SEBI Proposes Simpler KYC Rules, 5-Year Review to Ease Investor Onboarding

• SEBI plans to centralize supplementary KYC information at KRAs, allowing sharing across intermediaries to reduce repeated submissions.
• Proposed changes include standardizing income brackets and collecting additional details like CKYC number and DigiPIN in account opening forms.
• Mandatory 5-year review of all KYC records by KRAs to ensure data remains updated, with intimation for overdue updates or expired documents.
• One-time KYC update will be shared across all linked intermediaries, simplifying compliance for investors.
• Relaxed KYC for OCI cardholders residing in India and easier name changes for those updated in PAN and Aadhaar databases.

Why It Matters: SEBI aims to streamline KYC processes, reduce paperwork, and improve data accuracy for investors.