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The Securities and Exchange Board of India (SEBI) has been a pivotal institution in shaping the contours of India’s capital markets. SEBI’s proactive approach in ensuring transparency, integrity, and stability in the securities market has always been evident in its regulations and circulars. Among its many directives, the Know Your Client (KYC) norms have been crucial in establishing a trustworthy and compliant market ecosystem. The issuance of the new Master Circular on KYC norms is yet another step in this direction.
Given the increasing complexities in the securities market, the importance of stringent KYC norms can’t be emphasized enough. SEBI has over the years issued multiple circulars pertaining to KYC norms for intermediaries. However, with the changing dynamics of the market and to bring clarity and ease of reference for all stakeholders, SEBI deemed it necessary to compile all these scattered directions into one comprehensive Master Circular.
This Master Circular, numbered SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169 and dated October 12, 2023, is directed at:
The provisions of the Master Circular come into effect immediately from the date of its issue. However, any required updates or changes in existing KYC records should be executed in accordance with the new circular by December 31, 2023.
Post the issuance of this Master Circular, previous circulars related to KYC as mentioned in its Appendix would be deemed rescinded or modified. However, actions or decisions taken under the purview of the earlier circulars remain valid.
Despite the rescission of previous circulars:
SEBI has invoked its powers under Section 11 (1) of the SEBI Act, 1992, to issue this Master Circular. The primary objective remains the protection of investors’ interests and ensuring a seamless development and regulation of the securities market.
The issuance of the Master Circular comes with the nod from the Competent Authority, reinforcing its importance and authoritative nature. For those seeking to access the circular, it has been made available on SEBI’s official website under the ‘Legal’ section.
SEBI’s commitment to maintaining a compliant and transparent securities market in India is evident in its consistent efforts to update and consolidate regulations. The new Master Circular on KYC norms is a step in the right direction, offering clarity and making it easier for all stakeholders to stay informed and compliant. It’s a move that should be welcomed by all market participants as it ensures that the Indian securities market continues to operate with integrity, protecting the interests of both investors and intermediaries.
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