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Home / RBI Compliance / EMF & SMF Reporting on FIRMS
Last updated: 2 October 2026
All foreign investment reporting to RBI now runs through the FIRMS portal — first the Entity Master Form, then Single Master Form returns for each transaction. Expertvuw’s team registers your entity and users, updates the Entity Master and files SMF returns on time.
RBI’s Foreign Investment Reporting and Management System (FIRMS) is the online platform for reporting foreign investment in India. Reporting happens in two layers.
First, the Indian entity registers on FIRMS and completes the Entity Master Form (EMF), which records its details and total foreign investment. Business users are then registered to file returns on the entity’s behalf.
Second, each transaction is reported through the Single Master Form (SMF). The SMF covers nine returns: FC-GPR (issue of shares), FC-TRS (transfers), LLP(I) and LLP(II) (foreign investment in LLPs), ESOP, DRR (depository receipts), CN (convertible notes), DI (downstream investment) and InVI (investment vehicles). Returns are verified by the AD bank and then by RBI.
Basis: RBI Master Direction – Foreign Investment in India; FIRMS Single Master Form user manual; FEM (Non-debt Instruments) Rules, 2019. Last updated: 27 September 2026.
Entity Master Form for the entity; Single Master Form for each transaction.
FC-GPR, FC-TRS, LLP(I), LLP(II), ESOP, DRR, CN, DI and InVI.
The AD bank verifies each return before RBI approval.
Due within 30 days of allotment.
Due within 60 days of transfer or funds, whichever is earlier.
Available within three years of the due date; after that, compounding is needed.
FIRMS returns are often returned for small mismatches.
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FIRMS reporting connects with these services.
Route, caps and pricing for FDI.
Reporting share transfers.
Ongoing FEMA compliance for companies.
Annual FLA return.
More in this section: FEMA Compounding with RBI · Overseas Subsidiary Setup from India · Overseas Subsidiary (WOS) Compliance
Complete entity and business user registration.
Update the Entity Master Form.
Prepare the relevant SMF return.
File on FIRMS with attachments.
Respond to AD bank or RBI queries.
Save the approved return and update records.
FIRMS reporting continues with each transaction.
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A one-time form on RBI’s FIRMS portal recording the Indian entity’s details and total foreign investment, updated as investment changes.
A single platform on FIRMS for filing nine foreign investment returns, including FC-GPR, FC-TRS and DI.
The AD bank verifies the return first, and RBI then approves it.
It can be filed with a late submission fee within three years of the due date; beyond that, compounding is required.
No. The FLA return is filed separately on RBI’s FLAIR portal.
ACS – Director, Expertvuw Management Pvt Ltd
FEMA filings are prepared by Expertvuw’s team. Certificates required by the AD bank or RBI are issued by independent practising professionals, and representation before RBI or the Directorate of Enforcement is made by authorised professionals or advocates.