The Securities and Exchange Board of India has instructed KYC Registration Agencies on Thursday to synchronise their systems with the Central KYC Records Registry and to start uploading know-your-customer data starting Aug. 1.
The client's KYC record is uploaded to the KYC Registration Agencies' system by intermediaries performing client due diligence. Furthermore, intermediaries also upload the KYC information to the Central KYC Records Registry.
In a recent circular, the markets regulator instructed registered intermediaries to persist in uploading or modifying the KYC information with appropriate authentication on the KRA systems.
Further, KRAs will upload the verified or validated KYC information onto the system of CKYCRR within seven days of receiving the same from intermediaries.
KRAs are also tasked with ensuring that the current KYC records of both legal entities and individual clients are uploaded to the CKYCRR within a six-month period starting from Aug. 1.
(With inputs from PTI)
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