Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) framework for FPIs and FVCIs
Summary
This circular introduces the SWAGAT-FI framework to simplify onboarding and compliance for trusted foreign investors. It amends the FPI Master Circular to define eligibility criteria, including government entities and regulated mutual funds, and grants them extended registration validity. The provisions mandate system changes by depositories and custodians and become effective from June 1, 2026.
Text
The provision mentioned at (b) above shall not apply to SWAGAT-FI FPI. However, it shall be subject to the provision that contribution of resident Indian individuals shall be made through the LRS notified by RBI and shall be in global funds whose Indian exposure is less than 50%.
Government or Government related investor as provided under Regulation 5(a)(i) of the FPI Regulations, 2019;
Appropriately regulated mutual fund or unit trust open for subscription to retail investors without any specific investor type requirements like accredited investors and complying with the following conditions: i. The applicant operates as a blind pool (i.e. common portfolio) with diversified investors and investments. ii. The contributors to the applicant do not have control over day-to-day operations of the applicant and the investment manager of the applicant is independent from such contributors;
Appropriately regulated insurance company investing its own funds and does not have segregated portfolios;
Appropriately regulated pension fund.
The applicant being a public retail fund is setup in identified jurisdiction and regulated by the identified statutory authority / regulatory body in such identified jurisdiction. The list of identified jurisdictions and identified statutory authority / regulatory body shall be spelt out in the Standard Operating Procedure framed and adopted by Custodians and Designated Depository Participants Standards Setting Forum (CDSSF) in consultation with SEBI.
FPI meeting the requirements for SWAGAT-FI FPI may convert to SWAGAT-FI FPI on making an application to its DDP.
Depositories shall facilitate a single unified accounting/investing experience for SWAGAT-FI to enable maintenance of all securities acquired as FPI or FVCI or as foreign investor investing in units of investment vehicles in a unified manner.
FPIs who wish to continue with their registration for the subsequent block of three years (10 years in case of SWAGAT-FI), should pay the fees to their DDPs and inform change in information, if any, as submitted earlier. However, GS-FPIs shall only pay the fees to their DDPs. The requirement of informing any change in information shall not be applicable to GS-FPIs.
In case of SWAGAT-FI FPI, periodicity of KYC review by custodians shall be 10 years.
Depositories, Custodians and Designated Depository Participants are advised to make necessary changes in their systems to effect the changes proposed above.
The provisions of this circular shall come into force with effect from June 01, 2026.
You have read the preview. Create a free account to read the full document and see every order that applied it.
Free accounts include 10 searches/day with full text access.
Source: SecMarx — Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) framework for FPIs and FVCIs. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.