Markets regulator Sebi on Wednesday relaxed the Know Your Customer (KYC) requirements for individual persons resident outside India, including Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and foreign nationals, allowing them to complete the onboarding process digitally.
They can now complete the process from Financial Action Task Force (FATF)-compliant countries without being physically present in India.
The revised framework will come into effect from December 3, Sebi said in its circular.
Under the framework, intermediaries registered with Sebi can accept digital submission of KYC information and supporting documents from such clients without requiring them to be physically present in India during the onboarding process.
The move is aimed at simplifying the onboarding process and easing compliance requirements for overseas investors.