Is KYC mandatory for all my research clients?
In force
KYC is required for clients who pay fees directly for research services.
It is not separately mandated for non-fee-paying clients — i.e. clients who receive research as a value-added service bundled with another paid service (like brokerage) at the family/group level.
What SEBI says, word for word
FAQ Circular, Q33(ii)“RAs/research entities are required to follow the KYC procedure for clients paying fees directly for research services.”Source: SEBI/HO/MIRSD/MIRSD-PoD/P/CIR/2025/105, dated July 23, 2025 Open document ↗