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Document Advisory

Know about the documents required for obtaining FPI license

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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

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.