SEBI eases PAN onboarding norms for FPIs amid concerns over new tax rules 

The Securities and Exchange Board of India (SEBI) has said the Central Board of Direct Taxes (CBDT) has issued clarifications to address difficulties faced by foreign portfolio investors (FPIs) in obtaining Permanent Account Number (PAN) under the newly notified Income-tax Rules, 2026. 

CBDT had notified the Income-tax Rules, 2026 and related PAN application forms on March 20, 2026. The revised forms introduced additional fields such as Taxpayer Identification Number (TIN) and details of Representative Assessee (RA) or Authorised Representative (AR), while some previously optional fields, including mobile numbers, were made mandatory. 

Following concerns raised by stakeholders, SEBI said it actively engaged with CBDT to ensure continued ease of PAN allotment for FPIs. 

As part of the clarifications, CBDT said the name of the Authorised Signatory (AS) captured in the Common Application Form (CAF) would suffice for the RA/AR field, and no supporting documents related to the AS, RA or AR would be required. 

CBDT also clarified that the address, contact number and email details of the AS may be provided in the application. If such details are unavailable, the corresponding details of the FPI can be used instead. 

Further, if the PAN, Aadhaar or passport details of the AS are unavailable, FPIs may furnish their registration number. In jurisdictions where TIN is not applicable, applicants can fill the field with “0000000000”. 

CBDT also allowed FPIs to provide a landline number in cases where a mobile number is unavailable. 

SEBI said the measures are aimed at ensuring ease of onboarding for FPIs. It added that FPIs currently use a single Common Application Form for SEBI registration, opening bank and demat accounts, and PAN issuance.