|1. Processing of Investor Complaints against Listed Companies
SEBI earlier vide Circular No. CIR/OIAE/2/2011 dated 3rd June, 2011 had prescribed that all the complaints pertaining to listed companies will be electronically sent through SCROES and all the listed companies are required to obtain authentication on SCORES. Now, SEBI has directed the listed companies who are desirous of getting their equity shares listed on stock exchanges to obtain authentication on SCORES before obtaining listing approval from Stock Exchange.
| 2. Uploading of Existing Clients KYC details in the KYC Registration Agency (KRA) systems
- SEBI in furtherance to its earlier circulars for simplifying the account opening process of investors through KYC process had developed the KRA system which is a centralized database for KYC records of investors. This system was enforceable for new clients who opened accounts with the intermediaries from 1st January, 2012.
- Now, SEBI has also directed the intermediaries to send KYC details of clients registered prior to 1st January, 2012 (“existing clients”) to KRA as and when they trade with the intermediary and the KRA are required to upload the same on their systems as per the schedule mentioned below:
|Existing clients of intermediary who trade/ invest/ deal with it during the below mentioned time period
||Timeline for intermediary to upload existing clients KYC data on KRA system & send KYC documents to KRA
||Timeline for KRA to update the record in their system & send acknowledgement to the existing client
|April 16, 2012 – June
|August 31, 2012
||September 30, 2012
|June 16, 2012 – August
|October 31, 2012
||November 30, 2012
|September 1, 2012 –
October 31, 2012
|November 30, 2012
||December 31, 2012
|November 1, 2012 –
December 31, 2012
|January 31, 2013
||February 28, 2013
|January 1, 2013 – February 28, 2013
||March 15, 2013
||March 31, 2013
- That the intermediaries & KRAs to upload the KYC data of existing clients who trade after the aforesaid schedule on a continuous basis.
- It is clarified that intermediaries can send print out of the scanned documents to KRAs instead of original documents as per the aforesaid schedule. Provided, that the original documents should reach the KRAs by 31st March, 2013.
- That maintaining of physical records of KYCs of investors is not necessary for intermediaries.
- In case the existing client approaches another intermediary, that intermediary is placed upon the responsibility to update the missing information and to do the In-person verification (if already not done) and send the relevant documents to the KRA.
- The compliance of the aforesaid circular shall be monitored by the Boards of Asset Management Companies and the Trustees in case of Mutual Funds and by the Board of Directors in case of other intermediaries.
The detailed circulars issued by SEBI are enclosed.