Document Advisory

The Securities and Exchange Board of India (SEBI) has under Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, (FPI Regulations) as modified from time to time, established a category of market intermediary, the Designated Depository Participants (DDPs), to grant registration to Foreign Portfolio Investors (FPIs), to invest in Indian securities market. SEBI has further issued Master Circular dated May 30, 2024, to provide guidance on process for grant of registration and maintenance of static data of the registered FPIs.

• Process to apply for Fresh registration
• Document Advisory
• Fee Calculator
• Standard Document Guidance

Process to apply for Fresh registration

Document Advisory

List of Documents Required for Fresh Registration
Registration Documents Required (Mandatory)

• Common Application Form (CAF) – FPI should sign the barcoded CAF.
• Annexure to CAF including as applicable:
• Undertaking from Investment Manager Under Regulation 5(a)(iv)(II) or 5(a)(v)(A)
• Undertaking from Eligible Category I Entity Under Regulation 5(a)(v)(B)

Supplemental Documents Required (Mandatory)

• Authorized Signatory List
• Memorandum & Articles of Association / Prospectus / Declaration of Trust / Funds Declaration / LP Agreement / Bye Laws / Statutes, etc
• Certificate Of Incorporation
• PAN Card – is generated on the CAF portal.
• FATCA / CRS forms
• Account Opening instruction.
• Affirmation On Standard Operating Procedure for Seeking Additional Disclosures Circular Dated 24th August 23
• Duly apostilled / consularized power of attorney may be treated as an address proof for FPIs.

Indicative KYC document requirements of Legal entity:

• Letter providing Legal Entity KYC details including Beneficial ownership of Legal Entity
• Memorandum of Association / By-laws / Prospectus / PPM / Offering Memorandum / Trust Deed / Partnership Deed (if different from the applicant)
• Certificate of Incorporation of the Legal Entity
• Authorised Signatory List (if different from the applicant)
• Proof of Address of the Legal Entity
• Proof of Address of authorised signatory / SMO/ UBO for applicants from High-risk jurisdictions and Category II FPIs
• Proof of ID of Authorised Signor /SMO / UBO of the Legal Entity
• Proof of Address of Authorised Signor /SMO / UBO of the Legal Entity

Note: list of documents is as per the SEBI Master Circular, however there may be KYC documents which may di􀃏er from Custodian to Custodian and may be required on the exceptional basis, based on their Internal KYC requirements, which the FPI will have to provide.

Fee Calculator

Select Category I Category II

Activity	Category	SEBI Registration Fee (USD)	GST [18%] (USD)	Total (USD)
Fresh Registration	I	2500	450	2950

Activity	Category	SEBI Registration Fee (USD)	GST [18%] (USD)	Total (USD)
Fresh Registration	II	250	45	295

