The Securities and Exchange Board of India (SEBI) on March 27, 2023, issued a notification regarding streamlining the onboarding process of FPIs.
In order to ease the onboarding process of FPIs and reduce the time taken for granting registration and opening of demat, trading, and bank accounts of FPIs.
The following modifications are specified:
•Grant of FPI registration on the basis of scanned copies of application forms and supporting documents
•Use of Digital Signatures by FPIs:
•Certification of copies of original documents by authorized bank officials using the SWIFT mechanism.
•Verification of PAN through the CAF module available on the websites of the Depositories.
•Submission of unique investor group ID by FPI applicants in lieu of complete details of group constituents
In addition to the aforesaid, the following provisions of the Master Circular shall stand modified, in order to bring consistency with the provisions of the FPI Regulations.
The provisions of this circular shall be applicable with immediate effect.
[Notification No. SEBI/HO/AFD/P/CIR/2023/043]
