Business
No More Physical Presence Required
Markets regulator Sebi on Wednesday eased the re-KYC process for Non-Resident Indians (NRIs) by removing the requirement for them to be physically present in India during digital verification.
The relaxation is aimed at making the re-KYC process smoother and more accessible for NRIs.
In its circular, Sebi has decided to modify the existing provisions to ease re-KYC access for NRIs after receiving references from multiple stakeholders.
Under this, the requirement of physical location of the client being in India during digital onboarding has been relaxed for undertaking re-KYC for existing clients, the regulator said.
Re-KYC (Re-Know Your Customer) is the process of updating or revalidating a customer’s KYC details with a financial institution or intermediary.
The digital KYC app will still need to use tools like random prompts, time-stamping, and geo-tagging to ensure the interaction is genuine.While onboarding still requires an India-based location, re-KYC for existing NRI clients can now be done from abroad.
The app must also verify that the GPS location matches the country mentioned in the client’s address proof and must block any spoofed IP connections.
