SEBI and CBDT relax onboarding rules for FPIs in India
SEBI and the Central Board of Direct Taxes just made life a bit easier for foreign portfolio investors (FPIs) trying to invest in India.
After complaints about complicated new tax rules, like needing taxpayer IDs and lots of personal details, regulators have relaxed the requirements to help smooth out the onboarding process.
FPIs need only list signatory name
Now, FPIs only need to list their authorized signatory's name on the application form; no extra documents are needed.
If they don't have a mobile or landline number for that person, they can simply use their own contact information.
For countries without a taxpayer ID system, "0000000000" works as a placeholder, and if signatory IDs aren't available, just using the FPI registration number is fine.
The goal: make investing in India less of a hassle.