(1) In these regulations, unless the context otherwise requires, the terms defined herein shall bear the meanings assigned to them below -
(a) ‘‘Act’’ means the Securities and Exchange Board of India Act, 1992 (15 of 1992);
(b) “Board” means the Securities and Exchange Board of India established under section 3 of the Act;
(c) “Certificate” means a certificate of registration granted by the Board under these regulations;
(d) “Client” means a person seeking to do/has done his KYC through intermediary with KRA;
(e) ‘‘Inspecting authority’’ means any one or more person appointed by the Board to exercise powers conferred under chapter IV;
(f) “Intermediary” means an entity associated with securities market and registered under sub-section (1A), (1B) and (1) of Section 12 of the Act; who is required to do KYC of its clients;
(g) “Intermediaries Regulations’’ means Securities and Exchange Board of India (Intermediaries) Regulations, 2008;
(h) “KYC Registration Agency (KRA)” is a company formed and registered under the Companies Act, 1956 and which has been granted a certificate of registration under these regulations which hereinafter shall be deemed to be an intermediary in terms of the provisions of the Act;
(i) ‘‘KYC’’ means the procedure prescribed by the Board for identifying and verifying the Proof of Address, Proof of Identity and compliance with rules, regulations, guidelines and circulars issued by the Board or any other authority for Prevention of Money Laundering from time to time;
(j) “Operating Instructions” means operating instructions made by a KRA under Regulation 15;
(k) “Rules’’ means Prevention of Money Laundering Rules, 2005;
(l) “Prescribed” means prescribed by a general or special order or circular issued under the Act or these regulations.
(2) All other words and expressions used but not defined in these regulations shall have the same meaning as have been assigned to them under the Act or the Securities Contracts (Regulation) Act, 1956, (42 of 1956) or the Companies Act, 1956 (1 of 1956), or Prevention of Money Laundering Act (PML), 2005 or the PML Rules, 2005 or any statutory modification or reenactment thereto, as the case may be.
CHAPTER II REGISTRATION OF KRA Application for grant of certificate of 1[***] registration
3. An application for the grant of a certificate of registration as a KRA shall be made to the Board in Form as specified in Schedule I and shall be accompanied by such fees and in such manner as specified in Schedule II of these regulations.
Application to conform to the requirements 1 The word “initial” was omitted by the Securities andExchange Board ofIndia (Change In Conditions Of Registration Of Certain Intermediaries) (Amendment) Regulations,2016 w.e.f. 08-12-2016.
4. An application, which is not complete in all respects and does not conform to the instructions prescribed in the Form and the requirements specified therein or the information, is false or misleading in any manner shall be rejected by the Board.
Provided that before rejecting any such application, the applicant shall be given, in writing, an opportunity to remove, within thirty days of the date of communication in this regard, such objections as may be indicated by the Board.
Notwithstanding anything contained in the first proviso, the Board may, on being satisfied that it is necessary, extend the time period by such further time, as it deems fit, in order to enable the applicant to remove the objections indicated by the Board.
Furnishing of information, clarification and personal representation