FPI onboarding in 5 days: Sebi, RBI push digital registration to attract foreign investors

The Securities and Exchange Board of India (Sebi) and the Reserve Bank of India (RBI) are working to make foreign portfolio investor (FPI) registration faster, simpler and more digital, with onboarding within five working days successfully tested for certain jurisdictions.

Sebi Chairman Tuhin Kanta Pandey said the two regulators are working closely to remove bottlenecks in the registration process and make FPI onboarding more seamless. Speaking at the Association of Portfolio Managers in India (APMI) annual conclave, Pandey said the regulators had already made significant progress but wanted to further simplify the process.

“RBI and Sebi have been working very closely and we have been able to sort out many issues, including FPI onboarding where we are currently engaged very actively on ironing out issues so that we are able to do very fast onboarding,” Pandey said.

FPI onboarding goes digital

With support from custodians and depositories, the regulators have successfully tested FPI onboarding within five working days for certain jurisdictions. The initiative is part of a broader push to reduce paperwork and make registration more technology-driven.

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Sebi has already revamped the NSDL front end and launched the India Market Access portal, which brings registration requirements, frequently asked questions and documentation together in one place.

The regulator has also moved from physical powers of attorney to e-powers of attorney, reducing the dependence on physical documentation.

Digital signatures are being accepted in place of physical signatures, which previously required processes such as notarisation and apostillisation. Pandey said Sebi and RBI are also working to streamline KYC requirements.

RBI examining SWIFT-based document upload

The RBI has also allowed corresponding branches of foreign commercial banks to certify documents. In addition, the central bank is examining whether the SWIFT process can be used for uploading FPI registration documents.

The steps are aimed at reducing procedural friction for overseas investors seeking access to Indian markets.

Pandey also highlighted the regulators’ efforts to improve the overall FPI registration process through greater coordination between Sebi, RBI, custodians and depositories.

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Sebi, RBI also working on bond indices

Separately, Sebi is working with RBI on a framework for bond indices that can be fitted on exchanges.

Pandey said RBI has prepared draft guidelines and sought comments, while Sebi is pursuing the matter with the central bank to take the framework forward.

The comments come as India’s portfolio management industry continues to expand. Portfolio managers’ assets under management, excluding PF and EPFO assets, reached around ₹9.2 trillion in August 2026, up from ₹1.4 trillion at the end of FY16. The industry has grown at around 20% annually over the period.

The number of registered portfolio managers has crossed 530, while discretionary PMS clients have risen to around 2.2 lakh. Pandey said the growth of the industry also increases the responsibility of portfolio managers to assess investor suitability and clearly communicate risks.

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