Regulatory Roundup

Capital Markets Change: The Securities and Exchange Board of India (Sebi) prohibits fund houses and intermediaries from seeking customers’ private data, such as geolocation and contact details, for transactions and know-your-customer (KYC) verification, except for specified purposes. Impact: The order will ensure compliance with its previous guidelines to ensure customers’ privacy and boost transparency and protection against online financial fraud. Change: Sebi allows select entities to provide e-KYC Aadhaar authentication services of the Unique Identification Authority of India to resident investors in the securities market as sub-KYC user agency to reinforce measures in the Prevention of Money-laundering Act, 2002. Impact: The directive mandates KYC user agencies (KUAs) to facilitate the onboarding of select entities as sub-KUAs, which will ensure compliance, ease, and...