The Securities and Exchange Board of India, (SEBI), on January 16, 2026, issued a circular introducing operational modifications under the Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) framework for Foreign Portfolio Investors (FPIs) and Foreign Venture Capital Investors (FVCIs). This circular builds upon earlier guidelines and regulatory amendments aimed at simplifying onboarding and ongoing compliance for trusted foreign investors.
Under the revised framework, SWAGAT-FI eligible FVCI applicants are permitted to apply simultaneously for FVCI and FPI registration without submitting separate application forms or supporting documents, provided the same custodian and Designated Depository Participant (DDP) are appointed for both registrations. Existing FVCIs meeting SWAGAT-FI requirements may also convert to SWAGAT-FI FVCI status through their DDP. Further, renewal periodicity has been rationalised, extending registration blocks to ten years for SWAGAT-FI entities, along with corresponding changes to renewal timelines and intimation requirements.
Additionally, the circular prescribes a longer Know Your Customer (KYC) review cycle of ten years for SWAGAT-FI FVCIs, reducing compliance frequency. Depositories, custodians, and DDPs have been directed to make necessary system changes to implement these measures. The provisions of the circular shall come into force with effect from June 1, 2026, reinforcing SEBI’s objective of ease of doing business and enhanced investor facilitation.
[Circular No. HO/19/34/14(5)2025-AFD-POD2/I/199/2025]
