BSE – Guidelines on Amendment to SEBI KYC Registration Agency (KRA) Regulations, 2011

Circular	BSE – Guidelines on Amendment to SEBI KYC Registration Agency (KRA) Regulations, 2011
Issuing Authority	BSE
Issuing Date	March 11 ,2025
Key Enforcement Date	March 22, 2025
Target Audience	Traders and Investors trading on BSE
Purpose	To enforce compliance with SEBI’s KYC validation requirements for clients registered with KYC Registration Agencies (KRAs).
Interpretation of Circular	1. Non-KYC validated clients will not be permitted to trade on BSE from March 22, 2025, until their validation is completed. 2. Open positions of non-compliant clients cannot be squared off and will expire naturally on the contract’s expiry date. 3. Clients who complete KYC validation will be permitted to trade on T+1 after confirmation from KRA.
Actions Required	Clients whose KYC validation is “On Hold” (both AADHAAR and Non-AADHAAR based OVD) must complete KYC validation to avoid restrictions.

Breakdown of Key Terms & Clauses:
KYC “On Hold” Status: Clients with pending KYC validation will face trading restrictions.
Non-Permitted to Trade (NPT): Clients with a flagged PAN due to KYC non-compliance will be restricted from trading.
T+1 Activation: Once KYC validation is complete, clients will be allowed to trade from the next working day (T+1) after KRA confirmation.

For Download – Click here