Select Your Location
The Securities Exchange Board of India recently rolled out the legal entity template through the powers conferred on it under Section 11 (1) of the SEBI Act of 1992. The rolling out of the Legal Entity Template was notified through SEBI Circular. According to this circular, the market regulator, SEBI, has asked the registered intermediaries to upload KYC data concerning the accounts of Legal Entities that are opened on or after April 1, to the Central KYC Registry.
Table of Contents
The following intermediaries are eligible for this circular:
It is worth mentioning here that the provision of this SEBI circular shall not apply to Foreign Portfolio Investors (FPI).
The central KYC (Know Your Customer) registry was fully operational for individual clients, but now it has been decided to extend it to the legal entities also.
Consequently, the registered intermediaries are required to upload the KYC records and data of the accounts of legal entities that were opened on or after 1st April 2021. Also, it may be noted that it would be done as per the provisions of Rule 9 (1A) of the Prevention of Money Laundering (Maintenance of Records) Rules, 2005. Therefore SEBI rolled out this circular.
The key directions for the Registered Intermediaries are as follows:
In a nutshell, on powers provided under Section 11 (1) of the SEBI Act 1992, the market regulator- SEBI rolled out the Legal Entity Template and asked the registered intermediaries to upload the KYC data concerning accounts of Legal Entities that are opened after 1st April 2021 to the Central KYC Registry. However, it may be noted that the provisions of this SEBI circular shall not apply to Foreign Portfolio Investors.
Read our article:All about SEBI (ICDR) (Amendment), Regulations, 2021
Ashish M. Shaji has done his graduation in law (BA. LLB) from CCS University. He has keen interests in doing extensive research and writing on legal subjects especially on corporate law. He is a creative thinker and has a great interest in exploring legal subjects.
On 11.12.15, the Hon’ble Delhi High Court (HC) pronounced a landmark judgement in the case ti...
Money laundering can be defined as the process of illegal concealment of the origin of money ob...
Every assessee in India is obligated to file an income tax return and make the timely payment o...
In the recent past, India has seen burgeoning demand for internet and smartphones. The rapid ri...
The Securities and Exchange Board of India (SEBI), the capital markets regulator, has recommend...
The objective of the enactment of the Prevention of Money-laundering Act, 2002, i.e. PMLA (the...
Tax planning is a continuing effort and a management strategy for ensuring the minimization of...
On 18th May 2023, the Securities Exchange Board of India (SEBI) released a Consultation Paper o...
Infrastructure and real estate have been regarded as India's "sunshine sector" since the turn o...
On 22nd May 2023, the Central Board of Direct Taxes (CBDT) issued a new circular under secti...
Are you human?: 7 + 1 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
SEBI had introduced certain requirements pertaining to collection and reporting of margins by trading member/cleari...
07 May, 2021
The SEBI, through a circular dated 24th January 2013, allowed a dedicated debt segment in all the stock exchanges....
27 Oct, 2022
Red Herring Top 100 Asia enlists outstanding entrepreneurs and promising companies. It selects the award winners from approximately 2000 privately financed companies each year in the Asia. Since 1996, Red Herring has kept tabs on these up-and-comers. Red Herring editors were among the first to recognize that companies such as Google, Facebook, Kakao, Alibaba, Twitter, Rakuten, Salesforce.com, Xiaomi and YouTube would change the way we live and work.
Researchers have found out that organization using new technologies in their accounting and tax have better productivity as compared to those using the traditional methods. Complying with the recent technological trends in the accounting industry, Enterslice was formed to focus on the emerging start up companies and bring innovation in their traditional Chartered Accountants & Legal profession services, disrupt traditional Chartered Accountants practice mechanism & Lawyers.
Stay updated with all the latest legal updates. Just enter your email address and subscribe for free!
Chat on Whatsapp
Hey I'm Suman. Let's Talk!