KYC process to get easier for Persons Resident Outside India

The Securities and Exchange Board of India (SEBI) has suggested making the Know Your Client (KYC) process easier for individual Persons Resident Outside India (PROIs), including Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs), and foreign nationals. The proposal allows these clients from Financial Action Task Force (FATF)-compliant countries to complete digital onboarding without being in India. Intermediaries can accept KYC records and related documents digitally, removing the current requirement for clients' physical presence in India for onboarding.