SEBI extends legal entities KYC data onto CKYCR

SEBI KYC DATA

Markets regulator Sebi  asked regulated entities to upload ‘Know Your Customer’ 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. 

As per Sebi circular “Since 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 …of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005,”  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 clients’ 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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