Uploading of the existing clients’ KYC details in the KYC Registration Agency (KRA) system by the intermediaries

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....refer to SEBI circular no. CIR/MIRSD/16/2011 dated August 22, 2011, MIRSD/SE/Cir-21/2011 dated October 5, 2011, MIRSD/Cir-23/2011 dated December 2, 2011 and MIRSD/Cir- 26 /2011 dated December 23, 2011 on KYC related issues. 1. SEBI simplified the account opening process for investors and made it uniform across intermediaries in the securities markets vide aforementioned circulars. Further, to avoid duplication of KYC process with every intermediary, KRA system was developed for centralization of the KYC records in the securities markets. The system was made applicable for new clients who opened accounts with the intermediaries from January 1, 2012. 2. Now, for convenience of the clients registered prior to January 1, 2012 (hereinafter....

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....s and keeping physical records would not be necessary. Schedule for implementation (For the year 2012-13): Existing clients of intermediary who trade/ invest/ deal with it during the below mentioned time period Timeline for intermediary to upload existing client's KYC data on KRA system & send KYC documents to KRA Timeline for KRA to update the record in their system & send acknowledgement to the existing client April 16, 2012 - June 15, 2012 August 31, 2012 September 30, 2012 June 16, 2012 - August 31, 2012 October 31, 2012 November 30, 2012 September 1, 2012 - October 31, 2012 November 30, 2012 December 31, 2012 November 1, 2012 - December 31, 2012 January 31, 2013 February 28, 2013 Janu....

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....ny, to the KRA. Thereafter, the KRA system shall indicate the records as updated. 4. It is clarified that timelines mentioned in the schedule are the minimum requirements and the KYC data of the remaining existing clients can also be uploaded on the KRA system. 5. The Stock Exchanges and Depositories are directed to: a. bring the provisions of this circular to the notice of the Stock Brokers and DPs, as the case may be, and also disseminate the same on their websites; b. make amendments to the relevant bye-laws, rules and regulations for the implementation of the above decision in co-ordination with one another, as considered necessary; c. monitor the compliance of this circular through half-yearly ....