{"id":260940,"date":"2022-02-01T10:30:10","date_gmt":"2022-02-01T05:00:10","guid":{"rendered":"https:\/\/www.scconline.com\/blog\/?p=260940"},"modified":"2022-02-01T10:25:55","modified_gmt":"2022-02-01T04:55:55","slug":"sebi-kyc-know-your-client-registration-agency-amendment-regulations-2022","status":"publish","type":"post","link":"https:\/\/www.scconline.com\/blog\/post\/2022\/02\/01\/sebi-kyc-know-your-client-registration-agency-amendment-regulations-2022\/","title":{"rendered":"SEBI {KYC (Know Your Client) Registration Agency} (Amendment) Regulations, 2022"},"content":{"rendered":"<p style=\"text-align: justify;\">On January 28, 2022, the Securities and Exchange Board of India (SEBI) has issued Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} (Amendment) Regulations, 2022 to further amend the Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011.<\/p>\n<p>&nbsp;<\/p>\n<h4><span style=\"color: #0000ff;\">Key Amendments:<\/span><\/h4>\n<ul>\n<li>In Regulation 2 which specify \u201cDefinitions\u201d the following new sub-regulation (da) has been inserted namely: &#8211;<\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\">\u201cchange in control\u201d, in relation to a KRA, means:<\/p>\n<ol>\n<li style=\"list-style-type: none;\">\n<ol>\n<li style=\"text-align: justify;\">if its shares are listed on any recognised stock exchange, change in control within the meaning of regulations framed under clause (h) of sub-section (2) of section 11 of the Act;<\/li>\n<li>in any other case, change in controlling interest.<\/li>\n<\/ol>\n<\/li>\n<\/ol>\n<p style=\"padding-left: 40px; text-align: justify;\">Note: Controlling interest means: (i) an interest, whether direct or indirect, to the extent of atleast fifty one percent of voting rights; (ii) right to appoint majority of the directors or to control the management directly or indirectly;<\/p>\n<ul>\n<li>In Regulation 7 which specify \u201cGrant of certificate of registration\u201d the following sub-regulation (5) has been inserted namely: &#8211;<\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\">\u201cWhere the KRA proposes change in control, it shall obtain prior approval of the Board for continuing to act as such after the change.\u201d<\/p>\n<ul>\n<li style=\"text-align: justify;\">In Regulation 15 which specify \u201cFunctions and obligations of the KRA\u201d the following sub-regulation (da) has been inserted namely: &#8211;<\/li>\n<\/ul>\n<p style=\"padding-left: 40px; text-align: justify;\">\u201cKRA shall carry out an independent validation of the KYC records uploaded onto its system by the intermediary in such a manner as specified by the Board from time to time\u201d.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>On January 28, 2022, the Securities and Exchange Board of India (SEBI) has issued Securities and Exchange Board of India {KYC (Know 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