SEBI proposes easing KYC process for individual Persons Resident Outside India

The Securities and Exchange Board of India (SEBI) has proposed easing the Know Your Client (KYC) process for individual Persons Resident Outside India (PROIs). This includes Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and foreign nationals. The proposal would allow individual PROI clients in Financial Action Task Force (FATF)-compliant countries to complete digital onboarding without being physically present in India. Intermediaries would now be allowed to accept KYC records and related documents digitally from such clients. At present, the KYC framework requires the client's physical presence in India for digital onboarding. SEBI has proposed removing this requirement for PROI clients located in FATF-compliant countries.

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