mirror of
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zeekayandHanzo Dev
5c7d0fa655
Lux Partners Limited is not the entity behind this work. Every place the old name stood — copyright lines, site footers, brand config, legal and compliance text — now names the company that actually holds it. lux.fund is the exception and is not renamed to match: that site belongs to Lux Assets Management LLC, a different company, and it says so. Two kinds of line were left for a person rather than rewritten. A dated news item recording that Lux Partners Limited was established in the Isle of Man is a historical fact, and renaming it would falsify the record. And a sentence asserting that the company is domiciled in the Isle of Man is a claim about a jurisdiction, not a name — an Inc or an LLC is not an Isle of Man company, so swapping the name there would assert something untrue. Co-authored-by: Hanzo Dev <[email protected]>
203 lines
6.4 KiB
Go
203 lines
6.4 KiB
Go
// Copyright 2024-2026 Lux Industries Inc. All rights reserved.
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// Use of this source code is governed by the Apache 2.0
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// license that can be found in the LICENSE file.
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package regulatory
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// India implements the Jurisdiction interface for Indian securities regulation.
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// Covers SEBI (Securities and Exchange Board of India), RBI FEMA for NRI,
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// PMLA 2002 AML, and KRA (KYC Registration Agencies).
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type India struct{}
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func (i *India) Name() string { return "India" }
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func (i *India) Code() string { return "IN" }
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func (i *India) RegulatoryFramework() string { return "sebi" }
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func (i *India) PassportableTo() []string { return nil }
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func (i *India) Requirements() []Requirement {
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return []Requirement{
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{
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ID: "in-sebi-registration",
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Category: "licensing",
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Description: "SEBI registration as stockbroker, merchant banker, or investment adviser",
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Mandatory: true,
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Reference: "SEBI (Stock Brokers) Regulations 1992; SEBI Act 1992, s.12",
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},
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{
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ID: "in-sebi-nism",
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Category: "licensing",
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Description: "NISM certification for registered intermediary personnel",
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Mandatory: true,
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Reference: "SEBI Circular SEBI/HO/MIRSD/MIRSD-PoD-1/P/CIR/2023/10",
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},
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{
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ID: "in-kra-kyc",
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Category: "kyc",
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Description: "KYC via SEBI-registered KRA: PAN, Aadhaar, address proof, photograph, in-person verification",
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Mandatory: true,
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Reference: "SEBI KYC Circular CIR/MIRSD/16/2011; SEBI (KYC Registration Agency) Regulations 2011",
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},
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{
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ID: "in-pmla-cdd",
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Category: "kyc",
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Description: "Customer Due Diligence under Prevention of Money Laundering Act 2002",
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Mandatory: true,
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Reference: "PMLA 2002, s.12; PML Rules 2005, Rule 9",
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},
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{
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ID: "in-pmla-str",
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Category: "reporting",
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Description: "Suspicious Transaction Report to Financial Intelligence Unit-India (FIU-IND)",
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Mandatory: true,
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Reference: "PMLA 2002, s.12(1)(b); PML Rules 2005, Rule 7",
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},
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{
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ID: "in-pmla-ctr",
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Category: "reporting",
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Description: "Cash Transaction Report for transactions over INR 10 lakh to FIU-IND",
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Mandatory: true,
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Reference: "PML Rules 2005, Rule 3",
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},
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{
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ID: "in-rbi-fema",
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Category: "licensing",
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Description: "RBI FEMA compliance for NRI/foreign investment in Indian securities",
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Mandatory: false,
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Reference: "FEMA 1999; RBI Master Direction on Foreign Investment (updated 2024)",
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},
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{
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ID: "in-sebi-investor-protection",
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Category: "kyc",
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Description: "Risk profiling and suitability for retail investors per SEBI guidelines",
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Mandatory: true,
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Reference: "SEBI (Investment Advisers) Regulations 2013, Reg 17",
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},
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{
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ID: "in-fatca-crs",
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Category: "reporting",
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Description: "FATCA/CRS reporting via Form 61B to CBDT",
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Mandatory: true,
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Reference: "Income Tax Act 1961, s.285BA; IT Rules 114F-H",
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},
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{
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ID: "in-sebi-margin",
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Category: "capital",
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Description: "SEBI peak margin and upfront margin requirements",
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Mandatory: true,
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Reference: "SEBI Circular SEBI/HO/MRD/MRD-PoD-3/P/CIR/2024/125",
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},
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}
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}
