Capital markets regulator Sebi on Wednesday proposed that KYC and account opening process should be separated in order to standardise the process and avoid duplication. It has been suggested that KYC should be done through stock exchanges, depositories and KYC Registration Agencies(KRAs), and documentation for opening of account for entering into transaction would continue to be the responsibility of concerned registered intermediaries. At present, KYC of clients in the securities market is conducted by registered intermediaries stock brokers, depository participants, RTAs and then Registered Intermediaries (RIs) upload KYC records in the KRA system. The role of KRAs is centralisation of the KYC records, ascertaining the upload of KYC documents and sharing KYC records with Sebi registered intermediaries as and when required, Sebi noted in the consultation paper.
Karvy Investors Start Receiving Their Money from NSE s IPF in Record Time after Broker Expulsion
Moneylife Digital Team
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Investors of Karvy Stock Broking Ltd (Karvy), who had filed claims with the investor protection fund (IPF) of National Stock Exchange (NSE), have started receiving their money back within a fortnight after processing of claims began. Some investors, who have joined Moneylife Foundation s Telegram group have posted messages to share the news.
NSE sources tell us, We have expedited payments significantly and also made it easier for investors by sharing information proactively to shorten the claim process. On an average, claims are being paid within 12 to 13 days after complete documentation has been submitted.
Deposit Rs 250 crore as per SAT order: Supreme Court to RIL financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
(File photo)
NEW DELHI: The Supreme Court on Thursday stayed a Securities Appellate Tribunal order upholding Sebi’s direction to RIL to pay up disgorged amount of Rs 447 crore on the condition that it deposited Rs 250 crore in the Investors’ Protection Fund.
Admitting RIL’s appeal against SAT’s November 5 order, a bench of Justices D Y Chandrachud, Indu Malhotra and Indira Banerjee said, “As and by way of interim relief, we order and direct that the appellants shall, within a period of four weeks from today, deposit an amount of Rs 250 crore in the Investors’ Protection Fund in compliance with the order of the Whole Time Member, subject to the final result of the appeal. There shall be a stay on the recovery of the balance, inclusive of interest, pending the appeal.”
NSE Expels Sumpoorna Portfolio, Asks Investors To File Claims for Outstanding
Moneylife Digital Team
0
The National Stock Exchange (NSE), on Tuesday while declaring as defaulter, expelled Sumpoorna Portfolio Ltd from its membership from 14 December 2020. NSE has also asked investor-clients of Sumpoorna Portfolio to submit their claims of outstanding from the Investor Protection Fund (IPF).
In a release, the bourse says, NSE has expelled Sumpoorna Portfolio, a trading member from the membership of the Exchange under Rules 1 and 2 of Chapter IV of the NSEIL Rules and also declared it as a defaulter under provision 1 (a) of Chapter XII of Exchange Bye laws.