KYC norms

SEBI: Enhanced due diligence for dematerialization of Physical Securities

Finance - SEBI has, vide Circular dated 5th November, 2019, directed the Depositories and the Listed Companies / Registrar and Transfer Agents (RTA) to implement a due diligence process for processing of dematerialization request in respect of the physical shares....

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Mandatory KYC of Director Indentification Number (DIN)

Finance - All the Individuals (whether Indian or any other nationality and whether residing in India or not) having DIN as on March 31 are required to file KYC form....

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Effect of Non Filing Of DIR 3 KYC 

Finance - If Person fails to file DIR-3 KYC within due date. MCA21 system will mark all approved DINs (allotted on or before 31st March, 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reasons as ‘Non-filing of DIR-3 KYC’...

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Legality of MCA’s Notification on Annual KYC of Directors

Finance - Now that the time for filing DIR-3 KYC has just go over on September 15th for those directors who were already on record as on March 31st 2018, its time to critically review the requirement for annual KYC This article examines the rationale for the exercise and suggests better ways to achieve the desired objective...

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Duplicate/Multiple DINs – What to do and 14 FAQs on DIR-3 KYC

Finance - 1. In case of Duplicate/Multiple DINs, which DIN needs to be retained? As per the extant rules, in respect of an individual who is in possession of Duplicate/Multiple DINs, he can retain the Oldest DIN only. DINs obtained later have to be surrendered. In respect of an individual with a single DIN, if it is/was […]...

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Norms of Aadhaar KYC eased for opening of bank account

Finance - Norms of Aadhaar KYC are eased, not of the Change of Address in Aadhaar Norms of Aadhaar KYC are eased for opening of bank account and not for the change of address in Aadhaar, said the Department of Revenue (DoR), Ministry of Finance today while clarifying on Aadhaar KYC use with reference to its notification […]...

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Mandatory Annual KYC of all Directors of all companies

Finance - As part of updating its registry, MCA is conducting KYC of all Directors of all companies annually through a new eform viz. DIR-3 KYC . DIR-3 KYC is been notified vide Companies(Appointment and Qualification of Directors) Fourth Amendment Rules, 2018 dated 5th July 2018 and would be made available shortly for filing purposes. While filing...

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CBEC invites Comments on “Know Your Customer (KYC) norms”

Finance - Board has also decided to simplify the norms for KYC verification in the light of introduction of Goods & Services Tax (GST) and in view of the emphasis of government on adoption of a unified identifier. Accordingly, in modification of the earlier instructions...

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ICAI issues mandatory KYC Norms applicable w.e.f 1.1.2017

Finance - 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....

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KYC Norms for Company Secretary in Practice

Finance - 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...

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e-KYC Authentication facility under PMLA by Entities in securities market

SEBI/HO/MIRSD/DOP/CIR/P/2019/123 - (05/11/2019) - Entities in the securities market shall be allowed to undertake Aadhaar Authentication under section 11A of PMLA. SEBI Registered intermediaries for reasons such as online on-boarding of clients, customer convenience, increased efficiency and reduced time for client on-boarding would prefer to use A...

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Amendment to Master Direction (MD) on KYC related to Aadhaar

RBI/2018-19/190, DBR. AML. BC. No. 39/14.01.001/2018-19 - (29/05/2019) - Important changes carried out in the Master Direction in accordance with the aforementioned amendments are listed hereunder: a) Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose. (Sect...

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Companies (Registration Offices and Fees) Fourth Amendment Rules, 2018

G.S.R.797(E) - (21/08/2018) - MCA has extended the last date of filing DIR -3KYC without any filing fees upto 15/09/2018 from 31/08/2018. The fees of ₹5,000/- shall be applicable & payable on all delayed filings w.e.f 16/09/2018. The Same been done by amending Companies (Registration Offices and Fees) Rules, 2014 vide Noti...

