Uploading of the existing clients KYC details in the KYC Registration Agency (KRA) system by the intermediaries: SEBI vide its circular MIRSD/ Cir-5 /2012 dated April 16, 2012 has mandated the existing clients who trade / invest / deal with the intermediary, the intermediaries to forthwith upload their KYC details in the KRA system. They shall also send original KYC documents to the KRA on continuous basis and complete the process within the prescribed time limits. The process of sending the original documents to the KRA should be completed by March 31, 2013. The intermediaries shall maintain electronic records of the KYCs of their clients and keeping physical records would not be necessary. While uploading the existing clients’ KYC details in the KRA system, the intermediary shall indicate the date of account opening / activation / updation of information. When the existing client approaches another intermediary, it shall be the responsibility of that intermediary which downloads the data of that client from the KRA system, to update the missing information, do IPV as per requirements (if not done already) and send the relevant supporting documents, if any, to the KRA. Thereafter, the KRA system shall indicate the records as updated.
Recently, in a landmark judgment by the Supreme Court in the case of Bank of Baroda v. Kotak Mahindra Bank, the Apex Court has determined over the limitation period applicable for executing a forei More
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