SEBI has issued a circular (No. HO/38/14/(18)2026-MIRSD-POD2/I/25560/2026), reported by Taxmann on 12 November 2026, revising the FATCA and Common Reporting Standard (CRS) reporting and due diligence requirements to align them with the Income-tax Act, 2025 and the Income-tax Rules, 2026.
Who it affects: SEBI-registered intermediaries that qualify as Reporting Financial Institutions. Responsibility for compliance rests with these intermediaries.
What changes in practice: customer onboarding and KYC processes, self-certification, identification of Controlling Persons and account classification systems need to be updated.
What to do: intermediaries should review their FATCA/CRS procedures, forms and systems against the revised requirements and update them.
