SEBI proposes online KYC letting NRIs OCBs open accounts abroad
Business
SEBI just proposed a fully online KYC process for NRIs, OCIs, and some foreign nationals: less paperwork and reduce the need for trips to India.
The idea is to let people open investment accounts from their country of residence, cutting out the hassle of physical checks that often slow things down.
SEBI plan could cut onboarding time
If this goes through, signing up could take days instead of weeks or months.
As Zerodha founder and CEO Nithin Kamath put it, "This is huge because NRIs tend to have large amounts of capital to invest and are a highly durable source of inflows into Indian markets."
Experts are calling it a big step for NRI investors but say more reforms are needed after onboarding.
For now, SEBI's plan is still in the consultation stage, so stay tuned!