To simplify KYC access for non-resident Indians (NRIs), the Securities and Exchange Board of India (SEBI) is taking a significant step forward. SEBI is in advanced discussions with the Unique Identification Authority of India (UIDAI) and the Reserve Bank of India (RBI) to enable secure, remote Know Your Customer (KYC) verification for NRIs. The initiative is currently in the testing phase.
Highlighting the importance of this move, SEBI Chairman Tuhin Kanta Pandey stated that the aim is to ensure NRIs no longer need to travel to India for completing KYC procedures.
“It will be a major development once operational,” Pandey said during an event organised by the BSE Brokers Forum (BBF) here.
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On the surveillance front, he said, “We are moving from reactive supervision to predictive oversight”.
“We have revamped our data warehouse system to develop new rule-based alerts to identify pump-and-dump patterns and to detect fraudulent trades in bulk deals,” the SEBI Chairman told the gathering.
Pandey also said that pump-and-dump schemes follow identifiable patterns, as reflected in SEBI orders, and the new technology will help track such manipulative behaviour using data-driven insights.
SEBI is also working on a safety mechanism for depository participants (DPs).
“We are examining the implementation of a safety net so that in the case of an outage at a depository participant, the issue can be handled at the depositories’ end — similar to what exists for stock brokers,” he noted.
The SEBI chairman said that several regulatory measures have already been implemented after detailed data analysis. Regarding foreign portfolio investor (FPI) registration, he said SEBI aims to simplify the process further.
“FPI registration is a window to the world, and if the window itself has cobwebs, it won’t shine in its glory. This is not about risk; it’s about identifying and addressing operational issues,” he said. Pandey reiterated that protecting investors from cyber frauds and misleading advice by unregistered finfluencers remains a key focus area for SEBI.
Earlier, participating in a panel discussion during the Global Fintech Fest (GFF) 2025 last week, Pandey said several technology-based initiatives such as the Investor Risk Mitigation Access Platform and the Unified Investor App have strengthened investor protection and market efficiency.
It has led to consolidated access to holdings, transaction history, e-voting, and proxy advisory recommendations. “Grievance resolutions too have been streamlined with Digital Locker and an upgraded SEBI Complaints Redressal System (SCORES),” the SEBI Chairman added.
With IANS Inputs
