Schemes of Arrangement by Listed Entities - Clarification w.r.t. timing of submission of NOC from the lending scheduled commercial banks/ financial institutions/ debenture trustee
SEBI

Markets regulator SebiĀ  asked regulated entities to upload ā€˜Know Your Customerā€™ data pertaining to accounts of legal entities (LEs) opened on or after April 1, onto the Central KYC Registry (CKYCR). Regulated entities (REs) have already been uploading the KYC data pertaining to all individual accounts opened on or after August 1, 2016, onto CKYCR.Ā 

As per Sebi circular ā€œSince CKYCR is fully operational for individual clients, it has been decided to extend CKYCR to legal entities as well accordingly, RIs (registered intermediaries) shall upload the KYC records of Legal Entities accounts opened on or after April 1, 2021, on to CKYCR in terms ā€¦of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005,ā€Ā  The regulator has also comes out with a template for Legal Entities..

Registered Intermediaries would have to ensure that in the case of Legal Entities accounts opened prior to April 1, 2021, the KYC records are uploaded onto CKYCR when the updated KYC information is obtained/received from the client, Sebi said. Also, registered entities would have to ensure that during such receipt of updated information, the clientsā€™ KYC details are migrated to current client due diligence standards. However, the provisions of this circular are not applicable to Foreign Portfolio Investors (FPIs).

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Surbhi Saxena edits the daily Current Affairs News.
The author is qualified member of The Institute of Company Secretaries of India (ICSI).