In a draft round, the markets watchdog has sought public feedback on its proposal to chill out the situation that requires non-resident Indian (NRI) shoppers to be bodily current in India throughout such KYC verification.
The transfer follows a number of representations from stakeholders looking for to simplify compliance norms for abroad traders.
At present, intermediaries are required to make sure that NRI shoppers present process KYC (Know Your Shopper) or re-KYC are bodily positioned inside India via geo-tagging options of their digital identification functions.
Underneath the proposed modification, Sebi has instructed that the requirement of the shopper’s bodily location being in India be relaxed for present NRI shoppers throughout re-KYC or KYC modification.
Nonetheless, intermediaries will nonetheless want to make sure that the GPS location captured in the course of the course of matches the latitude and longitude of the shopper’s proof of handle.Sebi has additionally proposed that functions used for the video identification course of proceed to incorporate safeguards resembling random motion prompts to make sure that interactions will not be pre-recorded, together with time stamping and safety in opposition to spoofed IP addresses.
The Securities and Alternate Board of India (Sebi) stated it has sought feedback on the draft round by November 13.
