Citigroup launches eFPI @ Citi to accelerate India FPI registrations
Citigroup just rolled out a digital platform called eFPI @ Citi to help eligible foreign portfolio investors (FPIs) register faster in India.
The big win? Registration time could drop to just five business days, thanks to less paperwork.
This lines up with SEBI's push to speed up and streamline FPI registration.
Rollout begins with US, Ireland, Luxembourg
The launch starts with regulated funds from the US Ireland, and Luxembourg, then expands in the second phase to Singapore, Canada, Australia and the UK.
Announced at Mumbai's Global Fintech Fest, this move is set to benefit a lot of overseas investors, especially since Citi already manages a significant share of the FPI assets under custody in the country.
If you're looking at Indian markets from abroad, things just got a whole lot smoother.