The Securities and Exchange Board of India (SEBI) on January 16, 2026, issued the notification regarding Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI)” framework for FPIs and FVCIs
The following has been stated namely: -
• SEBI has modified the FPI Master Circular dated May 30, 2024, which lays down guidelines for FPI registration, KYC requirements, and investment conditions.
• The changes follow the notification of SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025 dated December 03, 2025, aimed at simplifying onboarding and ongoing compliances for SWAGAT-FIs.
• For SWAGAT-FI FPIs, the restriction under Para 1(b) of Part A will not apply, subject to resident Indian individual contributions being routed through RBI’s LRS and invested in global funds with less than 50% Indian exposure.
• A new category titled Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) has been introduced under Part A of the FPI Master Circular.
• Eligible SWAGAT-FI FPIs include government or government-related investors, appropriately regulated mutual funds/unit trusts, insurance companies, and pension funds, subject to specified conditions.
• Public retail funds must be set up in identified jurisdictions and regulated by identified statutory/regulatory authorities, as defined in SOPs framed by CDSSF in consultation with SEBI.
• Existing FPIs meeting eligibility criteria may convert to SWAGAT-FI status by applying to their Designated Depository Participant (DDP).
• Depositories must facilitate a single unified accounting and investing framework for SWAGAT-FI investments across FPI, FVCI, and investment vehicles.
• SWAGAT-FI FPIs will have a 10-year registration block, and the periodicity of KYC review by custodians for SWAGAT-FI FPIs is extended to 10 years.
• Depositories, custodians, and DDPs must update systems accordingly.
The circular comes into effect from June 01, 2026
[Notification No. HO/19/34/14(5)2025-AFD-POD2/I/2703/2026]