Standard Onboarding Supplemental documents

Jurisdiction	Entity/Structure Type	Standard constitution document / Website to evidence regulatory status
France	OPCMV equivalent of UCITS/AIF in the form of - FIVG, FPVG, FCPR, FCPI, FIP, FPS, FCPE	Prospectus https://geco.amf-france.org/liste-des-produits-d-epargne (refer tab “Placements collectifs”)
	Bank	Statutes/AOA/MOA https://acpr.banque-france.fr/en/particuliers/vos-moyens-daction/check-authorisation-status-professionals
	Investment Manager/Other regulated entities (e.g. Investment Advisor)	Statutes/AOA/MOA https://geco.amf-france.org/liste-des-produits-d-epargne (refer tab “Societes de gestion”)
US	Body Corporate / Company (excl. Insurance / Reinsurance entities)	AOA / MOA / Article of Incorporation / Instrument of Incorporation / Deed of Incorporation / Certificate of Registration or Incorporation i) https://www.sec.gov/search-filings ii) For IM seeking FPI license: https://adviserinfo.sec.gov/ iii) Respective state registry websites for Business Registry Search e.g.,   a) Michigan: https://mibusinessregistry.lara.state.mi.us/search/business   b) Delaware: https://icis.corp.delaware.gov/ecorp/entitysearch/namesearch.aspx   c) New York: https://apps.dos.ny.gov/publicinquiry/ iv) Where applicant is Bank, check respective state financial regulator website.   a) Example – New York: https://www.dfs.ny.gov/who_we_supervise
	Limited Partnership / Limited Liability Partnership / Partnership Firm (LP/LLP/PF)	LP Agreement / LLP Agreement / Deed of Partnership i) https://www.sec.gov/search-filings ii) For IM seeking FPI license: https://adviserinfo.sec.gov/ iii) Respective state registry websites for Business Registry Search e.g.,   a) Michigan: https://mibusinessregistry.lara.state.mi.us/search/business   b) Delaware: https://icis.corp.delaware.gov/ecorp/entitysearch/namesearch.aspx   c) New York: https://apps.dos.ny.gov/publicinquiry/
	Limited Liability Company	LLC Agreement / LLC Operating Agreement / Certificate of Formation i) https://www.sec.gov/search-filings ii) For IM seeking FPI license: https://adviserinfo.sec.gov/ iii) Respective state registry websites for Business Registry Search e.g.,   a) Michigan: https://mibusinessregistry.lara.state.mi.us/search/business   b) Delaware: https://icis.corp.delaware.gov/ecorp/entitysearch/namesearch.aspx   c) New York: https://apps.dos.ny.gov/publicinquiry/
	Fund / Sub-Fund	Prospectus / Supplement to Prospectus / Statement of Additional Information / Key Information Documents along with Prospectus (if applicable, for sub-funds) i) https://www.sec.gov/search-filings ii) For CTF / CIF where National Bank and Trust companies act as Trustee: https://www.occ.treas.gov/publications-and-resources/tools/occ-financial-institution-search/index-occ-financial-institution-search.html
	Trust (including CIF / CTF)	Trust Deed / Trust Agreement / Declaration of Trust (DoT) along with all amendments i) https://www.sec.gov/search-filings ii) For CTF / CIF where National Bank and Trust companies act as Trustee: https://www.occ.treas.gov/publications-and-resources/tools/occ-financial-institution-search/index-occ-financial-institution-search.html
	Pension	Statute Legislations / Charter / Bylaws, Composition Law / Plan Document Certified copy of Sec 401 of Internal Revenue Service determination letter is proof of organization's tax-exempt status as, inter-alia, pension fund. This shall be corroborated with the constitutive document copy qualifying the fund as a pension fund.
	Charitable Organisation / Foundations / Endowment and University	Byelaws / Articles / Formation documents.
	Insurance / Re-Insurance Entities	Articles of Incorporation / Key Statement Facts / Separate Plan documents like Agreement, Plan attributes (for Separate Accounts) / Product Disclosure Document with the relevant insurance scheme details seeking registration https://sbs.naic.org/solar-external-lookup/
Ireland	Corporate	MOA/AOA / Certificate of Incorporation http://registers.centralbank.ie/FundSearchPage.aspx For Business Registry Search: https://cro.ie/
	Limited Partnership / Limited Liability Partnership / Partnership Firm (LP/LLP/PF)	LP Agreement / LLP Agreement / Deed of Partnership http://registers.centralbank.ie/FundSearchPage.aspx For Business Registry Search: https://cro.ie/
	Fund / Sub Fund	Prospectus, Supplement to Prospectus, Addendum to Prospectus http://registers.centralbank.ie/FundSearchPage.aspx For Business Registry Search: https://cro.ie/
