FinMin notifies common application form for FPI registration
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Last week, markets regulator Securities and Exchange Board of India (Sebi) had come out with a common application form (CAF) for registration of FPIs, allotment of permanent account number (PAN) and carrying out of Know Your Customer (KYC) for opening of bank and demat accounts.
"The finance ministry has notified the revised common application form for foreign portfolio investors which would serve as a single-window platform for the purpose of registration with Sebi, allotment of PAN and opening of bank and demat accounts," Economic Affairs Secretary Atanu Chakraborty said in a tweet.
This will significantly reduce the processing timelines and greatly enhance operational flexibility and ease of access of FPIs to Indian capital markets, he added.
The applicants seeking FPI registration need to fill the common form prescribed by the regulator, declaration providing supporting documents and applicable fees for registration and issuance of PAN.
With regard to additional information, Sebi said Category-I FPIs (most well-regulated ones) have to apply for separate registration for the purposes of hedging the offshore derivative instruments with derivatives as underlying in India as well as details of eligible Category-I entity.
Besides, information regarding 'Ultimate Beneficial Owner' for each fund that invests in India needs to be disclosed and entities required to declare that they are not a bank or a subsidiary of a bank. #casansaar (Source - MoneyControl Website)
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