Know Your Client (KYC) requirements for Foreign Portfolio Investors (FPIs)
Summary
This circular outlines the Know Your Client (KYC) requirements for Foreign Portfolio Investors in alignment with RBI norms. It mandates Designated Depository Participants to share verified KYC documents with banks upon written authorization from FPIs. The provisions apply to both new and existing FPI clients and are issued under Section 11(1) of the SEBI Act.
Text
DDPs are advised to share the relevant KYC documents with the banks concerned based on written authorization from the FPIs.
a set of hard copies of the relevant KYC documents furnished by the FPIs to DDPs may be transferred to the concerned bank through their authorised representative.
While transferring such documents, DDPs shall certify that the documents have been duly verified with the original or notarised documents have been obtained... a proper record of transfer of documents... may be kept.
The provisions of this circular are applicable for both new and existing FPI clients.
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992...
Source: SecMarx — Know Your Client (KYC) requirements for Foreign Portfolio Investors (FPIs). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.