The Bombay Stock Exchange (BSE) on March 13, 2024, issued a notification regarding the Guidelines in pursuance of amendment to SEBI KYC (Know Your Client) Registration Agency (KRA) Regulations, 2011
This has a reference to the SEBI/HO/MIRSD/FATF/P/CIR/2023/0144 dated August 11, 2023, BSE notice no. 20230811-35 dated August 11, 2023, 20230818-44 dated August 18, 2023, and 20230902-1 dated September 02, 2023, and 20231023 -30 dated October 23, 2023 and 20240207-44 dated February 07, 2024 on “Simplification of KYC process and rationalisation of Risk Management Framework at KYC (Know Your Client) Registration Agencies (KRAs)” and “Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011
The following has been stated namely: -
• It states that the clients whose KYCs are not found to be validated by KRAs i.e. where the KYCs are “On Hold” for any reasons (both AADHAAR and Non-AADHAAR based OVD) uploaded to the KRA from February 01, 2024 to February 29, 2024.
•It states that such UCCs shall neither be permitted to trade on the Exchange nor will they be able to square up their open positions if any, w.e.f. March 23, 2024, until they comply with the aforesaid requirement. Eventually, such open positions will naturally expire on the expiry date of the respective contract.
• The Exchange shall flag the non-compliant PANs provided by the KRAs, as Not permitted to trade w.e.f March 23, 2024. All PANs that become KRA compliant subsequently, will be permitted to trade on T+1, based on the information received from KRA by the Exchange on T day.
[Notice No. 20240313-29]
