SEBI Mandates Digital Accessibility for MFs and Financial Platforms. In a significant move, SEBI has instructed mutual funds and other regulated entities, such as PMS, AIFs, and RIAs, to ensure their digital platforms are fully accessible to persons with disabilities. This follows the Supreme Court’s decision recognizing digital access as a fundamental right under Article 21 of the Constitution. Key requirements include enabling voice-assisted and human-aided KYC, ensuring screen reader compatibility, providing Indian Sign Language videos, offering captions, and making documents machine-readable. These entities must appoint a dedicated accessibility officer and create a grievance redressal process specifically for persons with disabilities.
SEBI has set specific timelines:
1 month: Submit a list of digital platforms and an action taken report.
45 days: Appoint a certified accessibility auditor.
3 months: Complete a digital accessibility audit.
6 months: Address audit findings and ensure full compliance.
Annually: Submit audit reports after the fiscal year-end.
Reporting obligations differ based on the type of regulated entity, with mutual funds and AIFs reporting directly to SEBI. This move establishes accessibility as a regulatory requirement, strengthening investor rights and promoting inclusivity in financial services. It represents a crucial step in ensuring fair access for all investors.