SEBI Streamlines FPI Registration with...
08 Nov 2024
In a move aimed at simplifying the registration process for foreign portfolio investors (FPIs), the Securities and Exchange Board of India (SEBI) announced on Tuesday the introduction of an abridged version of the application form. This streamlined form, featuring auto-populated fields, will be available within the next three months, following the establishment of implementation standards by the Custodians and Designated Depository Participants Standards Setting Forum (CDSSF) in consultation with SEBI.
The revised application form is designed to reduce the administrative burden on custodians and applicants, ensuring faster processing times. FPIs will have the option to choose between the current application process and the new abridged form. This new form will require entities to fill out only the fields relevant to their category.
The simplified application will initially be available to specific categories of FPIs, such as funds managed by investment managers already registered as FPIs, several sub-funds, segregated portfolio structures, and schemes of insurance companies where the parent entity is already registered as an FPI.
The auto-population feature will disable fields that are exclusive to individual FPI applicants, streamlining the form-filling process. SEBI's circular stated that designated depository participants (DDPs) will be responsible for updating the common application form (CAF) with information provided by applicants. The CAF module on the depository's website will reflect both manually filled and auto-populated data, ensuring seamless data retrieval for future reference.
By introducing this simplified registration process, SEBI aims to facilitate easier entry for foreign investors, thus potentially increasing foreign investments in Indian markets.
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