SEBI Relaxes Know Your Customer (KYC) Norms to Simplify Risk Management Framework
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- By Chetan Kulasri
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- Last Updated on 16 May, 2024
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Circular No. SEBI/HO/MIRSD/SECFATF/P/CIR/2024/41; Dated: 14.05.2024
Earlier, SEBI vide circular dated Oct 12, 2023 specified the Risk Management Framework at KRAs wherein the attributes for verification by KRAs have been mentioned. Based on the feedback received from stakeholders in the securities market, SEBI has now decided to simplify the risk management framework.
As per the revised framework, the KRAs must verify attributes such as PAN, name and address of all clients within 2 days of receiving KYC records. Further, the client’s records verified by KRAs with official databases must be considered ‘validated records’.
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