The Securities and Exchange Board of India (SEBI) issued Circular HO/19/34/14(10)2026-AFD-POD3/I/24814/2026 on 30 October 2026 to reduce the compliance burden on Foreign Portfolio Investors (FPIs). The order extends the time between required Know Your Customer (KYC) reviews and removes the need for FPIs to report information changes when renewing their registration. These changes take effect from 1 December 2026, and affected intermediaries must update their systems accordingly.
Key points
- Effective 1 Dec 2026: New KYC review timelines apply to FPIs
- Category-I FPIs in non-high risk jurisdictions: KYC review every 8 years
- Category-II FPIs: KYC review every 2 years
- SWAGAT-FI FPIs: KYC review every 10 years
- FPIs no longer need to submit no-change declarations for registration continuance
When it applies
Counted from current validity of its registration, dated 30 October 2026.
- Circular comes into force
- At least 15 days prior to current validity of its registration FPI payment of fees for registration continuance
Who it affects
- Foreign Portfolio Investors (FPIs)
Refers to
- Master Circular for FPIs, DDPs and Eligible Foreign Investors dated May 30, 2024
- Section 11(1) of the Securities and Exchange Board of India Act, 1992
- Regulation 44 of SEBI (Foreign Portfolio Investors) Regulations, 2019