Regulation 13 - Surrender of certificate of registration - Securities and Exchange Board of India {KYC (Know Your Client) Registration Agency} Regulations, 2011

Surrender of certificate of registration 13. (1) A KRA, who has been granted a certificate of registration under the Act or the regulations made there under, desirous of giving up its activity and surrender the certificate, may make a request for such surrender to the Board. (2) While disposing a surrender request under these regulations, the Board may require The KRA to satisfy the Board about the factors, as it deems fit, including but not limited to the following a. the arrangements made by KRA for maintenance and preservation of records and other documents required to be maintained under these regulations; b. redressal of investor grievances; c. transfer of records of its clients; d. the arrangements made by it for ensuring continuity of service to the clients; e. defaults or pending action, if any. (3) While accepting the surrender, the Board may impose such conditions upon the KRA, as it deems fit, for protection of the interests of investors and the securities market, and such person shall comply with such conditions. (4) On and from the date of the surrender or cancellation of the certificate, the KRA shall- (a) return the certificate of registration so cancelled to the Board and shall not represent itself to be a holder of the certificate for carrying out the activity for which such certificate had been granted; (b) cease to carry on any activity in respect of which the certificate had been granted; (c) transfer its activities to another entity holding a valid certificate of registration to carry on such activity and allow its clients to withdraw any assignment given to it, without any additional cost to such client; (d) make provisions as regards liability incurred or assumed by it; (e) take such other action including the action relating to any records or documents that may be in custody or control of such person, within the time period and in the manner, as may be required under the these regulations, or as may be directed by the Board.