The Prevention of Money Laundering Act, 2002 (as amended) was notified on July 1, 2005 and amended from time to time. Subsequent to this, the Securities and Exchange Board of India (SEBI) has, on 18th January 2006, required market intermediaries to adopt a policy framework with respect to anti-money laundering measures to be followed by the intermediaries. Sanctum Wealth is inter alia, a stock-broker, depository participant, research analyst and a portfolio manager and needs to adhere to the same.
Money laundering has now become one of the major concerns of international financial community. Money Laundering is not just an attempt to disguise money derived from illegal activities. Rather, money laundering is involvement in any transaction or series of transactions that seek to conceal or disguise the nature or source of proceeds derived from illegal activities, including drug trafficking, terrorism, organized crime, fraud and many other crimes.
“Know Your Customer” (KYC) is the guiding principle behind the Anti-Money Laundering (AML) measures. It incorporates the ” Know Your Customer ” Standards & ” Anti Money Laundering ” Measures, hereinafter to be referred as ” KYC Standards ” and ” AML Measures “. The objective of is to ” have in place adequate policies, practices and procedures that promote high ethical and professional standards and prevent the Company from being used, intentionally or unintentionally, by criminal elements”. KYC Standards and AML Measures would enable the Company to know/ understand its customers, the beneficial owners in case of non-individual entities, the principals behind customers who are acting as agents and their financial dealings better which in turn will help the Company to manage its risks prudently.
SEBI has mandated that KYC policy should be designed to combat Money Laundering which covers Customer acceptance policy and customer due diligence measures, including requirements for proper identification of the customers. Sanctum Wealth Private Limited has framed comprehensive KYC and AML policy. According to the policy:
No account should be opened in anonymous or fictitious/benami name(s) i.e. to say that anonymous or fictitious/benami customers shall not be accepted.
No account should be opened or transactions conducted in the name of or on behalf of banned/suspended individuals, organisations, entities, etc. For the purpose, necessary cross checks must be made to ensure that the identity of a customer does not match with any person with known criminal background or with banned/ suspended entities.
No account should be opened if appropriate due diligence measures cannot be applied to a customer for want of verifiable documents on account of non-co-operation of the customer or non-reliability of the data/information furnished to Sanctum Wealth.
Customer Identification procedure
Customer identification for each customer, whether existing, new, regular or occasional is an essential element of an effective customer due diligence programme.
CIP at the minimum includes CP and ISA documents, where CP relates to “Customer Profile “, and ISA relates to “Identification “, “Signature ” and “Address ” (ISA) documentation.
Clients need to provide ISA documents as required in the account opening document and required under SEBI and PMLA regulations. Clients need to also provide details of their Income/Net worth in order to ascertain their financial profile. Clients are expected to update the same frequently and at least on annual basis.
Sanctum Wealth Private Limited
AMFI-registered Mutual Fund Distributor (ARN 105768)
Registered StockBroker with SEBI (SEBI Regd. INZ000011338) Member of NSE for Capital Markets and F&O segments and BSE Cash Segment
Registered Depository Participant with SEBI (NSDL DP-ID IN303956)
Registered Portfolio Manager with SEBI (SEBI Regd. INP000005067)
Registered Research Analyst with SEBI (SEBI Regd. INH000003051)
In case you are not satisfied with the response, you may contact the stock exchanges or depository directly: (NSE) Tel: +91 22 26598190 / 1800 2200 58 (Toll free) or Email: firstname.lastname@example.org; (BSE) Tel: +91 22 22728517 or Email: email@example.com; (NSDL) Tel.: +91 22 24994200 / Toll free (Investor Helpline): 1800 1020 990 / 1800 224 430 or Email: firstname.lastname@example.org or Click here to submit Complaint / Query online.
If you are not satisfied with the response, you can further lodge your grievances with SEBI at SCORES or you may also write to any of the offices of SEBI. For any queries, feedback or assistance, please contact SEBI Office on Toll Free Helpline at 1800 22 7575 / 1800 266 7575
Investor Awareness Trading and investments in Securities are subject to market risk, there is no assurance or guarantee of returns. Please read the PMS Disclosure Document, Risk Disclosure Document and Dos and Don’ts prescribed by the Exchanges and Mutual Fund Offer Documents carefully before investing.
Attention Investors: No need to issue cheques by investors while subscribing to IPO. Just write the bank account number and sign in the application form to authorise your bank to make payment in case of allotment. No need to worry about the refund either, as the money remains in the investor’s account. Prevent Unauthorized Transactions in your demat and broking account −> Update your mobile numbers/email IDs with your stock brokers and depository participants. Receive information of your transactions directly from Exchange & NSDL on your mobile/email at the end of the day..... Issued in the interest of Investors. (Ref Circular No : NSE/INSP/27346, BSE/ 20140822-30, NSDL 2014/94/97 & 2015 / 104). KYC is one time exercise while dealing in securities markets - once KYC is done through a SEBI registered (broker, DP, Mutual Fund etc.), you need not undergo the same process again when you approach another intermediary.