Simplified registration for Foreign Portfolio Investors (FPIs)
Summary
This circular introduces a simplified registration process for Foreign Portfolio Investors by allowing an abridged Common Application Form. Eligible applicants, including sub-funds and insurance schemes linked to existing FPIs, can opt to fill only unique fields while the rest are auto-populated or disabled. The implementation standards for this system will be formulated by the pilot Custodians and Designated Depository Participants Standards Setting Forum.
Text
SEBI’s Master Circular... mandates every FPI applicant to submit a duly filled and signed Common Application Form (CAF) and ‘Annexure to CAF’ supported by required documents for registration.
Information regarding the Investment Manager (IM) and other relevant information is already captured in depositories’ CAF module in case of FPI applicants belonging to specific categories such as funds operated by registered IMs, sub-funds of master funds, or insurance company schemes.
In case of onboarding applicants belonging to the categories mentioned at Para 2 above, they may be provided with an option to fill the entire CAF or fill an abridged version of CAF, i.e., a version of CAF where applicants fill only those fields that are unique to them.
In case applicant opts for this abridged version of CAF, the remaining fields shall either be auto populated from the information available in the CAF module or shall be disabled, as applicable.
While using the available information, an explicit consent to use the same and a confirmation that all the details other than those mentioned in the abridged version of CAF remain unchanged, shall be obtained from the applicant.
DDPs, upon receipt of information from the applicant, shall update the details in CAF against the application number of the applicant for future reference purposes. They shall also ensure that the CAF module hosted on the website of the Depository reflects complete information...
The implementation standards, along with the fields that can be auto populated from the CAF module or be disabled, shall be formulated by the pilot Custodians and Designated Depository Participants Standards Setting Forum (CDSSF), in consultation with SEBI.
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 after three months from the date of this circular.
This Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 3(2) and 44 of SEBI (Foreign Portfolio Investors) Regulations, 2019...
Source: SecMarx — Simplified registration for Foreign Portfolio Investors (FPIs). Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.