Beneficial owner verification rules updated: depository receipts and listed-entity due diligence aligned with issuer jurisdiction. The amendments define Depository Receipt as a foreign-currency instrument issued by a foreign depository in a permissible jurisdiction backed by eligible securities deposited with a domestic custodian, including global depository receipts, and modify rule 9 so that beneficial-owner verification for clients dealing in depository receipts or equity shares issued or listed in jurisdictions notified by the Central Government follows the norms of those jurisdictions, with sub-rules (3)-(9) not applying; listed entities and certain subsidiaries are exempted from shareholder or beneficial-owner identification and verification.
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Provisions expressly mentioned in the judgment/order text.
Beneficial owner verification rules updated: depository receipts and listed-entity due diligence aligned with issuer jurisdiction.
The amendments define Depository Receipt as a foreign-currency instrument issued by a foreign depository in a permissible jurisdiction backed by eligible securities deposited with a domestic custodian, including global depository receipts, and modify rule 9 so that beneficial-owner verification for clients dealing in depository receipts or equity shares issued or listed in jurisdictions notified by the Central Government follows the norms of those jurisdictions, with sub-rules (3)-(9) not applying; listed entities and certain subsidiaries are exempted from shareholder or beneficial-owner identification and verification.
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