9 FINANCEOUTLOOKINDIANOVEMBER, 2026SEBI RELAXES KYC NORMS FOR NRIS AND FOREIGN INVESTORSIRDAI TO INTRODUCE FOUR-LAYER MOTOR INSURANCE FRAMEWORK FROM DEC 15LENSKART Q2 PROFIT JUMPS 125% AS REVENUE RISES 36% ON EYEWEAR DEMANDGOLD PRICES RISE AS DOLLAR FALLS TO FIVE-WEEK LOW AMID US ELECTIONSThe Securities and Exchange Board of India (SEBI) has relaxed KYC norms for overseas individual investors. The move will allow eligible investors to complete digital onboarding without visiting India. The revised framework will benefit Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and foreign nationals residing in countries compliant with the Financial Action Task Force (FATF).Announced on Wednesday, November 4, the changes will take effect from December 3, 2026. The revised KYC norms aim to simplify investor onboarding and reduce procedural hurdles for overseas individuals seeking access to India's securities markets. Under the new framework, SEBI-registered intermediaries, including custodian banks and brokers, can accept digital submissions of KYC information and supporting documents from eligible overseas clients. General insurers have empha-sised the need to increase customer awareness as the Insurance Regulatory and Devel-opment Authority of India (Irdai) prepares to introduce a four-layer motor insurance framework from December 15, 2026. Insurers said the new motor insurance frame-work would offer policyholders greater flexibility in selecting cover-age but cautioned that inadequate India-based Lenskart Solutions reported a sharp increase in profitability during the second quarter of FY2026-27, with its consolidated net profit rising 125% year-on-year to approximately Rs 232.5 crore (US$24 million). The company recorded revenue growth of 36%, reaching Rs 2,845 crore, compared with Rs 2,096 crore in the corresponding quarter last year. The July-September performance was supported by higher sales volumes across domestic and international markets, growing demand for premium eyewear products and continued expansion of its retail network. The results also highlight the company's efforts to strengthen its position in the global eyewear market while improving operational efficiency Gold prices gained as the US dollar weakened to a five-week low, drawing investor attention towards the precious metal amid uncertainty surrounding the outcome of the US midterm elections. The decline in the greenback and softer US Treasury yields supported bullion demand, as investors assessed the potential implications of the election results for fiscal policy and financial markets.The gold prices rose as the U.S. dollar hit a five-week low, making it cheaper for investors who have other currency holdings. A lower dollar makes dollar-denominated commodities, like gold, more attractive. The movement in US Treasury yields also influenced bullion trading. Lower yields reduce the opportunity cost of holding gold, which does not generate interest or dividends. The combination of a softer dollar and declining yields provided support to gold as investors responded to developments in the US political and economic landscape. awareness could prompt cus-tomers to drop optional covers to reduce premiums, potentially leaving them without essential protection.Shanai Ghosh, MD and CEO of Zuno General Insurance, said the motor insurance framework would create opportunities for insurers to provide broader and more relevant coverage while al-lowing customers to choose the protection they need. She high-lighted the importance of edu-cating policyholders and com-municating the implications of the new structure clearly. and profitability. Lenskart's India business continued to contribute significantly to its overall performance. Revenue from the domestic market increased approximately 35.5% year-on-year to Rs 1,668 crore during the quarter, compared with Rs 1,231 crore in the same period last year. Growth was supported by higher eyewear sales, increasing customer demand and improved performance across its retail stores.
< Page 8 | Page 10 >