SEBI announces video KYC plan for foreign investors in India
SEBI just announced a plan to digitize how individual foreign investors sign up for the Indian securities market.
The big change? Intermediaries may undertake video-based customer identification and verification (VIPV), making it simpler for NRIs, OCIs, and even foreign nationals residing outside India to get started.
If you have thoughts on this move, SEBI's open for public comments until September 4.
KYC checks use trusted records
KYC (Know Your Customer) checks will use records from trusted agencies and must be uploaded within three working days.
There are extra steps based on risk profiles, but if you're a PROI client residing in a FATF non-compliant country, old rules still apply.
SEBI also said the verification checks do not exclude persons with special needs and plans to roll out re-KYC protocols in FATF-compliant countries, so it's all about making things smoother and more inclusive.