The Securities and Exchange Board of India (SEBI) has directed market intermediaries to update their KYC and tax-reporting systems in line with changes introduced under the new Income Tax framework. The move is aimed at ensuring that intermediaries’ systems, records and reporting processes remain aligned with revised tax requirements and that investor information can be collected, maintained and reported accurately.
The directive has implications for brokers, depositories, mutual funds, portfolio managers and other regulated intermediaries, which will need to review their technology and compliance processes. The changes reinforce the importance of accurate KYC data, tax-status reporting and system readiness as financial regulation becomes increasingly data-driven. For compliance teams, timely system updates and validation of customer records will be essential to minimise reporting errors and ensure continued regulatory compliance.
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