Mumbai, Nov 5:
Capital markets regulator Securities and Exchange Board of India (Sebi) on Wednesday eased Know Your Customer (KYC) compliance for persons resident outside India (PROIs), permitting investors in FATF-compliant jurisdictions to complete digital onboarding without being physically present in India.
The revised framework, taking effect on December 3, 2026, applies to Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and foreign nationals.
Under the updated framework, market intermediaries can accept digital submissions of KYC forms and supporting documents, while making KYC records portable across registered intermediaries. Intermediaries are required to upload verified data to KYC Registration Agencies (KRAs) within three working days.
The relaxed provisions also extend to periodic re-KYC requirements for clients based in FATF-compliant territories, while investors situated in non-compliant jurisdictions must adhere to existing verification guidelines.
The regulatory move is designed to cut transaction overheads and encourage foreign portfolio participation in domestic capital markets.