Currently, FPIs are subject to a KYC review as and when there is any change in material information or disclosure Custodians of foreign portfolio investors (FPIs) as well as industry lobby groups have written to the Securities and Exchange Board of India (Sebi), raising privacy concerns arising out of the regulatorās April 10 circular mandating disclosure of additional information to identify the beneficial owners (BOs). As part of Sebiās know-your-client (KYC) requirement, FPIs have to disclose BOsā details such as address, date of birth, tax residency number, social security number and passport number, and they have six months to comply with the directive. āIndiaās new KYC norms may clash with global data privacy laws. Investment firms globally, too, are not comfortable with sharing personal information of their employees,ā said a source. āData security is another area of concern. No one is quite sure if India has the right infrastructure in place to ensure adequate se...