Market regulator Sebi has further amended the “Easing of access norms for investment by FPIs” circular by providing further safeguards. In the new circular, Sebi has asked private banks who invest on behalf of their clients to collect proper KYC details from investors. The regulator has said this route cannot be used by Indian citizens or non-resident Indians. Also, the collective investment a private bank makes on behalf its clients should be broad-based.
Source: Business Standard