On 27 March 2023, IND SEBI published amendments to the master circular so as to simplify, streamline the procedural requirements for the onboarding of foreign portfolio investors (FPI), in light of changed made by the amendment regulations noted above.
- Modifications include granting FPI registration on the basis of scanned copies of application forms and supporting documents; use of digital signatures by FPIs.
- Plus, certification of copies of original documents by authorized bank officials using SWIFT and verification of PAN via CAF module available on depositories' websites.
- Submission of unique investor group ID by FPIs in lieu of complete details of group.
- Provisions of the circular re the onboarding process applicable with immediate effect.