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Foreign investors oppose SEBI’s KYC norms, cite violation of other countries’ laws

Overseas fund managers such as Templeton, Fidelity, and Blackrock have opposed SEBI's proposal to create a central database of personal information of all beneficial owners (BOs) of offshore funds, reports the Economic Times. The firms have said that the proposed database would violate laws in the companies' countries of origin. In its April 2018 circular, the SEBI modified its KYC requirements such that the basis for identifying beneficial owners (BOs) for FPI (foreign portfolio investments) would now be control, and not just ownership. The circular then mandated that all BOs provide their name and address, date of birth. nationality, their stake in the FPI, and any of the three documents: tax residency number, social security number or passport number. It also included a requirement for additional audited financial documents for high risk clients. Privacy and data security concerns raised Months after…

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