	Trust	Trust Deed / Trust Agreement along with all amendments http://registers.centralbank.ie/FundSearchPage.aspx For Business Registry Search: https://cro.ie/
	Common Contractual Fund ('CCF')	Deed of Constitution (DOC)/ Amended Restated DOC/ CCF Agreement http://registers.centralbank.ie/FundSearchPage.aspx For Business Registry Search: https://cro.ie/
Canada	Mutual Fund	Prospectus, Supplement to Prospectus www.sedarplus.ca
	Investment Manager/Other regulated entities (e.g. Investment Advisor)	Statutes/AOA/MOA www.sedarplus.ca
	Trust	Trust Deed / Trust Agreement along with all amendments www.sedarplus.ca
	Insurance Company	Product Disclosure Document with relevant insurance scheme details seeking registration/Registration Certificate www.sedarplus.ca
Luxembourg	A) SOPARFI (Holding Company) usually incorporated as S.à r.l. or S.A.	Draft Articles of Association (AoA) Notarial Deed of Incorporation RCS extract (RCS Extrait) – This is the business register extract
	S.à r.l. (Private Limited Company)	Articles of Association Notarial Deed RCS extract (RCS Extrait) – This is the business register extract
	S.A. (Public Limited Company)	Articles of Association Notarial Deed RCS extract (RCS Extrait) – This is the business register extract
	S.C. Sp (Special Limited Partnership)	Partnership Limited Partnership Agreement (LPA) GP incorporation documents (since GP is usually S.à r.l.) Subscription agreements (if available) RCSL registration
	SCS (Common Limited Partnership)	Notarial deed (if required) Partnership Agreement GP documentation RCSL registration
	SIF (Specialised Investment Fund)	Investment Fund Structures Constitution / Incorporation Documents Fund Prospectus Articles of Association (if SICAV/SICAF) Notarial deed
	RAIF (Reserved Alternative Investment Fund)	RAIF Offering Memorandum (compulsory) Articles of Association / LPA Notarial deed Depositary agreement AIFM appointment contract
	SICAR (Risk Capital Vehicle)	Prospectus / Private Placement Memo Articles of Association or LPA Notarial deed
	UCITS	Prospectus Articles of Association / Management Regulations Depositary & Administrator Agreements Investment Management Agreement Distribution Agreements
	Securitisation Vehicle (SV)	Securitisation & Special Purpose Vehicles Constitution / Incorporation Documents Articles of Association (if company) Securitisation Fund Regulation (if FCP) Notarial deed
	SPF (Wealth Management Company)	Articles of Association Notarial deed
Mauritius	Private/Public Limited Company	Corporate Structures Constitution Certificate of incorporation Global business license/ FSC Letter
	Variable Capital Company (VCC)	Cell and Segregated Structures Constitution Certificate of incorporation Global business license/ FSC Letter FSC approval for the sub fund (in case of FPI license applied at sub-fund level) Constitution of PCC being the legal entity Certificate of incorporation of PCC Global business license/ FSC approval of PCC PPM of the Cell (in case of FPI license applied at Cell level)
	Protected Cell Company (PCC)	Cell and Segregated Structures Limited partnership agreement Registration certificate of Limited Partnership Global business license/ FSC Letter
	Limited Partnerships	Limited partnership agreement Registration certificate of Limited Partnership Global business license/ FSC Letter
Singapore	Private/Public Limited Company	Corporate / Holding Structures Constitution / MoA/AoA Certificate of incorporation ACRA Biz file - Business Profile
	Investment Fund Structures	VCC-Sub fund Constitution/MoA/AoA of the VCC Certificate of incorporation listing sub funds ACRA Biz file - Business Profile of VCC listing the sub funds
United Kingdom	UCITS, Non-UCITS Retail Scheme (NURS)	Fund Prospectus https://register.fca.org.uk/s/fund-search
	Insurance/ Reinsurance Entity	Memorandum of Association / Articles of Association https://register.fca.org.uk/s/
	Investment Manager	Memorandum of Association / Articles of Association https://register.fca.org.uk/s/
	Charitable Organization	Trust document / The Statutes document of the entity
	Corporate Body	Memorandum of Association / Articles of Association
	Pension Fund	Trust Deed
	University Fund	Trust Deed
	Unregulated fund - Limited Partnership / Trust	Articles of Association / Partnership Deed / Trust Deed
Japan	Unregulated fund sponsored by an IM from FATF member country	Summary Trust Deed and Tripartite Agreement or Trust Deed (Original Language document supported with English Translation)
	Corporate Body	Articles of Incorporation