SEBI simplifies Re-KYC for NRIs: no more physical presence required

Markets regulator Sebi on Wednesday eased the re-KYC process for non-resident Indians (NRIs) by removing the requirement for them to be physically present in India during digital verification.Markets regulator Sebi on Wednesday eased the re-KYC process for non-resident Indians (NRIs) by removing the requirement for them to be physically present in India during digital verification.

The relaxation is aimed at making the re-KYC process smoother and accessible to NRIs.

In its circular, Sebi has decided to amend the existing provisions to facilitate re-KYC access for NRIs, after receiving references from multiple stakeholders.

Under this, the requirement for the customer to be in India during digital onboarding has been relaxed for conducting re-KYC for existing customers, the regulator said.

Re-KYC (Re-Know Your Customer) is the process of updating or revalidating a customer’s KYC information with a financial institution or intermediary.

The digital KYC app will still need to use tools like random prompts, timestamps and geo-tagging to ensure the interaction is genuine. While onboarding still requires an India-based location, re-KYC for existing NRI customers can now be done from abroad.

The app must also verify that the GPS location matches the country listed in the customer’s proof of address and block any spoofed IP connections.