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FPI Registration – Expertvuw
SEBI · Foreign Portfolio Investors

FPI Registration in India – Category I and II, DDP Process and SWAGAT-FI

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.

Overview

How FPI Registration Works

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.

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What This Service Covers

What We Help With

1

Checking eligibility and category

2

Preparing the common application form and KYC documents

3

Beneficial ownership and group structure disclosures

4

Coordinating with the DDP and custodian

5

Renewal, material change reporting and investment limit monitoring

Key FPI Facts

Two categories

Category I for government-related and regulated investors; Category II for others.

DDP grants registration

A Designated Depository Participant registers FPIs on SEBI's behalf.

Three-year blocks

Registration fees are paid for blocks of three years.

SWAGAT-FI

Trusted investors can get 10-year registration and KYC cycles from June 2026.

Investment limits

An FPI group's holding in a company must stay below 10% of equity; higher holdings are reclassified as FDI.

Beneficial ownership

Detailed beneficial ownership disclosure is required for certain FPIs.

Common Issues

Common Issues

Most delays come from documents and ownership disclosures.

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Related Services

Related services

FPI registration connects with these services.

AIF Registration

Registering an Alternative Investment Fund.

FDI Compliance

Foreign direct investment rules.

NRI Taxation

Tax on portfolio investment by non-residents.

LEI Registration

Legal Entity Identifier for investors.

Documents Required

Documents we need from you

Entity Documents

KYC & Ownership

Our Process

How the Process Works

1

Eligibility

Confirm eligibility and category.

2

Documents

Collect entity, KYC and ownership documents.

3

Application

Complete the common application form.

4

DDP review

DDP reviews and may raise queries.

5

Registration

DDP grants registration on SEBI's behalf.

6

Accounts

Open custody, demat and bank accounts.

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After Registration

After Registration

FPIs have continuing obligations.

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Get in Touch

Share your query and our team will reply during business hours.






    FAQs

    Frequently Asked Questions

    Who can register as an FPI?

    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.

    About Expertvuw

    Who Handles Your FPI Application

    CS Chetna Shoor, Company Secretary and Director, Expertvuw

    CS Chetna Shoor

    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.

    Expertvuw Management Pvt Ltd