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In line with its recent norm of giving relaxation to compliance-related work to capital market-related entities due to COVID-19 outbreak, SEBI has now relaxed know your customer (KYC) compliance for foreign portfolio investors (FPIs).
SEBI said it had relaxed monthly reporting to SEBI by FPIs for the periods ending March 31, 2020 and April 30, 2020.
SEBI said for registration of FPIs and their KYC, the custodians can consider and process the request on the basis of the scanned version of signed documents (instead of originals) and copies of documents which are not certified, received from email IDs of their Global Custodians/existing clients where these details are already captured in records.
SEBI said in case if required documents for registration/ KYC are not received by said deadline, the accounts of such FPIs should be blocked for any new purchase. In case documents are still not received within three months of the stated deadline, the custodians should report these cases to SEBI for appropriate action.
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