SEBI eases the Know Your Client process by enabling it online

May 04, 2020 | by Avantis RegTech Legal Research Team

Industry Specific Compliance

The Securities Exchange Board of India (SEBI) on April 29, 2020 has eased down the regulations relating to Know Your Customer (KYC) process considering the country going digital. Now any customer trying to complete the KYC process can complete it by using certain technology or an application and there would be no need to physically visit the office.

In such regards, SEBI has introduced DigiLocker and electronic signature. The customer is required to submit the copy of the documents vide digilocker onto the SEBI website. Further, these documents shall be verified using the digilocker. In addition to this, the customer can enter their digital signature as well.

The OVD shall then be verified by the intermediary. However, the OVD can be verified by just attesting them through digilocker provided by the investor. Along with this, the investor can submit the duly filled KYC form, by scanning it, signing it and then sending it to the intermediary or can just Esign it and send it to the intermediary.

SEBI has circulated an application in the market to ease the KYC process. The application will have the option of clicking the picture, encryption, usage of digilocker and scanning the fingerprint as the signature attestation etc. To further verify the issue, the intermediary is supposed to enter the mobile number, email address and the bank details of the customer as well.

[PR No.: 25/2020]


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