Sebi relaxes timeline for FPI KYC updates

MUMBAI: To simplify the compliance process for foreign portfolio investors (FPIs) registered in India, markets regulator Sebi on Friday extended the periodicity of Know Your Client (KYC) review from one year at present to eight years."Currently, FPIs are subject to periodic KYC review annually or once every three years, depending on the applicable category and other criteria. The revised framework increases the periodicity from one year to two years and from three years to eight years," a Sebi circular said. For some special category of FPI labelled under Swagat-FIs, "the periodicity of KYC review will remain unchanged at 10 years. Also, the existing relaxations for GS-FPIs will remain unchanged," the circular said.You use AI every day. Now get your AI Quotient. Take the AIQ test.