Notifications & Circulars
Securities and Exchange Board of India
13.01.2021
Capital Market
Consultation paper on role of KYC registration agencies/Market infrastructure institutions in performing KYC (Know Your Client) of clients in securities market
MANU/SPRL/0002/2021
SEBI has prescribed various guidelines with regard to client KYC process, Use of technology for KYC, e-KYC Process, In-Person Verification, KYC Registration Agency (KRA) etc.. At present, KYC of clients in the securities market is conducted by SEBI Registered Intermediaries (stock brokers, depository participants, RTAs) and then Registered Intermediaries (RI) upload KYC records in the KRA/CKYCR system. The role of KRAs is centralization of the KYC records, ascertaining the upload of KYC documents and sharing KYC records with SEBI registered intermediaries as and when required. The responsibility of conducting the KYC and maintenance of records rests with the RI and KRA is only a repository of KYC records.
In the existing KYC process, every RI has to invest in infrastructure, manpower, technology, and implement processes which often vary between intermediaries. Also, in the eventuality of cancellation of registration of RI, original KYC documents collected by it may not be available to subsequent RI and Investor has to undergo KYC process again.
In order to achieve multiple objectives of standardizing the KYC process, making the KYC process more robust, avoiding duplication, saving cost to RI etc., a modified process for KYC in securities market has been envisaged. It is being proposed that the KYC and account opening process may be separated by doing client KYC through KRAs (which includes Market Infrastructure Institutions like Stock Exchanges, Depositories). This would ensure an end to end secured KYC process including Aadhaar authentication, independent verification of Officially Valid Document (OVD) / Income Tax Permanent Account Number (PAN), document safekeeping, technological innovations, standardization, cyber security norms, etc. While KYC will be responsibility of RIs and KRAs, documentation for opening of account for entering into transaction shall continue to be the responsibility of concerned RI.
A consultation paper on the proposed role of KRAs / MIIs in performing KYC of clients in securities market has been issued by SEBI on January 13, 2021 and public comments on the same have been invited by February 15, 2021.
Tags : Consultation paper Role KYC registration
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Securities and Exchange Board of India
13.01.2021
Capital Market
Notification repealing the Securities and Exchange Board of India (Central Database of Market Participants) Regulations, 2003
MANU/SREG/0005/2021
In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and Exchange Board of India hereby repeals with immediate effect the Securities and Exchange Board of India (Central Database of Market Participants) Regulations, 2003 published in Part-III, Section 4 of the Gazette of India, Extraordinary, under notification of the Securities and Exchange Board of India number F. No. SEBI/LE/26/2003 dated the 20th November, 2003.
1. The repeal of the said regulations shall not affect-
(i) the previous operation of the said regulations or anything done or omitted to be done or suffered therein;
(ii) any right, privilege, obligation or liability acquired or accrued or incurred under the said regulations;
(iii) any penalty or punishment incurred in respect of any contravention or offence committed under the said regulations;
(iv) any investigation, legal proceedings or remedy in respect of any such right, privilege, obligation, liability, penalty or punishment as aforesaid.
2. Any such investigation, legal proceeding or remedy may be instituted, continued or enforced and any such penalty or punishment may be imposed as if the said regulations had not been repealed.
Tags : Regulation Notification Repeal
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Insurance Regulatory and Development Authority
13.01.2021
Insurance
Communication on settlement of health insurance claims against General Insurance Council's instructions dated 20th June 2020 on "Reference, Rates for COVID-19"
MANU/IRDA/0003/2021
1. Attention is drawn to the Circular ref: "Reference rates for COVID-19 treatment" dated 20th June 2020 issued by General Insurance Council [GIC].
2. In case of "Cashless Claims" under a health insurance policy, the claims shall be settled as per the tariff decided by the parties in compliance to provisions of Regulation 31 of IRDAI [Health Insurance] Regulations, 2016. However, the insurers shall make efforts to have agreement with health providers on rates for treatment of Covid-19 similar to other diseases for which rate agreements are in place. Also, while entering into such agreements, the reference rate of GI council can be kept in view for guidance alongwith rates fixed by State Governments and Union Territory administration, if any and as relevant.
3. All the insurers are directed to ensure that the "Reimbursement claims" under a health insurance policy shall be settled as per the terms and conditions of the respective policy contract. Hence, the insurers shall honor all the health insurance claims as per the terms and conditions of the policy contract.
4. Insurers are advised to issue suitable guidelines on this to all TPAs.
5. This has the approval of Competent Authority.
Tags : Communication Settlement Insurance claims
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Press Information Bureau
13.01.2021
Civil
Cabinet approves MoU between India and UAE for scientific and technical cooperation
MANU/PIBU/0118/2021
The Union Cabinet, chaired by the Prime Minister, Shri Narendra Modi, has given its approval to the Memorandum of Understanding (MoU) on Scientific and Technical Cooperation between National Centre of Meteorology (NCM), United Arab Emirates (UAE) and Ministry of Earth Sciences (MoES) India.
