SEBI/HO/AFD/AFD -PoD -3/P/CIR/2025/127 — THE SECURITIES AND EXCHANGE BOARD OF INDIA ACT, 1992

CIRCULAR SEBI/HO/AFD/AFD -PoD -3/P/CIR/2025/127 To, Foreign Portfolio Investors (FPIs) Designated Depository Participants (DDPs) and Custodians The Depositories Dear Sir / Madam, Subject: Ease of regulatory compliances for FPIs investing only in Government Securities SEBI vide "Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors" No. SEBI/HO/AFD/AFD-PoD2/P/CIR/P/2024/70 dated May 30, 2024 as amended from time to time (hereinafter referred to as the 'FPI Master Circular') , inter alia, specifies the guidelines for registration of FPIs, KYC requirements and attendant investment conditions/ restrictions under Parts A, B and C of the FPI Master Circular respectively. In order to facilitate ease of regulatory compliances for ' FPIs investing only in Government Securities' (hereinafter referred to as "GS-FPIs") , SEBI (Foreign Portfolio Investors) Regulations, 2019 were amended vide notification dated August 11, 2025 . Accordingly , the FPI Master Circular stands modified as follows: 3.1.Under Para 1 of Part A, after sub-para "FPI applicant belonging to……with the investor group ID." and before sub-para "Where the application form…within a reasonable time.", the following sub-para shall be inserted: "FPIs that invest exclusively in Government Securities under Fully Accessible Route shall not be required to furnish investor group details. " September 10, 2025 3.2.Following sub-para shall be added after sub-para (ii)(d) of Para 1 of Part A: "da. The provisions mentioned at a to c above shall not apply to 'FPIs investing only in Government Securities' (hereinafter referred to as "GS -FPIs"). However, they shall be subject to the provision that contribution of resident Indian individuals shall be made through the LRS n