SEBI Directs Stock Exchanges to Comply with ‘Weapons of Mass Destruction Act, 2005′

 ​    Circular No. SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/062, dated 26.04.2023 … Continue reading “SEBI Directs Stock Exchanges to Comply with ‘Weapons of Mass Destruction Act, 2005′”
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Circular No. SEBI/HO/MIRSD/MIRSD-SEC-5/P/CIR/2023/062, dated 26.04.2023

The SEBI has directed stock exchanges (SEs) and registered intermediaries (RIs) to comply with the ‘Weapons of Mass Destruction and their Delivery Systems (Prohibition of Unlawful Activities) Act, 2005. This Act aims to prevent financing related to weapons of mass destruction and their delivery systems.

Accordingly, stock exchanges and registered intermediaries must maintain a list of designated individuals or entities and update it without delay. Further, SEs and RIs are required to verify if the particulars of the entities/individual, and party to the financial transactions, match with the particulars of the Designated List.

In case of a match, stock exchanges and registered intermediaries shall not carry out such transaction and shall immediately inform the transaction details with full particulars of the funds, financial assets or economic resources involved to Chief Nodal Officer without delay.

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