SEBI Mandates KYC Integration by August 1, 2024: A Seamless Financial Transformation

SEBI directs KYC Registration Agencies to integrate their systems with the Central KYC Records Registry by August 1, 2024. Intermediaries are to continue uploading KYC data, which KRAs must further validate and upload within seven days to CKYCRR. Existing KYC records must be uploaded within six months of the deadline.

In a sweeping move to streamline financial operations, SEBI, the capital markets regulator, has mandated that KYC Registration Agencies (KRAs) integrate their systems with the Central KYC Records Registry (CKYCRR) starting August 1, 2024.

According to SEBI's circular, this integration requires intermediaries conducting client due diligence to upload KYC records to the KRAs, who must then validate and transfer this data to CKYCRR within seven days.

KRAs are also required to ensure that all existing KYC records, both for legal entities and individual clients, are uploaded to the CKYCRR within six months from the stipulated deadline, marking a significant shift towards more centralized and secure financial data management.

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