Discuss the functions and obligations of the 'know your client registration agency' in terms of the SEBI [KYC (Know Your Client) Registration Agency] Regulations, 2011.

The know your client registration agency (KRA) has the following functions and obligations: KRA may prepare the Operating Instructions in co-ordination with other KRA(s) and issue the same to implement the requirements of these regulations. KRA(s) shall have electronic connectivity and with other KRA(s) in order to establish inter-operability among KRAs. KRA shall have a secure data transmission link with other KRA(s) and with each intermediary that uploads the KYC documents on its system and relies upon its data. 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. KRA shall retain the KYC documents of the client, in electronic form for the period specified by Rules, as well as ensuring that retrieval of KYC information is facilitated within stipulated time period. Any information updated about a client shall be disseminated by KRA to all intermediaries that avail of the services of the KRA in respect of that client. KRA shall ensure that the integrity of the automatic data processing systems for electronic records is maintained at all times. KRA shall take all precautions necessary to ensure that the KYC documents/ records are not lost, destroyed or tampered with and that sufficient back up of electronic records is available at all times at a different place. KRA shall have adequate mechanisms for the purposes of reviewing, monitoring and evaluating its controls, systems, procedures and safeguards. KRA shall cause an audit of its controls, systems, procedures and safeguards to be carried out periodically and take corrective actions for deficiencies, if any and report to SEBI. KRA shall take all reasonable measures to prevent unauthorized access to its database and have audit of its systems and procedures at regular intervals as prescribed by SEBI. KRA shall have checks built in its system so that an intermediary can access the information only for the clients who approach him. KRA shall appoint a compliance officer who shall be responsible for monitoring the compliance of the Act, rules and regulations, notifications, guidelines, instructions, etc., issued by SEBI or the Central Government and for redressal of client's grievances. The compliance officer shall immediately and independently report to SEBI any non-compliance observed by him. KRA shall send a letter to each client after receipt of the KYC documents from the intermediary, confirming the client's details thereof. KRA shall take adequate steps for redressal of the grievances of the clients within one month of the date of receipt of the complaint and keep the Board informed about the number, nature and other particulars of the complaints from such investors.