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func (i *India) ValidateApplication(app *ApplicationData) []Violation {
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var violations []Violation
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if app.GivenName == "" {
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violations = append(violations, Violation{
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RequirementID: "in-kra-kyc",
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Field: "given_name",
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Message: "Full name is required for KRA KYC registration",
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Severity: "error",
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})
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}
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if app.FamilyName == "" {
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violations = append(violations, Violation{
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RequirementID: "in-kra-kyc",
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Field: "family_name",
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Message: "Family name is required for KRA KYC registration",
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Severity: "error",
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})
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}
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if app.DateOfBirth == "" {
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violations = append(violations, Violation{
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RequirementID: "in-kra-kyc",
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Field: "date_of_birth",
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Message: "Date of birth is required for KRA KYC registration",
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Severity: "error",
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})
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}
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// PAN is mandatory for all securities market participants in India
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if (app.Country == "IN" || app.CountryOfTax == "IN") && app.TaxID == "" {
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violations = append(violations, Violation{
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RequirementID: "in-kra-kyc",
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Field: "tax_id",
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Message: "PAN (Permanent Account Number) is mandatory for Indian securities market participation",
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Severity: "error",
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})
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}
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if len(app.Street) == 0 || app.Street[0] == "" {
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violations = append(violations, Violation{
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RequirementID: "in-kra-kyc",
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Field: "street",
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Message: "Residential address with proof is required for KRA KYC",
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Severity: "error",
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})
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}
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if app.City == "" {
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violations = append(violations, Violation{
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RequirementID: "in-kra-kyc",
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Field: "city",
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Message: "City is required",
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Severity: "error",
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})
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}
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if app.PostalCode == "" {
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violations = append(violations, Violation{
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RequirementID: "in-kra-kyc",
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Field: "postal_code",
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Message: "PIN code is required",
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Severity: "error",
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})
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}
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if app.Email == "" {
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violations = append(violations, Violation{
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RequirementID: "in-kra-kyc",
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Field: "email",
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Message: "Email address is required",
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Severity: "error",
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})
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}
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if app.AnnualIncome == "" {
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violations = append(violations, Violation{
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RequirementID: "in-sebi-investor-protection",
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Field: "annual_income",
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Message: "Annual income is required for SEBI risk profiling",
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Severity: "error",
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})
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}
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if app.IsPoliticallyExposed == nil {
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violations = append(violations, Violation{
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RequirementID: "in-pmla-cdd",
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Field: "is_politically_exposed",
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Message: "PEP status declaration is required under PMLA 2002",
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Severity: "error",
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})
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}
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if app.IsPoliticallyExposed != nil && *app.IsPoliticallyExposed {
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violations = append(violations, Violation{
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RequirementID: "in-pmla-cdd",
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Field: "is_politically_exposed",
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Message: "Enhanced Due Diligence required: customer is a PEP under PMLA 2002",
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Severity: "warning",
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})
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}
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return violations
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}
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func (i *India) TransactionLimits() *Limits {
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return &Limits{
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SingleTransactionMax: 10_000_000, // INR 1 crore
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DailyMax: 50_000_000, // INR 5 crore
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MonthlyMax: 200_000_000,
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CTRThreshold: 1_000_000, // INR 10 lakh cash reporting to FIU-IND
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TravelRuleMin: 500_000, // INR 5 lakh FATF travel rule
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Currency: "INR",
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}
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}
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