The Securities and Exchange Board of India (SEBI) on October 03, 2023, issued a Circular regarding the Centralized mechanism for reporting the demise of an investor through KRAs
This circular lays down the operational norms, obligations of regulated entities, including registered intermediaries that have an interface with ‘investors’ / ‘account holders’
This Circular shall come into force on January 01, 2024
The following has been stated namely: -
• It has been decided to introduce a centralized mechanism for reporting and verification in case of the demise of an investor thereby smoothening the process of transmission in the securities market.
• It states that the listed companies wanting to provide beneficial access to such a centralized mechanism to their investors holding securities in physical form are eligible to establish connectivity with KRA through their RTAs
• It further states that the order to have uniformity for operationalizing this circular, Stock Exchanges, Depositories, and industry associations like the Association of Mutual Funds in India (AMFI), Registrars Association of India (RAIN), etc. stakeholders including KRAs, shall place common Standard Operating, The SOP shall be made available on their websites as well as that of the intermediaries
[Circular No. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/0000000163]
