The Bombay Stock Exchange (BSE) on November 09, 2026, notified the Guidelines on KRA KYC Validation and Trading Restrictions for Non-Compliant Clients – Effective November 21, 2026.
The following has been stated:
• The Exchange has issued instructions pursuant to amendments to the SEBI KYC Registration Agency (KRA) Regulations, 2011, and related SEBI circulars concerning KYC validation and investor demise reporting through KRAs. Trading Members are required to ensure that the KYC details of all clients are uploaded to KRAs and only clients having a KRA status of “KYC Registered” or “KYC Validated” are permitted to trade.
• Clients whose KYC status remains “On Hold” for Aadhaar-based or non-Aadhaar-based Officially Valid Documents (OVDs), uploaded between October 1 and October 31, 2026, will be prohibited from trading on the Exchange, including squaring off existing open positions, with effect from November 21, 2026, until the validation requirements are fulfilled. Such open positions will remain subject to expiry on their respective contract expiry dates.
• The Exchange will flag the non-compliant PANs received from KRAs as “Not Permitted to Trade”. Clients whose PANs subsequently become KRA-compliant will be permitted to trade from T+1, based on information received from the KRA on T Day.
• Members are also advised to download records of PANs marked as “On Hold” or “Not Available” through the prescribed UCC download path and take necessary action. Further, in cases of investor demise reported through KRAs, regulated entities are required to block debit transactions, suspend trading account transactions, and inactivate or close the UCC across Stock Exchanges.
[Notification No. - 20261109-28]
