HO/19/34/14(5)2025-AFD-POD2/I/2703/2026

CIRCULAR HO/19/34/14(5)2025-AFD-POD2/I/2703/2026 To, Foreign Portfolio Investors (FPIs) Designated Depository Participants (DDPs) and Custodians The Depositories The Stock Exchanges and Clearing Corporations Dear Sir / Madam, Subject: Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI)" framework for FPIs and FVCIs SEBI vide "Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors" No. SEBI/HO/AFD/AFDPoD2/P/CIR/P/2024/70 dated May 30, 2024 as amended from time to time (hereinafter referred to as the 'FPI Master Circular') has, inter alia, specified the guidelines for registration of FPIs, KYC requirements and attendant investment conditions. SEBI (Foreign Portfolio Investors) (Second Amendment) Regulations, 2025 were notified on December 03, 2025, amending the SEBI (Foreign Portfolio Investors) Regulations, 2019, inter alia, to simplify on-boarding and ongoing compliances for SWAGAT-FIs. Accordingly, the FPI Master Circular stands modified as follows: 3.1. Under Para 1 of Part A, after sub-para (ii)(da) (added vide Circular No. SEBI/HO/AFD/AFD-PoD-3/P/CIR/2025/127 dated September 10, 2025), the following sub-para shall be inserted: " db. The provision mentioned at (b) above shall not apply to SWAGAT-FI FPI. However, it shall be subject to the provision that contribution of resident Indian individuals shall be made through January 16, 2026 the LRS notified by RBI and shall be in global funds whose Indian exposure is less than 50%." 3.2. Under Para 2 of Part A, after sub-para (v), the following sub-para shall be inserted: "vi. Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) The following shall be eligible for registration as SWAGATFI FPI

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