Response : CKYC & KRA-KYC – both are mandatory. CKYC is the master of all! and also the latest reform in the securities market! As per Regulation 15(8) an investment advisor shall follow KYC procedure as specified by SEBI from time to time. CKYC is mandatory because of SEBI Circulars dt. July 21, 2016 and […]
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Response : According to Section 8 of the IA Regulations A Non- Individual RIA need to maintain Networth of 50 Lakhs Rupees. “Networth” means in your case of Partnership firm: the aggregate value of paid up share capital plus free reserves (excluding reserves created out of revaluation) reduced by the aggregate value of accumulated losses, […]
Can we take Sub-broking licenses in the name of any Partner of AIA. Please also note there will be no fee sharing on our Advisory client part. I have attached one case study, in which the RIA is also into distribution services. Can you please confirm the same and advise us. Below chat is related […]
Response to Sub-Query-1: Generally, if KYC is done with any KRA, it will be visible in the public domain itself. So, if it is already appearing as KYC “done” in any of the KRAs then, no further action is required. If such client is not having status of “KYC” done in any of the KRAs […]
To move the LOEs to the new entity, would it be okay to take a simple letter signed by client, stating below I agree to continue receiving Financial Advisory Services from Shah Rohit Financial Services Private Limited as per the earlier engagement entered with ROHIT SHAH as per the same terms and conditions, without any […]
Response: According to Section 7(2) of the IA Regulations, Certification requirements shall be complied by Individual IA or Principal Officer of Non-Individual IA or PAIA,, at all times, a certification on financial planning or fund or asset or portfolio management or investment advisory services from: a) National Institute of Securities Markets (NISM) or b) […]
Recently I spoke to Mega Kyal (CA) and she asked for many complicated records to file but I don’t have those records. Usually I have collected Risk profile form (3 pages, Question and Answer tick mark) then KYC form with Pan copy. After I received a filled risk profile, Kyc and Pan copy I issued […]
Can you pls find out and share the right pdf. just had a querry For corporate RIA there is a requirement of submitting networth certificate My querry is Does the certificate have to be as on 30 th sept meaning calculated as in sept 21 or is it as on 31 st march 2021 We […]
We have received our registration with FIU and we can successfully log-in now. We are sole proprietory concern. We dont have any suspicious transactions as of now so do we have to do NIL reporting? Is there any other reporting required and what is the frequency? Response: Response to Sub-Query-1: Generally, if KYC is […]
Response: For new accounts, not only should you go based on the declared client’s identity – but, you have an obligation to also find out the beneficial ownership and control i.e. which individual(s) ultimately own(s) or control(s) the client and/or the person on whose behalf a transaction is being conducted. This, you can check […]