NSE Circular on -Guidelines in pursuance of amendment to SEBI KYC (Know Your Client) Registration Agency (KRA) Regulations, 2011
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Issuer: NSE
Guidelines in pursuance of amendment to SEBI KYC (Know Your Client) Registration Agency (KRA) Regulations, 2011
Highlights of NSE Circular dated October-13-2025
This is with reference to SEBI Circular No. SEBI/HO/MIRSD/FATF/P/CIR/2023/0144 dated August 11, 2023, and pursuant to Exchange Circular issued on monthly basis in respect to Guidelines in pursuance of amendment to SEBI KYC (Know Your Client) Registration Agency (KRA) Regulations, 2011 with the latest issued on dated September 10, 2025, NSE/ISC/70132 on “Simplification of KYC process and rationalisation of Risk Management Framework at KYC (Know Your Client) Registration Agencies (KRAs)” and “Guidelines in pursuance of amendment to SEBI KYC (Know Your client) Registration Agency (KRA) Regulations, 2011”.
It may be noted that as per SEBI Circular SEBI/HO/OIAE/OIAE_IAD1/P/CIR/2023/0000000163 dated October 03, 2023, on Centralized mechanism for reporting the demise of an investor through KRAs. All Regulated Entities registered with SEBI should block debit transactions in those accounts including suspension of all transactions in the trading account and inactivate/close the UCC in all the stock Exchanges. Trading Members are informed that demise data is being shared by the KRA on daily basis.
It is hereby informed that the clients whose KYC are not found to be validated by KRAs i.e. where the KYCs are “On Hold” for any reasons (both AADHAAR and Non-AADHAAR based OVD) uploaded to the KRA from September 01, 2025 to September 30, 2025 shall neither be Permitted to Trade on the Exchange, nor will they be allowed to square up their open positions, if any, w.e.f. October 25 th, 2025 until they comply with the validation requirements. Eventually, such open positions will naturally expire on the expiry date of the respective contract.
The Exchange shall flag the non-compliant PANs, provided by the KRAs, as Not Permitted to Trade w.e.f. October 25th, 2025. All PANs that become KRA compliant subsequently, will be permitted to trade on T+1, based on the information received from KRA by the Exchange on T Day.
The list of such non-compliant clients as mentioned above have been provided at the below mentioned location:
- Visit the member portal link: https://inspection.nseindia.com/MemberPortal/
- File Path: ENIT > Log > Downloads
- Refer the file: <TM Code>_Non-Validated_Clients_by_KRA
Kaushik Jethwa - kau...@secmark.in/ 9870210171