The Bombay Stock Exchange (BSE) on November 27, 2024, notified regarding the update in the Master Circular on Know Your Client (KYC) norms.
The following has been stated namely: -
• It states the changes in the process requiring every SEBI registered intermediary to obtain and verify the Proof of Identity (PoI) and Proof of Address (PoA) at the time of commencement of an account-based relationship:
o Transactions are accepted where PAN holders' KYC status is "KYC VALIDATED," and for new clients with KYC in progress, processing is allowed for up to 5 days.
o Transactions for "KYC REGISTERED" PANs in existing or new folios are permitted, with NRI relaxations extended until April 30, 2025.
o The processes for non-individuals remain unchanged.
• It further states that members shall ensure that all clients registered on the StAR MF platform for demat and non-demat mode of investments should be ‘KYC VALIDATED’ before order placement to avoid rejection of transactions from AMCs/RTAs.
• This shall come into effect from December 01, 2024.
[Circular no. - 20241127-36]
