Make KYC norms non-mandatory: FPIs' lobby group tells Sebi

The industry body has requested the regulator to permit updation of landline numbers of the officials instead of mobile numbers

The Asia Securities Industry and Financial Markets Association (Asifma), a lobby group for foreign portfolio investors (FPIs), has written to the Securities and Exchange Board of India (Sebi) reiterating the difficulties involved in disclosing KYC attributes such as mobile number, email and income details to depositories.

The requirement to disclose the six KYC attributes — also including name, address, and PAN — were earlier made mandatory for new accounts from June 1, but have been postponed by a month.

The details have been sought in a bid to curb round tripping and money laundering, and failure to obtain these attributes by the