Source: Mint
Context:
The Securities and Exchange Board of India (SEBI) has relaxed the re-KYC process for Non-Resident Indians (NRIs), making it easier for them to update their KYC details without being physically present in India.
Key Highlights:
- Modification:
- Physical presence in India is no longer required for digital re-KYC of existing NRI clients.
- The move follows references and requests from multiple stakeholders.
- Digital Verification Requirements:
- Tools such as random prompts, time-stamping, and geo-tagging will continue to ensure authenticity of the interaction.
- Note: New onboarding still requires the client to be physically located in India.
- Definition:
- Re-KYC (Re-Know Your Customer): Process of updating or revalidating customer KYC details with financial institutions or intermediaries.
