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Wednesday, November 20, 2019 3:31:00 PM  SENSEX  40651.64  Up  181.94      Asian Paints :   1721.50  Up  0.50      Axis Bank :   748.50  Up  0.65      Bajaj Auto :   3159.00  Down  -5.40      Bajaj Fin. :   4135.00  Down  -2.10      Bharti Airtel :   437.70  Down  -1.55      H D F C :   2194.00  Down  -19.15      HCL Technologies :   1130.40  Down  -4.30      HDFC Bank :   1275.60  Up  3.20      Hero Motocorp :   2466.00  Down  -2.45      Hind. Unilever :   2026.95  Down  -10.00      ICICI Bank :   495.15  Up  2.00      IndusInd Bank :   1460.35  Up  68.25      Infosys :   712.50  Down  -0.30      ITC :   250.85  Up  1.50      Kotak Mah. Bank :   1600.40  Down  -22.90      Larsen & Toubro :   1381.80  Up  16.45      M & M :   561.20  Up  0.60      Maruti Suzuki :   7111.30  Up  67.30      NTPC :   117.00  Down  -0.45      O N G C :   133.40  Up  0.25      Power Grid Corpn :   196.15  Up  0.85      Reliance Inds. :   1548.00  Up  38.20      St Bk of India :   328.00  Down  -2.30      Sun Pharma.Inds. :   448.75  Up  22.95      Tata Motors :   167.50  Down  -0.25      Tata Motors-DVR :   76.85  Down  -0.60      Tata Steel :   398.00  Down  -3.90      TCS :   2109.20  Up  0.90      Tech Mahindra :   770.05  Up  6.80      Vedanta :   141.30  Down  -0.35      Yes Bank :   65.85  Up  1.70    
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The Prevention of Money Laundering Act, 2002 (PMLA) has been brought into force with effect from 1st July 2005 and summarizes the main provisions of the applicable anti-money laundering and anti-terrorist financing legislation in India and provides guidance on the practical implications of the Act. Director Financial Intelligence Unit-INDIA (FIU-IND) have been conferred with exclusive and concurrent powers under relevant sections to implement the provisions of the Act which, inter-alia, imposes an obligation on banking companies, the financial institutions and intermediaries associated with the security market which are registered with SEBI under section 12 of SEBI Act 1992. SEBI Registered Share Brokers and Depository Participants (DPs) fall under the category of intermediaries under section 12 of SEBI Act 1992, and hence the provisions of PMLA are applicable to them. The application of anti-money laundering measures by Market Intermediaries has been emphasized by international regulatory agencies as a key element in combating money laundering. Establishment of anti money laundering programs by Market Intermediaries is one of the central recommendations of the Financial Action Task Force.
Money Laundering
Money Laundering, as explained in the Act, is moving illegally acquired cash through financial systems so that it appears to be legally acquired. There are three common stages of money laundering as detailed below which are resorted to by the launderers and Market Intermediaries which may unwittingly get exposed to a potential criminal activity while undertaking normal business transactions:-
  • Placement : The physical disposal of cash proceeds derived from illegal activity.
  • Layering : Separating illicit proceeds from their source by creating complex layers of financial transactions designed to disguise the source of money, subvert the audit trail and provide anonymity.
  • Integration : Placing the laundered proceeds back into the economy creating the impression of apparent legitimacy to criminally derived wealth.
Using the above methods the laundered proceeds re-enter the financial system appearing to be normal business funds.
Anti Money Laundering Measures
PMLA stipulates a statutory obligation on financial institutions, banking companies and other financial market intermediaries to make disclosure to the authorized officer when knowing or suspecting that any property, in whole or in part, directly or indirectly, representing the proceeds of drug trafficking or of a predicated offence, or was or is intended to be used in that connection is passing through the Market Intermediaries who are also under an obligation to put in place a system of proper record of transactions and a program aimed at appointment and training of proper staff, strengthening internal procedure, systems and control in respect of Know Your Customer (KYC/Customer Due Diligence(CDD)/risk based approach for client acceptance and identification.
In order to meet the obligations laid down under PMLA 2002, Alankit has put in place a system of maintaining and retrieving proper record of transactions. Further, we have AML program that includes appointment of Principal Officer, training and recruitment of staff, implementing and reviewing internal policies, procedures and controls, identifying and reporting the suspicious transactions and review of the policy from time to time.
To determine the true identity of clients and nature of transactions while opening the account of various types of clients i.e. individual, HUF, Partnership Firm, Trust, Corporate, NRIs etc., Alankit obtains the copies of mandatory documents that are prescribed by SEBI/NSE/BSE/NDSL/CDSL and verifies the same with the originals as per the procedures prescribed. Alankit has put in place effective procedures to obtain requisite details for proper identification of new customers.
For Identifying & reporting Suspicious Transactions, It is also ensured that the transactions of the client’s account should commensurate with the disclosed income. The alerts as and when received from the NSDL/CDSL to Alankit as Depository Participant are analyzed and report on transactions of suspicious nature are sent to FIU-IND. NSDL/CDSL Generate data based on the set parameters and inform Alankit. Alankit analyzes the data received from SEBI/NSE/BSE/NSDL/ CDSL and report transactions of suspicious nature to Financial Intelligence Unit –India ( FIU-IND) set up by the Government of India. FIU-IND is an independent body directly reporting to Economic Intelligence Council headed by the Finance Minister. For more detail, please click http://fiuindia.gov.in . You may also obtain information from the site of capital market regulator SEBI at www.sebi.gov.in and also from the site of stock exchanges i.e. www.bseindia.com and www.nseindia.com.
Client’s privacy is of utmost importance to us and we shall abide by the terms and conditions of the Member Client Agreement and other covenants and documents.
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Left Decrease Increase Right SEBI Equity Reg. No.: INZ000193033   |   Regn. No. NSE: INB/INF/INE 230881235   |   BSE: INB/INF/INE 010881234   |   SEBI Commodity Reg. No.: INZ000028539   |   Membership No.: MCX-10705, NCDEX-0016, ICEX-3003  |   Dubai Gold and Commodity Exchange (DGCX)-3035   |   Indian Energy Exchange (IEX)- Electricity Trading N2DLOAIL0000  |   NSDL- DP ID: IN-DP-NSDL-14-96   |   CDSL DP ID: IN-ID-CDSL-43-99
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