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Home / SEBI & Capital Markets / FPI Registration
Last updated: 2 October 2026
Foreign funds, institutions and eligible individuals investing in Indian listed securities need registration as a Foreign Portfolio Investor (FPI). Expertvuw’s team helps prepare the application, KYC and beneficial ownership documents for the Designated Depository Participant (DDP), and supports ongoing compliance.
Foreign portfolio investment in India is regulated by the SEBI (Foreign Portfolio Investors) Regulations, 2019. FPIs are registered in two categories: Category I (government and government-related investors, regulated entities such as banks, insurers, pension funds and appropriately regulated funds from FATF member jurisdictions, and similar) and Category II (all other eligible investors, including unregulated funds and eligible individuals and family offices).
Registration is granted on SEBI’s behalf by a Designated Depository Participant (DDP), usually a custodian bank, which also completes KYC and beneficial ownership checks. Registration is in blocks of three years with a fee per block; SEBI notified in July 2026 that fees will be payable in rupees from a future effective date.
Under the SWAGAT-FI framework, effective June 2026, certain trusted investors — such as sovereign wealth funds, central banks, pension funds and regulated public retail funds — can obtain 10-year registration and KYC cycles, with more flexible participation by NRIs, OCIs and resident Indians.
Basis: SEBI (Foreign Portfolio Investors) Regulations, 2019, as amended; SEBI Master Circular for FPIs, DDPs and EFIs; SWAGAT-FI framework (effective June 2026); FEMA (Non-debt Instruments) Rules, 2019. Last updated: 27 September 2026.
Category I for government-related and regulated investors; Category II for others.
A Designated Depository Participant registers FPIs on SEBI's behalf.
Registration fees are paid for blocks of three years.
Trusted investors can get 10-year registration and KYC cycles from June 2026.
An FPI group's holding in a company must stay below 10% of equity; higher holdings are reclassified as FDI.
Detailed beneficial ownership disclosure is required for certain FPIs.
Most delays come from documents and ownership disclosures.
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FPI registration connects with these services.
Registering an Alternative Investment Fund.
Foreign direct investment rules.
Tax on portfolio investment by non-residents.
Legal Entity Identifier for investors.
Confirm eligibility and category.
Collect entity, KYC and ownership documents.
Complete the common application form.
DDP reviews and may raise queries.
DDP grants registration on SEBI's behalf.
Open custody, demat and bank accounts.
FPIs have continuing obligations.
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Share your query and our team will reply during business hours.
Eligible foreign entities and individuals, including funds, institutions and family offices, subject to the FPI Regulations.
A Designated Depository Participant (DDP) grants registration on behalf of SEBI.
Category I covers government-related and regulated entities; Category II covers all other eligible investors.
A framework effective June 2026 that gives certain trusted foreign investors 10-year registration and KYC cycles.
An FPI group’s holding must stay below 10% of a company’s equity; holdings at or above that are reclassified as FDI.
ACS – Director, Expertvuw Management Pvt Ltd
SEBI applications and filings are prepared by Expertvuw’s team. Certificates, audits and due diligence that SEBI regulations reserve for practising professionals or registered intermediaries are provided by independent registered professionals, and representation before SEBI or SAT is made by advocates or authorised professionals.