The Securities and Exchange Board of India (SEBI) on Thursday proposed easing the requirement for non-resident Indian (NRI) clients to be physically present in India during KYC modification or re-KYC in the course of digital on-boarding or video client identification.
Under the proposed norms, the GPS location captured by the intermediary will be matched to that of the country given in the client’s proof of address through an app, which will also prevent connections from spoofed IP addresses. It will include features for random action initiation to prompt client responses, establishing that the interactions are not pre-recorded. These interactions will be time-stamped and geo-location tagged.