"With a view to bring uniformity in the KYC requirements for the securities markets, SEBI has initiated usage of uniform KYC by all SEBI registered intermediaries. In this regard SEBI has issued the SEBI KYC (know your c

The key highlights of the SEBI (KYC (Know Your Client) Registration Agency (KRA)) Regulations, 2011, are as follows: An intermediary shall perform the initial KYC of its clients and upload the details on the system of the KRA. When the client approaches another intermediary, the intermediary can verify and download the client's details from the system of the KRA (KYC Registration Agency). As a result, once the client has done KYC with a SEBI registered intermediary, he need not undergo the same process again with another intermediary. SEBI shall not consider an application unless the applicant is a fit and proper person to the satisfaction of SEBI and is a wholly-owned subsidiary of a recognised stock exchange, having a nationwide network of trading terminals. Besides, wholly-owned subsidiaries of depositories, other market intermediaries, and Self-Regulatory Organisations would also be able to secure a certificate for initial registration as KRA. The KRA shall obtain the KYC documents of the client from the intermediary as prescribed by SEBI and in terms of the rules, regulations, guidelines, and circulars issued by SEBI or any other authority for Prevention of Money Laundering, from time to time. The KRAs can, in co-ordination with each other, prepare operating instructions for implementing requirements under this regulation and share data on KYC documents. KRA shall be responsible for storing, safeguarding, and retrieving the KYC documents and submit to SEBI or any other statutory authority as and when required.