Impact of revised KYC norms on NRIs5 min read . Updated: 23 Nov 2018, 12:05 AM IST
According to the eligibility circular, the 'Beneficial Ownership' criteria provided under the PMLA rules, would apply only for the purpose of KYC and not for determining the eligibility criteria of the FPI
Capital markets regulator Securities and Exchange Board of India (Sebi) in April introduced eligibility norms for foreign portfolio investors (FPIs) and new know-your-customer (KYC) rules. The norms inter-alia comprised of various additional disclosure requirements and casted an onerous compliance responsibility on FPIs operating in India.
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