Markets regulator Sebi asked intermediaries to upload KYC documents with the central server for all new individual accounts that will be opened from August 1, 2016. “The ‘live run’ of the CKYCR has already been started with effect from July 15 in a phased manner beginning with new ‘individual accounts,” Securities and Exchange Board of India (Sebi) said in a circular.
Further, Test Environment has also been made available by the central server for the use of the reporting entities. “In the first phase, the registered intermediaries shall upload the KYC data with CKYCR, in respect of all individual accounts opened on or after August 1 wherever KYC is required to be carried out as per the circulars issued by Sebi from time to time and accordingly, shall take steps to prepare their systems for uploading the KYC data,” it added.
The government had authorised the CERSAI (Central Registry of Securitisation and Asset Reconstruction and Security Interest of India) to take the task of a central KYC registry. CERSAI, which was created in 2011 to prevent frauds in lending, performs functions like receiving, storing, safeguarding and retrieving the KYC records in digital form. Besides, CERSAI has operationalised a help desk for addressing any difficulty in uploading KYC records to CKYCR.