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Securities and Exchange Board of India (“SEBI”) has, vide various Circulars issued from time to time, mandated that addresses form a critical part of the Know Your Client (“KYC”) procedures. Thus, every address recorded for the purpose of compliance with KYC procedure has to be accurate. An intermediary has to update the address from time to time. However, it has been observed that in some cases accurate/updated addresses of clients are not maintained. This is borne out of the fact that when SEBI issues any notices, etc. during the course of any enforcement proceedings on such addresses, the same remain unserved. 2.To ensure that the client furnishes accurate/updated details of address and to ensure that KYC details are correct, the following framework involving stock exchanges(except Commodity Derivatives Exchanges)and depositories (hereinafter collectively referred to as “the MIIs”) is proposed.
