## Report on SEBI Circular SEBI/HO/MIRSD/DSE/SEC/FATF/PCIR/2025/74 regarding Accessibility and Inclusiveness of Digital KYC for Persons with Disabilities
**1. Executive Summary:**
This report analyzes SEBI Circular SEBI/HO/MIRSD/DSE/SEC/FATF/PCIR/2025/74, issued on May 23, 2025, which mandates that SEBI-registered intermediaries ensure digital KYC processes are accessible and inclusive for Persons with Disabilities (PwDs). The circular follows a Supreme Court judgement emphasizing the need for equal access to financial services. Key provisions include adherence to revised FAQs on account opening for PwDs available on the SEBI website. The primary goal is to enhance accessibility to financial services for PwDs.
**2. Introduction:**
This report aims to provide a comprehensive overview of SEBI Circular SEBI/HO/MIRSD/DSE/SEC/FATF/PCIR/2025/74, focusing on its provisions and implications for SEBI-registered intermediaries. The analysis is based solely on the content of the provided circular text.
**3. Policy Overview:**
This circular is a *new policy*, addressing the accessibility of digital KYC processes.
* **Core Objective(s):**
* To ensure equal and accessible inclusion of Persons with Disabilities (PwDs) in availing financial services, specifically through digital KYC processes.
* To make the digital KYC process inclusive and accessible for PwDs, including those with visual impairments.
**4. Background and Rationale:**
* **New Policy:** The policy addresses the issue of unequal access to financial services for Persons with Disabilities, particularly in the realm of digital KYC. This issue is highlighted by the Supreme Court judgement mentioned in the circular, indicating a pre-existing accessibility gap that the policy seeks to bridge. The circular aims to rectify the exclusion of PwDs from fully participating in the financial system through digital KYC.
**5. Key Provisions / Changes:**
* Intermediaries registered with SEBI under Section 12 of the Securities and Exchange Board of India Act, 1992, Stock Exchanges, Association of Mutual Funds in India (AMFI), Association of Portfolio Managers in India (APMI), and BSE Administration Supervision Limited (BASL) must extend their services to enable digital accessibility to clients including persons with disabilities.
* Intermediaries must be guided by the revised FAQs on Account opening by Persons with Disabilities, available on the SEBI Website.
* The circular is issued under the powers conferred by Section 11(1) of the Securities and Exchange Board of India Act, 1992.
**6. Target Audience and Stakeholders:**
The primary target audience and stakeholders are:
* All intermediaries registered with SEBI under Section 12 of the Securities and Exchange Board of India Act, 1992.
* Stock Exchanges.
* Association of Mutual Funds in India (AMFI).
* Association of Portfolio Managers in India (APMI).
* BSE Administration Supervision Limited (BASL).
* Persons with Disabilities (PwDs) who are current or potential clients of these intermediaries.
**7. Implementation Aspects (Inferred):**
* **Responsible agency/bodies:** SEBI is the responsible agency, overseeing and enforcing the implementation of the circular.
* **Timelines or procedures:** While no specific timelines are provided in the circular text itself, intermediaries are expected to implement the changes guided by the revised FAQs. This implies an immediate need to review and adapt their digital KYC processes. SEBI will likely monitor compliance with the circular. The FAQs act as the specific procedural guide.
**8. Expected Outcomes / Impact of Changes:**
The likely intended outcomes and impact of this policy are:
* Increased accessibility and inclusivity of digital KYC processes for PwDs.
* Greater participation of PwDs in the financial markets.
* Improved compliance among intermediaries regarding accessibility standards.
* A more equitable and inclusive financial services landscape.
**9. Conclusion:**
SEBI Circular SEBI/HO/MIRSD/DSE/SEC/FATF/PCIR/2025/74 represents a significant step towards ensuring equal access to financial services for Persons with Disabilities. By mandating accessibility in digital KYC processes, SEBI aims to create a more inclusive financial ecosystem. Intermediaries are now obligated to adapt their systems and practices, guided by the revised FAQs, to accommodate the needs of PwDs. The successful implementation of this circular will contribute to a more equitable and accessible financial market for all.
Key Entities Referenced
CIRCULAR SEBIHOMIRSDSECFATFPCIR202574: Circular identifier issued by SEBI.
May 23, 2025: Date of the circular.
SEBI: Securities and Exchange Board of India, the regulatory body issuing the circular.
Section 12 of the Securities and Exchange Board of India Act, 1992: Legal section under which intermediaries are registered with SEBI.
Stock Exchanges: Entities regulated by SEBI.
Association of Mutual Funds in India: Industry association related to mutual funds.
AMFI: Abbreviation for Association of Mutual Funds in India.
Association of Portfolio Managers in India: Industry association related to portfolio managers.
APMI: Abbreviation for Association of Portfolio Managers in India.
BSE Administration Supervision Limited: Organization, likely involved in supervision or administration, possibly related to the Bombay Stock Exchange (BSE).
BASL: Abbreviation for BSE Administration Supervision Limited.
Digital KYC: Digital Know Your Client process, subject of the circular regarding accessibility to persons with disabilities.
Persons with Disabilities: The group of individuals who are the intended beneficiaries of the accessibility improvements mandated by the circular.
Honble Supreme Court: The highest court in India, which issued a judgement related to accessibility for persons with disabilities.
April 30, 2025: Date of the Supreme Court judgement.
FAQ on Account opening by Persons with Disabilities: Frequently Asked Questions document providing guidance on account opening procedures for persons with disabilities.
SEBI Website FAQs Know Your Client Requirements, Demat Trading Account Opening FAQ on Account Opening by Persons with Disabilitlies: Location on the SEBI website where the FAQ document is available.
Section 111 of the Securities and Exchange Board of India Act, 1992: Legal section granting powers to SEBI to issue the circular.
Sapna Sinha: Deputy General Manager at SEBI, responsible for the circular.
CIRCULAR
SEBI/HO/MIRSD/SECFATF/P/CIR/2025/74 May 23, 2025
To,
1. All intermediaries registered with SEBI under Section 12 of the
Securities and Exchange Board of India Act, 1992
2. Stock Exchanges
3. Association of Mutual Funds in India (AMFI)
4. Association of Portfolio Managers in India (APMI)
5. BSE Administration & Supervision Limited (BASL)
Dear Sir/Madam,
Subject: Accessibility and Inclusiveness of Digital KYC to Persons with
Disabilities
1. The Hon’ble Supreme Court in its judgement dated April 30, 2025, emphasized
the need for equal and accessible inclusion of persons with disabilities for availing
financial services and directed to ensure that the process of digital KYC is
accessible to persons with disabilities.
2. SEBI is committed to the cause of enabling equal access of services of its
registered intermediaries to persons with disabilities, including persons with visual
impairments and in order to make the digital KYC process inclusive and
accessible, FAQ on Account opening by Persons with Disabilities has been revised
and is available on ‘SEBI Website → FAQs → Know Your Client Requirements,
Demat / Trading Account Opening → FAQ on Account Opening by Persons with
Disabilitlies.
3. Intermediaries shall extend their services enabling digital accessibility to client
including persons with disabilities and shall be guided by the said FAQ on Account
opening by Person with Disabilities.
4. This circular is being issued in exercise of the powers confined under Section 11(1)
of the Securities and Exchange Board of India Act, 1992
5. This circular is available at www.sebi.gov.in under the link “Legal →Circulars”
Yours faithfully,
Sapna Sinha
Deputy General Manager
Phone No. 022-2644 9748
Email id: sapnas@sebi.gov.in