Designated director must by August 1 for all brokers

Jul 24 2014, 02:45 IST
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SummaryTo safeguard Indian markets from money-laundering risks and comply with the Prevention of Money Laundering Act (PMLA), all brokers and intermediaries would need to have a designated director by August 1.

To safeguard Indian markets from money-laundering risks and comply with the Prevention of Money Laundering Act (PMLA), all brokers and intermediaries would need to have a designated director by August 1.

In a circular issued to all their trading members on Tuesday night, stock exchanges in the country have asked brokers to provide the name, address and other details of such designated directors to the Financial Intelligence Unit-India (FIU-IND) by August 1.

Similar steps are being taken for mutual funds and other market participants under capital markets regulator Securities Exchange Board of India’s (Sebi’s) guidance.

This new requirement was proposed by Sebi earlier this year and is part of efforts to ensure greater compliance with the Anti-Money Laundering and Countering Financing of Terrorism regulations.

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