verify PAN, Name and Address of all client KYC records and records verified with official databases and PAN Aadhaar linkage will be treated as Validated Records. Validated Records are portable across intermediaries and need not be re collected by another intermediary. Intermediaries and market infrastructure participants must update systems to implement validation and portability; clients may transact once KYC is completed, while clients whose attributes cannot be verified by KRAs will be restricted from further transactions until verification is achieved.
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