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    Securities and Exchange Board of India

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    VIVEK A
    This document outlines changes to the Know Your Client (KYC) requirements in India. It simplifies the KYC process by moving some information from Part I to Part II of the account opening form. It also provides a 6 month transition period for intermediaries to implement the changes. The goal is to make KYC uniform across the financial sector and avoid repeated changes to the central KYC registry system.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd

    Securities and Exchange Board of India

    Uploaded by

    VIVEK A
    7 views2 pages
    This document outlines changes to the Know Your Client (KYC) requirements in India. It simplifies the KYC process by moving some information from Part I to Part II of the account opening form. It also provides a 6 month transition period for intermediaries to implement the changes. The goal is to make KYC uniform across the financial sector and avoid repeated changes to the central KYC registry system.

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    1388050298887

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    This document outlines changes to the Know Your Client (KYC) requirements in India. It simplifies the KYC process by moving some information from Part I to Part II of the account opening form. It also provides a 6 month transition period for intermediaries to implement the changes. The goal is to make KYC uniform across the financial sector and avoid repeated changes to the central KYC registry system.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    7 views2 pages

    Securities and Exchange Board of India

    Uploaded by

    VIVEK A
    This document outlines changes to the Know Your Client (KYC) requirements in India. It simplifies the KYC process by moving some information from Part I to Part II of the account opening form. It also provides a 6 month transition period for intermediaries to implement the changes. The goal is to make KYC uniform across the financial sector and avoid repeated changes to the central KYC registry system.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

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    Securities and Exchange Board of India

    CIRCULAR

    CIR/MIRSD/ 13 /2013 December 26, 2013

    1. All Recognized Stock Exchanges


    2. Stock Brokers through Recognized Stock Exchanges
    3. Depository Participants through Depositories
    4. Association of Mutual Funds in India
    5. Mutual funds through AMFI
    6. Portfolio Managers
    7. KYC Registration Agencies (KRAs)
    8. Alternative Investment Funds (AIFs)
    9. Collective Investment Schemes (CIS)
    10. Custodians

    Dear Sir/Madam,

    Sub: Know Your Client Requirements

    1. Please refer to SEBI circulars no. CIR/MIRSD/16/2011 dated August 22, 2011 and
    MIRSD/SE/Cir-21/2011 dated October 5, 2011 on uniform Know Your Client
    (‘KYC’) norms.

    2. Vide above mentioned circulars, SEBI simplified the account opening process for
    the investors. A standard Account Opening Form (AOF) has been prescribed
    which is divided in 2 parts - Part I contains the basic KYC details of the investor
    used by all SEBI registered intermediaries and Part II captures additional
    information specific to the area of activity of the intermediary. Further, with the
    centralised KRA system in place, the client has to undertake the KYC process i.e.
    Part I of the AOF only once which means he need not undergo the KYC process
    again when he approaches different intermediaries in securities markets.

    3. It has now been decided in consultation with various market participants to shift
    certain information in Section C of Part I to Part II of the AOF (for both individuals
    and non-individuals). Revised Part I of AOF is enclosed. Part II shall be modified
    by the intermediary accordingly.

    4. Information as contained in revised Part I of AOF shall only be required to be


    captured in the systems of KRAs from the date of this circular. However, in view of
    existing pre-printed forms available with the intermediaries, a time period of six
    months, effective from the date of this circular, is provided to bring about the
    aforementioned modifications in the KYC form.

    5. The above modifications would assist in avoiding repeated modifications in the


    KRA system as information provided by the clients in Section C changes over a
    period of time and will facilitate in making the KYC uniform for the entire financial
    sector.

    Page 1 of 2
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    Securities and Exchange Board of India

    6. Intermediaries dealing with Eligible Foreign Investors investing under Portfolio


    Investment Scheme may be guided by the clarifications issued vide SEBI circular
    CIR/MIRSD/07/2013 dated September 12, 2013.

    7. This circular is issued in exercise of powers conferred under Section 11(1) of the
    Securities and Exchange Board of India Act, 1992 to protect the interests of
    investors in securities and to promote the development of, and to regulate the
    securities markets.

    Yours faithfully,

    A. S. Mithwani
    Deputy General Manager
    022-26449613
    Email: aliasgarm@sebi.gov.in

    Encl: KYC Application Form.doc

    Page 2 of 2

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