The Market Regulator Securities and Exchange Board of India (SEBI) has notified the new provision for the Intermediary to integrate its systems with KYC Registration Agency (KRA) to facilitate seamless movement of KYC documents to and from the Intermediary to the KRA. This is to integrate the systems S. facilitate seamless movement.
To enhance the role of KYC Registration Agencies (KRAs) role, the markets regulator has notified new norms to make them responsible for carrying out independent validation of the KYC records uploaded onto their system by the Registered Intermediary (RI).
Now it is mandatory to obtain prior approval of the SEBI whenever there is a change in the controlling interest of KRA.
Along with other changes, the following additional clause will be introduced after regulation 16(d), namely, the Intermediary shall interface its systems with the KRA to permit the seamless transmission of KYC papers from the Intermediary to the KRA.