SEBI to tighten KYC, transfer norms for P-Notes
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Acting upon recommendations of the Special Investigation Team on black money, market watchdog Securities and Exchange Board of India - Sebi plans to tighten due diligence requirements for issuance and transfer of controversy-ridden P-Notes and put the onus on investors to ensure compliance with anti-money laundering law.
These include mandating the issuers of P-Notes to file Suspicious Transaction Reports with the Financial Intelligence Unit. On the KYC norms, they would need to be followed by issuer entities for carrying out customer due diligence of the subscribers.
The Supreme Court appointed SIT on black money last year had suggested that Sebi should strengthen its norms to keep a tab on beneficial ownership of P-Notes as they were widely used by foreign investors and could be prone to misuse. #casansaar
These include mandating the issuers of P-Notes to file Suspicious Transaction Reports with the Financial Intelligence Unit. On the KYC norms, they would need to be followed by issuer entities for carrying out customer due diligence of the subscribers.
The Supreme Court appointed SIT on black money last year had suggested that Sebi should strengthen its norms to keep a tab on beneficial ownership of P-Notes as they were widely used by foreign investors and could be prone to misuse. #casansaar
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