SEBI Eases KYC Norms For NRIs, OCIs; Allows Digital Onboarding
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓The Securities and Exchange Board of India on Wednesday relaxed KYC norms for NRIs and OCIs, allowing digital onboarding.
- ✓Investors in FATF-compliant countries can now complete the process without visiting India.
- ✓SEBI said, "The requirement of a client being in India during digital onboarding is being relaxed," simplifying overseas investment.
Story at a Glance
- Category
- MARKET
- Reported By
- NDTV Profit
- Reading Speed
- 3 Minute(s)
- Market Focus
- India Economy
Markets regulator Securities And Exchange Board of India (SEBI) on Wednesday relaxed the Know Your Customer (KYC) requirements for individual persons resident outside India, including Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and foreign nationals, allowing them to complete the onboarding process digitally.
They can now complete the process from Financial Action Task Force (FATF)-compliant countries without being physically present in India.
The revised framework will come into effect from Dec. 3, SEBI said in its circular.
Under the framework, intermediaries registered with SEBI can accept digital submission of KYC information and supporting documents from such clients without requiring them to be physically present in India during the onboarding process.
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