The Securities and Exchange Board of India (SEBI) on November 17, 2023, issued a circular regarding Simplified norms for processing investor service requests by RTAs and norms for furnishing PAN, KYC details, and Nomination
This Circular aims to protect the interests of investors in securities and to promote the development and regulation of the securities market.
This shall come into force on November 17, 2023
The following has been stated namely: -
• This has a reference to the SEBI circular no. SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/37dated March 16, 2023(now rescinded due to issuance of Master Circular for Registrars to an Issue and Share Transfer Agents dated May 17, 2023) which had simplified norms for processing investor service requests by RTAs and for furnishing PAN, KYC details and Nomination.
• it has been decided to amend para 19.2of the Master Circular for Registrars to an Issue and Share Transfer Agents dated May 17, 2023, as follows:
(i) Reference to the term freezing/ frozen has been deleted.
(ii) Referral of folios by the RTA/listed company to the administering authority under the Benami Transactions (Prohibitions) Act, 1988 and/or Prevention of Money Laundering Act, 2002, has been done away with
• The Stock Exchanges, Depositories, RTAs, and listed companies are advised to perform the following functions namely: -
(i) comply with the conditions laid down in this circular.
(ii) make necessary amendments to the relevant bylaws, rules, regulations, and operational instructions, as the case may be, for the implementation of the above circular.
(iii) bring the provisions of this circular to the notice of their constituents and also disseminate the same on the website.
(iv) communicate and create awareness among stakeholders
[Circular No. SEBI/HO/MIRSD/POD-1/P/CIR/2023/181]
