Now Reading: Sebi proposes digital KYC for NRIs, OCIs abroad
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Sebi proposes digital KYC for NRIs, OCIs abroad
Sebi has proposed allowing NRIs, OCIs and foreign nationals in FATF-compliant countries to complete securities-market KYC digitally from abroad, removing the current requirement for physical presence in India. The consultation paper, issued…
The Story in Brief
Sebi has proposed allowing NRIs, OCIs and foreign nationals in FATF-compliant countries to complete securities-market KYC digitally from abroad, removing the current requirement for physical presence in India. The consultation paper, issued on Friday, invites public comments until September 4. Under the plan, investors can submit forms via app or website, use DigiLocker documents, and provide a cropped specimen signature with a wet signature verified during video verification. Safeguards include live GPS capture, liveness checks, encrypted connections, and audits.
The Indian Opinion
The usual noise around this proposal pits 'ease of business' against 'opening the door to abuse'. Missing is the simple fact that Sebi has layered on liveness checks, GPS capture, and spoof detection that go far beyond current domestic KYC. The real test will be take-up: if even after this NRIs still prefer physical attestation from an Indian bank, the digital route has failed. How many will actually use it in the first six months?
Sources (4): livemint.com, businesstoday.in, ndtvprofit.com, thehindubusinessline.com
This story was synthesised by AI from the 4 sources linked above.
Updated: this story now draws on 4 sources.
