Deadline to update KYC details on trading accounts to end on August 18

The Securities and Exchange Board of India (SEBI) has reiterated its intent to keep investor data up to date. Brokers are expected to maintain accurate and current investor information, in line with SEBI's vision of a well-regulated and compliant financial ecosystem.

In another development, Sebi has simplified the KYC process and rationalised the risk management framework at KYC registration agencies (KRAs). The records of all existing clients, whose KYC has been completed based on officially valid documents other than Aadhaar, would be verified within a period of 90 days from September 1, 2023, Sebi said in a circular.

For the interest of investors and ease of transaction in the securities market, the client will be allowed to open an account with intermediaries and transact in the securities market as soon as the KYC (Know Your Client) process is completed, Sebi said.

Subsequently, as a part of the risk management framework, the KRAs will verify attributes such as the PAN, name and address of all clients within two days of receipt of KYC records. Additionally, the KRAs will verify the client's mobile number and e-mail ID.