The Securities and Exchange Board of India (SEBI) on Wednesday eased know-your-customer (KYC) requirements for Persons Resident Outside India (PROIs), allowing investors from Financial Action Task Force (FATF)-compliant countries to complete digital onboarding without being physically present in India.
\n\nThe move is aimed at simplifying the investment process for overseas investors and making it easier for them to access India's securities market. Under the relaxed norms, eligible non-resident investors can complete the KYC process digitally, removing the requirement of physical presence in the country for onboarding.
\n\nWith the relaxation coming into force, it is expected to reduce procedural hurdles and improve ease of doing business for foreign investors seeking exposure to Indian financial markets.
\n\nThe revised framework will be effective from December 3, and cover non-resident Indians (NRIs), overseas citizens of India (OCIs), and foreign nationals. Clients residing in FATF non-compliant countries will continue to follow existing KYC requirements.
\n\nIntermediaries can accept digital submission of KYC information and supporting documents from eligible clients. SEBI has also made KYC records portable, allowing them to be shared across intermediaries irrespective of whether all individual attributes have been validated.
\n\nIntermediaries can rely on KYC undertaken by another Sebi-registered intermediary or an entity regulated…
Original source: https://www.timesnownews.com/business-economy