The MoU provides for sharing of knowledge, data and operational products for meteorological, seismological and oceanic services, such as Radar, Satellite, Tide gauges, seismic and Meteorological stations.
1. Exchange of experience/visits in term of scientists, research scholars and specialists, etc. for the purpose of research, training, consultation, focused on climatic information services, satellite data utilization for now casting and tropical cyclones forecasting.
2. Exchange of scientific and technical information related to common interest activities.
3. Organization of bilateral scientific and technical seminars/ workshops/ conferences and training courses on problems related to the fields of cooperation mentioned in the MoU and of interest to both countries.
4. Other fields of cooperation as may be mutually agreed upon by the parties.
5. Deployment of Meteorological observation networks on mutual agreement over Ocean waters.
6. Cooperation in the development of special capacities of Tsunami models researches for faster and more reliable forecasts of Tsunamis propagating through the Oman Sea and Arabian Sea which affect the coastal areas of India and North East of UAE.
7. Cooperation to support the Tsunami Early Warning Centre (TEWC) in the form of forecast modelling software, specifically designed to support the Tsunami forecasting operations.
8. Sharing the real-time seismic data of some of Seismic stations situated in south and west of India and North of the UAE for monitoring the seismic activities which may generate Tsunami in Arabian Sea and Sea of Oman.
9. Cooperate at the field of Seismology which includes the study of Seismic activities having the potential to generate Tsunami waves in Arabian Sea and Oman Sea.
10. Cooperation in Early warnings of Sand and Dust storms through the exchange of knowledge.
Background
Weather services make critical contributions in enhancing efficiency of weather dependent sectors of economy; and in managing risk in weather-dependent economic sectors such as agriculture, transport, water etc. which underpin the economic growth in the region. Resilience can be strengthened through regional and global cooperation as countries invest in early warning systems and modernize weather and forecasting services. Due to evolutionary nature of weather, regional collaboration can help improve understanding of changing weather patterns, devise effective response strategies, lower investment costs, and foster regionally relevant technological innovation and address challenges related to modernization and sustainability of weather services.
Collaborative participation within MoES (India) and NCM-UAE in terms of activities related to multi-hazard early warning system and climate resilience can significantly contribute to economic growth in the region. Both sides showed interest in the scientific and technical collaborations faster and more reliable forecasts of Tsunamis propagating through the Oman Sea and Arabian Sea which affect the coastal areas of India and North East of UAE.
Tags : MOU Approval Scientific cooperation
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Ministry of Corporate Affairs
13.01.2021
Civil
Clarification on spending of CSR funds for awareness and public outreach on COVID-19 vaccination programme
MANU/DCAF/0003/2021
1. In continuation to this Ministry's General Circular No. 10/2020 dated 23.03.2020 wherein it was clarified that spending of CSR funds for COVID-19 is an eligible CSR activity, it is further clarified that spending of CSR funds for carrying out awareness campaigns/programmes or public outreach campaigns on COVID-19 Vaccination programme is an eligible CSR activity under item no. (i), (ii) and (xii) of Schedule VII of the Companies Act, 2013 relating to promotion of health care, including preventive health care and sanitization, promoting education, and, disaster management respectively.
2. The companies may undertake the aforesaid activities subject to fulfillment of Companies (CSR Policy) Rules, 2014 and the circulars related to CSR, issued by this ministry from time to time.
3. This issues with the approval of competent authority.
Tags : Clarification Spending CSR funds
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Ministry of Commerce and Industry
11.01.2021
Commercial
Electronic issuance of Preferential Certificate of Origin for India's exports to UK under Generalised Scheme of Preferences
MANU/DGFT/0005/2021
1. In continuation to the earlier Trade Notice(s) 30/2020-21 dated 13.10.2020, it is informed that the United Kingdom (UK) is being added as a country of Export on the e-COO Platform under Generalised Scheme of Preferences (GSP).
2. The details provided by the UK on the Generalised Scheme of Preferences may be seen at URL-https://www.gov.uk/government/publications/trading-with-developing-nations. Goods that meet the UK GSP rules of origin requirements are eligible to claim a GSP rate of import duty on the basis of a valid proof of origin. A valid proof of origin must be either of the following:
i. GSP Form-A-which does not need to be stamped and signed by an authority designated by the GSP country.
ii. An origin declaration-which must include information to enable the identification of an originating good
3. Reference 2 (i) above, the GSP Form-A is available electronically on the e-CoO Platform. Further, no physical pre-printed stationery of Form-A shall be issued. The exporters to UK planning to avail GSP benefits may submit the given form on the e-Platform. While the stamp and sign of the issuing authority is not mandatory as per the instructions provided by UK authorities, the GSP certificate when submitted electronically on the e-CoO platform will be made available through the existing online approval process with the image sign and signature.
4. For guidance on registration and application submission on the e-CoO Platform, the Help manual & FAQs may be accessed on the landing page at https://coo.dgft.gov.in.
Tags : Preferential Certificate Issuance Exports
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