KYC Data Of LE To Be Uploaded To CKYCR

Markets regulator Sebi on Wednesday asked regulated entities to upload 'Know Your Customer' data about accounts of LE  (Legal Entities) opened on or after April 1, onto the CKYCR (Central KYC Registry), which is fully operational for individual clients. 

Regulated entities (REs) have already been uploading the KYC data about all individual accounts opened on or after August 1, 2016, onto CKYCR.

The regulator has also come out with a template for legal entities in this regard.

RIs (Registered Intermediaries) would have to ensure that in the case of LE accounts opened before April 1, 2021, the KYC records are uploaded onto CKYCR when the updated KYC information is obtained/received from the client, Sebi said. Also, during such receipt of updated information, the clients' KYC details are migrated to the current client due to diligence standards.

Further, to ensure that all existing KYC records of individual clients are incrementally uploaded on to CKYCR, Sebi said registered entities would have to upload the KYC records about accounts of individuals opened before August 1, 2016, as and when updated KYC information is obtained/received from the client.

Where a client, to establish an account-based relationship, submits a KYC identifier to an RI with explicit consent to download records from CKYCR, then such RI would retrieve the KYC records online from CKYCR using the KYC identifier. The client will not be required to submit the same KYC records unless there is a change in the clientele information as existing in the records of CKYCR.

Once a KYC identifier is generated by CKYCR, the RIs would ensure that the same is communicated to the legal entity.

The provisions of this circular do not apply to Foreign Portfolio Investors (FPIs), the Sebi said.