SEBI Eases Re-KYC Process for NRIs

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.