SEBI's Digital KYC Plan For NRIs Can Boost Overseas Investment In India: Zerodha CEO Nithin Kamath
New Delhi [India], August 18: SEBI's proposal to allow Non-Resident Indians (NRIs) and other eligible overseas investors to complete their KYC digitally without being physically present in India could make it easier and faster for overseas money to enter Indian markets, Zerodha Founder and CEO Nithin Kamath said. Kamath welcomed SEBI's move in a social media post, saying the proposal could remove…
The Securities and Exchange Board of India (SEBI) has proposed a digital KYC process for Non-Resident Indians (NRIs) and other eligible overseas investors. This could significantly boost overseas investment in India, according to Nithin Kamath, CEO of Zerodha. Kamath welcomed the proposal, stating that it could remove a long-standing hurdle for NRIs seeking to invest in India.
Currently, NRIs need to be present in India to complete the KYC process, which can be time-consuming and involve complex documentation. SEBI's proposal would allow eligible overseas investors to complete KYC digitally from their country of residence. This would not only make account opening easier for NRIs but also improve the speed at which overseas investors access Indian securities markets.
NRIs are seen as a key source of capital for Indian markets, with Zerodha's own NRI investor base consisting of over 50,000 investors, 80% of whom are active. Kamath highlighted that NRI investors tend to invest more, take a long-term approach, and appear to be more persistent investors compared to regular investors. SEBI's proposal is currently under consultation and would apply to individual overseas investors located in Financial Action Task Force (FATF)-compliant countries.
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