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Trading members must ensure all client KYC records are uploaded to the KRA. Only clients with a KYC status of KYC Registered or KYC Validated may trade. Clients with KYC status On Hold for records uploaded between October 01, 2026, and October 31, 2026, cannot trade or square off open positions starting November 21, 2026. These clients must complete validation requirements to resume trading. The Exchange flags non-compliant PANs as Not Permitted to Trade. Trading members must also block debit transactions and suspend trading accounts for investors reported as deceased through the KRA centralized mechanism. Members must download invalid or unavailable PAN records from the Exchange portal and follow the specified regulatory circulars for compliance.
What you must do
Key dates
Who is affected
If you do not comply
Ask about this notice
| Notice No. | 20261109-28 |
| Notice Date | 09 Nov 2026 |
| Category | Compliance |
| Segment | General |
| Department | DOSS |
| Subject | Guidelines in pursuance of amendment to SEBI KYC (Know Your Client) Registration Agency (KRA) Regulations, 2011 |
| Attachments | No Attachment |
To
All Trading Members of the Exchanges
Sub: Guidelines in pursuance of amendment to SEBI KYC (Know Your Client) Registration Agency (KRA) Regulations, 2011
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 notice no. 20261014-35 dated October 14, 2026 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".
Members may note that, pursuant to SEBI Circular No. SEBI/HO/OIAE/OIAE_IAD-1/P/CIR/2023/163 dated October 03, 2023, on the Centralized Mechanism for Reporting the Demise of an Investor through KRAs, all SEBI-registered Regulated Entities are required to block debit transactions in such accounts, suspend all transactions in the respective trading accounts, and inactivate/close the UCC across all Stock Exchanges. Trading Members are informed that demise-related data is being shared by the KRAs on a daily basis.
The Exchange provides details of PANs marked as "On Hold" and "Not Available" by KRAs, based on data uploaded by Members.
Path: UCC → Download UCCs Having Invalid PAN (by KRA) → Download UCCs PAN Which Are Not Available (at KRA)
Members are hereby informed to download records and take the necessary actions in accordance with SEBI Circular No. SEBI/HO/MIRSD/SECFATF/P/CIR/2023/169 dated October 12, 2023. Further to the above referred circulars, Trading Members are hereby advised to ensure that the KYCs of all the clients are uploaded to the KRAs and only those clients shall be permitted to trade whose KRA status is either "KYC Registered" or "KYC Validated".
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 October 01, 2026 to October 31, 2026, shall neither be Permitted to Trade on the Exchange, nor will they be allowed to square off their open positions, if any, w.e.f. November 21, 2026, 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 above non-compliant PANs, provided by the KRAs, as Not Permitted to Trade w.e.f. November 21, 2026. 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:
| Path | Name of File |
|---|---|
| EQ\TRANSACTION\Nov-2026\09-11-2026 | Non_Validated_Clients_by_KRAs_Clgno_xxxx.TXT |
In case of any clarifications, members may contact us on details given as under:
| Contact Nos. | Email ID |
|---|---|
| 022- 2272 8435/5785 | ucc@bseindia.com |
Abhijit Pai
Deputy Vice President
Investigation
Shubham Benere
Deputy Manager
Investigation
