The Securities and Exchange Board of India vide in its circular dated 24th April 2020 has clarified that an Investor’s KYC can be completed through online / App-based KYC, in-person verification through video and online submission of Officially Valid Document (OVD) / other documents under e-Sign in the specified manner.
The Board has clarified that in case OVD furnished by the investor does not contain updated address, the document such as passport, driving license, proof of possession of Aadhar card etc shall be deemed to be the OVD for the limited purpose of proof of address.
The requirement for mandatory submission of PAN by the investors for transactions in the securities market shall continue to apply.
SEBI registered intermediary may implement their own Application (App) for undertaking online KYC of investors. The App shall also have features of random action initiation for investor response to establish that the interactions are not pre-recorded. Time stamping, geo-location tagging to ensure physical location in India, etc shall also be implemented.
Further to enable ease of completing IPV of an investor, intermediary may undertake the Feature for Video in Person Verification (VIPV) of an individual investor through their App.
Click here to read the Circular.
