Master Circular on Know Your Client (KYC) norms for the securities market

Last updated: 17 October 2023

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The Securities and Exchange Board of India (SEBI) has issued a Master Circular consolidating all previous circulars and directions on Know Your Client (KYC) norms for the securities market. This comprehensive document, effective from its issue date, aims to provide intermediaries with a single point of access to relevant regulations. It also incorporates modifications to align with the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, and SEBI's KYC Registration Agency Regulations, 2011.

MASTER CIRCULAR

SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169 October 12, 2023

To,

1. All Intermediaries registered with SEBI under Section 12 of the Securities and Exchange Board of India Act, 1992
2. Recognised Stock Exchanges
3. Association of Mutual Funds in India (AMFI)
4. Association of Portfolio Managers in India (APMI)
5. BSE Administration & Supervision Limited (BASL)

Dear Sir / Madam,

Subject: Master Circular on Know Your Client (KYC) norms for the securities market

1. The Securities and Exchange Board of India (SEBI) has been issuing various circulars/directions from time to time on Know Your Client (KYC) norms to be followed by intermediaries in the securities market. In order to enable the users to have access to all the applicable circulars/directions at one place, this Master Circular on the captioned subject is being issued.

2. This Master Circular is a compilation of the circulars/directions issued by SEBI up to September 30, 2023 on the captioned subject and includes certain modifications to align such circulars/directions with the provisions of the Prevention of Money Laundering (Maintenance of Records) Rules, 20051 and the Securities and Exchange Board of India [KYC (Know Your Client) Registration Agency] Regulations, 20112. The provisions of this Master Circular shall come into force from the date of its issue.

For full notification please refer to the attachment

FAQ :

The Master Circular consolidates all previous SEBI circulars and directions on Know Your Client (KYC) norms for the securities market into a single document for easier access by intermediaries.

It is addressed to all intermediaries registered with SEBI, recognised stock exchanges, the Association of Mutual Funds in India (AMFI), the Association of Portfolio Managers in India (APMI), and BSE Administration & Supervision Limited (BASL).

This Master Circular is a compilation of SEBI circulars and directions issued up to September 30, 2023.

Yes, it includes modifications to align existing circulars and directions with the Prevention of Money Laundering (Maintenance of Records) Rules, 2005, and the Securities and Exchange Board of India [KYC (Know Your Client) Registration Agency] Regulations, 2011.

The provisions of this Master Circular shall come into force from the date of its issue, which is October 12, 2023.