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Acceptance of e-PAN card for KYC purpose

Circular 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 ...

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Comply with Master Direction on KYC norms: RBI

RBI/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...

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Recent Posts in "KYC norms"

Norms of Aadhaar KYC eased for opening of bank account

Norms of Aadhaar KYC are eased, not of the Change of Address in Aadhaar Norms of Aadhaar KYC are eased for opening of bank account and not for the change of address in Aadhaar, said the Department of Revenue (DoR), Ministry of Finance today while clarifying on Aadhaar KYC use with reference to its notification […]...

Read More
Posted Under: SEBI |

SEBI: Enhanced due diligence for dematerialization of Physical Securities

SEBI has, vide Circular dated 5th November, 2019, directed the Depositories and the Listed Companies / Registrar and Transfer Agents (RTA) to implement a due diligence process for processing of dematerialization request in respect of the physical shares....

Read More
Posted Under: SEBI |

e-KYC Authentication facility under PMLA by Entities in securities market

SEBI/HO/MIRSD/DOP/CIR/P/2019/123 (05/11/2019)

Entities in the securities market shall be allowed to undertake Aadhaar Authentication under section 11A of PMLA. SEBI Registered intermediaries for reasons such as online on-boarding of clients, customer convenience, increased efficiency and reduced time for client on-boarding would prefer to use Aadhaar based e-KYC facility to complete ...

Read More

Mandatory KYC of Director Indentification Number (DIN)

All the Individuals (whether Indian or any other nationality and whether residing in India or not) having DIN as on March 31 are required to file KYC form....

Read More
Posted Under: SEBI |

Amendment to Master Direction (MD) on KYC related to Aadhaar

RBI/2018-19/190, DBR. AML. BC. No. 39/14.01.001/2018-19 (29/05/2019)

Important changes carried out in the Master Direction in accordance with the aforementioned amendments are listed hereunder: a) Banks have been allowed to carry out Aadhaar authentication/ offline-verification of an individual who voluntarily uses his Aadhaar number for identification purpose. (Section 16 of the amended MD on KYC)...

Read More

Effect of Non Filing Of DIR 3 KYC 

If Person fails to file DIR-3 KYC within due date. MCA21 system will mark all approved DINs (allotted on or before 31st March, 2018) against which DIR-3 KYC form has not been filed as ‘Deactivated’ with reasons as ‘Non-filing of DIR-3 KYC’...

Read More
Posted Under: SEBI |

Legality of MCA’s Notification on Annual KYC of Directors

Now that the time for filing DIR-3 KYC has just go over on September 15th for those directors who were already on record as on March 31st 2018, its time to critically review the requirement for annual KYC This article examines the rationale for the exercise and suggests better ways to achieve the desired objective...

Read More
Posted Under: SEBI |

Duplicate/Multiple DINs – What to do and 14 FAQs on DIR-3 KYC

1. In case of Duplicate/Multiple DINs, which DIN needs to be retained? As per the extant rules, in respect of an individual who is in possession of Duplicate/Multiple DINs, he can retain the Oldest DIN only. DINs obtained later have to be surrendered. In respect of an individual with a single DIN, if it is/was […]...

Read More
Posted Under: SEBI |

Companies (Registration Offices and Fees) Fourth Amendment Rules, 2018

G.S.R.797(E) (21/08/2018)

MCA has extended the last date of filing DIR -3KYC without any filing fees upto 15/09/2018 from 31/08/2018. The fees of ₹5,000/- shall be applicable & payable on all delayed filings w.e.f 16/09/2018. The Same been done by amending Companies (Registration Offices and Fees) Rules, 2014 vide Notification dated 21st August 2018 or via C...

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Know Everything about DIR-3 KYC?

Central Government has extended the KYC for Directors as well. Just like Bank KYC, where governments want to know the Director and expect them to submit a yearly intimation about KYC and any changes, if any, in the details....

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Posted Under: SEBI |

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