The Securities and Exchange Board of India (SEBI) on August 19, 2022, with reference to RBI issued Non-Banking Financial Company Account Aggregator Master Directions DNBR.PD.009/03.10.119/2016-17 dated September 02, 2016, for compliance by every Non-Banking Financial Company (NBFC-Account Aggregator) undertaking the business of AA.
The Asset Management Companies (AMCS) through their Registrar and Transfer Agents (RTAS) and the Depositories are among the entities listed under Clause 3(xi) of the Master Directions as Financial Information Providers (FIPs) for the purpose of sharing information as Financial Information Providers (FIPS). The Depositories and AMCs (via their RTAs) are therefore referred to be FIPS in the securities markets moving forward.
The FIPS in the securities markets are expected to adopt the technical specifications published by ReBIT, as updated from time to time, and adopt the required Information Technology (IT) framework and interfaces to ensure secure data flows to AA. The technology should also be scalable to cover any other AA as may be specified by the Reserve Bank of India in the future.
The provisions of this circular shall come into force with immediate effect.
[Circular No. SEBI/HO/MRD/DCAP/P/CIR/2022/110]
