Under the proposed framework, intermediaries may undertake video-based customer identification and verification (VIPV) for individual Person Resident Outside India (PROI) clients, including Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and foreign nationals residing outside India.

The infrastructure used for the process will be required to verify face liveness and detect spoofing attempts, while ensuring that such checks do not exclude persons with special needs.

The regulator has also proposed allowing intermediaries to rely on KYC carried out by another Sebi-registered intermediary, based on records obtained from KYC Registration Agencies (KRAs), with appropriate tagging of verified attributes.

Further, intermediaries may also rely on KYC undertaken by entities regulated by other financial sector regulators, based on records obtained from the Central KYC Records Registry (CKYCRR) through KRAs.

The proposed framework will apply to onboarding of PROI clients, except those residing in FATF non-compliant countries. For such clients, the existing KYC process will continue to apply.

For individual foreign nationals seeking registration as Foreign Portfolio Investors (FPIs), the existing provisions under Sebi's Master Circular for FPIs, Designated Depository Participants and Eligible Foreign Investors will continue to apply.

The Securities and Exchange Board of India (Sebi) has sought public comments till September 4 on the proposal.

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