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ISIS in fresh Sebi missive on caution against terror outfits

In a fresh list of terror outfits circulated by the Securities and Exchange Board of India (Sebi) to the stock exchanges, market entities have been asked to stay cautious about any funds or entities linked to the infamous ISIS (Islamic State in Iraq and Syria) finding their way to Indian capital markets.

While no instance of any ISIS-linked activities in the Indian markets has come to the fore so far, the regulator has informed the stock exchanges about the updated Al-Qaida sanctions list of the United Nations Security Council, which has named various ISIS-linked entities in its new list. The stock exchanges have, in turn, informed their trading members about the updated sanctions list.

In one such circular dated October 7, leading bourse BSE said: “Sebi has informed the Exchange about the amendments/addition to UNSC’s Al-Qaida Sanctions List.” “Members are advised to take note of the above and ensure compliance with the same,” BSE said while enclosing the updated lists of sanctions-hit entities.

In a separate circular dated October 1, NSE said that Sebi has informed it “about changes that have been made to the Taliban and Al-Qaida Sanctions List and UN Security Council 1988 Sanctions List.”

Asking the trading members to take note of the updated lists and ensure compliance, NSE also drew the attention of its members to the provisions of a Sebi circular in this regard.

As per this circular issued under the Combating Financing of Terrorism obligations, Sebi has directed all registered market entities that before opening any new account it will be ensured that the name/s of the proposed customer does not appear in the updated sanctions lists of the UN Security Council.

Further, it has been directed that market intermediaries shall continuously scan all existing accounts to ensure that no account is held by or linked to any of the entities.

Full details of accounts bearing resemblance with any of the individuals/entities in the list are required to be intimated to Sebi and the FIU-IND (Financial Intelligence Unit of India), as per a Sebi circular in this regard.

Those figuring in these lists are required to be subjected to various sanction measures such as freezing of assets/accounts and denial of financial services.

Senior officials and top market executives said that there have been no major instance of any entities linked to these groups having found to be trading in Indian markets in the recent past, but regulations and global standards require a constant vigil for such cases.


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