Regulator mandates KRAs adopt board-approved SOPs for orderly winding down, secure KYC transfer, audits, and stakeholder notice

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....Regulator issues a circular streamlining surrender of KYC Registration Agency (KRA) registrations, requiring KRAs to adopt board-approved SOPs for orderly voluntary or involuntary winding down, including transfer of complete KYC records with audit trails to a transferee KRA, stakeholder notification, an Oversight Committee, continued limited operations until secure data migration, audits and jointly signed compliance reports, settlement of dues, and maintenance of investor support. SOPs must be published within 90 days and reviewed periodically; regulatory powers permit inspections, appointment of administrators or direct nomination of transferee KRAs and case-specific overrides to protect investors and market stability.....