The Consent Template CT043 finalized by the PFM Use Case Council is published for benefit of all FIUs who have a valid use case to obtain information of investment and trading activities from the employees as part of regulatory requirement or organisational policies, to ensure compliance with relevant laws and regulations.
Consent Template Information - CT043
| Sl. No. | Consent Template Information | Description | Further Explanation |
|---|---|---|---|
| 1 | Consent Template ID | CT043 | For Sahamati's internal records and explanation to the community |
| 2 | Status | Active | For Sahamati's internal records and explanation to the community |
| 3 | Use Case Category | Account Monitoring | For Sahamati's internal records and explanation to the community |
| 4 | Use case | Employee Investment Reporting for Compliance | To automate the process for Employees and Associated Persons to declare investments and trading history, with their regulated entities for internal and regulatory compliance |
| Last published | 14th Feb 2025 |
Consent Attributes and Values ( as per ReBIT specifications)
| Sl. No. | Consent Details (Attributes) | Values | Rationale |
|---|---|---|---|
| 1 | Purpose Text | As agreed by FIUs to show to the customer: “To enable regulatory and internal compliance reporting of investment by employees and associated persons” As per ReBIT: Explicit consent for monitoring of the accounts | To cover various Employees and Associated Persons who are required to comply with the self-declaration of investment data to the Regulated Entity as applicable under PIT and relevant regulations. |
| 2 | Purpose Code | 104 | Purpose Code for monitoring accounts |
| 3 | Purpose Code Category Name | Account Query and Monitoring | In line with per ReBIT Purpose Codes |
| 4 | FI Types | SIP, EQUITIES, DEBENTURES, MUTUAL_FUNDS, ETF, IDR, CIS, AIF, INVIT, REIT | Currently considering the known use cases of monitoring the Holdings or Portfolio information so other FI Types have not been included. |
| 5 | Consent Types | Profile, Summary, Transactions | Requires all consent types |
| 6 | Fetch-type | Periodic | Recurring or ongoing requirement |
| 7 | Maximum Frequency | 25 per month | 22 working days, (and buffer of 3 days for technical failures) to cater for the requirements under Clause 16 (2) Research Analyst Regulation, 2014 |
| 8 | Maximum FI Data Range | 6 months | Based on Clause 10 of Schedule B of PIT Regulations, 2015, SEBI |
| 9 | Maximum Consent expiry | 1 year | Usually employees have to self declare at the beginning of the year and at the end of year, since employee tenure is not know, it is found feasible to take the consent at the beginning of each financial year |
| 10 | Maximum Data Life | 7 Days | Based on average time required to process the data received for the said use case |
| Last published on: | 14th Feb 2025 |
Please note that the parameters of the individual consent templates in the Consent Template Library represent upper bounds for the respective use cases, as decided in the relevant User Councils. The parameters in the consent templates should be treated by participant(s) as outer limit(s) and not be construed as legal advice in any manner. Participants are encouraged to review their use case(s) and ensure compliance with applicable laws, including the RBI Master Directions on NBFC-AA and the DPDP Act.
Sahamati will publish additional consent templates as the AA ecosystem evolves based on discussions in the relevant Use Case Councils and the Fair Use Committee. Existing consent templates may also be revised based on statutory and regulatory guidance, including the DPDP Act and the Rules issued thereunder.
