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SEBI - As we all know in India, there are many senior aged citizens who are not a part of Digitization i.e. they do not use Internet, emails, social media networks etc. Almost each household would have some sorts of Loans with a Bank or any other loan disbursement institutions and these senior citizens also form a part of these loans....
Read MoreSEBI - This article describes the FEMA/RBI guidelines for transfer of shares from resident to non-residents alongwith the corresponding tax implications of transfer/sale of shares by an Indian resident. ...
Read MoreSEBI - Why is KYC Needed? Since your KYC is one of the stepping stones when commencing a new financial relationship, it becomes obvious that you must keep all these documents well guarded and make sure they are not easily duplicated. If you let your documents float around the city then you could land in a major mess which could upset all your fu...
Read MoreSEBI - Whether intermediaries are required to carry out in-person verification (IPV) of the client, if KYC verification of the client is carried out through Aadhaar based e-KYC service offered by UIDAI as per the aforementioned SEBI Circular?...
Read MoreSEBI - What is KYC? Why is it required? Response: KYC means 'Know Your Customer'. It is a process by which banks obtain information about the identity and address of the customers. This process helps to ensure that banks’ services are not misused. The KYC procedure is to be completed by the banks while opening accounts and also periodically u...
Read MoreSEBI - Keeping in mind highest standards of Chartered Accountancy profession in India, Council of ICAI thought it necessary to issue such KYC norms to be observed by members of profession who are in practice....
Read MoreSEBI - Client Information as well as due diligence on clients has become a necessity for professionals in today’s complex business scenario. Such an exercise can be made possible in a structured way. Many professional bodies today advise their members to have KYC about their clients so that professionals can freely exercise and deliver their p...
Read MoreSEBI - All the members of Institute of Chartered Accountants of India (ICAI), who are in practice, are hereby informed that the Council has formulated the following Know Your Client Norms (KYC norms) at it’s 307th Meeting held on 13th July, 2011, which shall be recommendatory in nature, and apply only in case of attest function....
Read MoreSEBI - Capital market regulator Sebi on Thursday approved a uniform customer identification process for investors in different segments, and also decided to accept Aadhaar or UID as one of the eligible documents for fulfilling the KYC norms. ...
Read MoreSEBI - In the alleged Rs 400-crore fraud by a senior employee at a Gurgaon branch of Citibank, RBI is probing whether there have been any violations of norms related to customer verification and monitoring of accounts. The initial probe by the banking regul...
Read MoreCircular No. SEBI/HO/IMD/FIIC/CIR/P/2017/068 - (30/06/2017) - Central Board of Direct Taxes (CBDT) has recently introduced a facility of E-PAN (electronic PAN card) vide press release dated April 11, 2017. Accordingly it is clarified that E-PAN issued by CBDT can also be produced by FPI for KYC The other instructions contained in Circular CIR/IMD/FPIC/123/201 ...
Read MoreRBI/2016-17/183 DBR.AML.BC.48/14.01.01/2016-17 - (15/12/2016) - (i) ection 8(d) and (e), wherein it is mentioned that concurrent/internal audit system of the Regulated Entities (REs) has to verify the compliance with KYC/AML policies and procedures and submit quarterly audit notes and compliance to the Audit Committee...
Read MoreRBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 - (08/12/2016) - i. Explanation to Section 3(a)(ii)d pertaining to ‘definition of beneficial owner in case of trust’ which reads as - Explanation: Term ‘body of individuals’ includes societies has been deleted....
Read MoreNA - (21/07/2016) - a) Central KYC Registry application can be accessed by registered/authorised institutions or other notified institutions under the Prevention of Money Laundering Act or rules framed by the Government of India or any Regulator (RBI, SEBI, IRDA and PFRDA) thereunder....
Read MoreRBI/2014-15/532 DCBR.BPD(PCB/RCB)Cir.No.24/14.01.062/2014-15 - (01/04/2015) - The default rule is that any two documents, out of those listed in paragraphs of the Master Circulars mentioned above, should be provided as activity proof by a proprietary concern. However, in cases where the banks are satisfied that it is not possible to furnish two such documents, they would have...
Read MoreCircular No. SEBI/HO/IMD/FIIC/CIR/P/2017/068 - (30/06/2017) -
RBI/2016-17/183 DBR.AML.BC.48/14.01.01/2016-17 - (15/12/2016) -
RBI/2016-17/176 DBR.AML.BC. No. 18/14.01.001/2016-17 - (08/12/2016) -
NA - (21/07/2016) -
RBI/2014-15/532 DCBR.BPD(PCB/RCB)Cir.No.24/14.01.062/2014-15 - (01/04/2015) -
