The Government of India has notified a revised Common Application Form (CAF) for Foreign Portfolio Investors (FPIs) aimed at streamlining procedures related to registration, opening of bank and demat accounts, and application for Permanent Account Number (PAN) in India.
The revised framework has been notified vide Notification No. F. No. 4/15/2016-ECB, issued by the Department of Economic Affairs, Ministry of Finance, and published in the Gazette of India (Extraordinary), Part I, Section 1, dated June 11, 2026.
The notification supersedes the earlier notification bearing the same number dated 27 January 2020, thereby replacing the existing application mechanism with a more comprehensive and updated format. The revised Common Application Form has been enclosed as Annexure-I to the notification.
The newly notified form is intended to facilitate a single-window approach for foreign investors seeking access to the Indian securities market. Through this integrated application process, FPIs will be able to complete multiple regulatory and procedural requirements through a consolidated format, thereby reducing duplication of information and improving ease of doing business.
The revised Common Application Form captures information relating to Know Your Customer (KYC) compliance, FPI registration details, PAN-related particulars, bank account opening requirements, demat account opening procedures, beneficial ownership disclosures, tax residency details, FATCA/CRS declarations, and declarations relating to regulatory compliance.
The notification also seeks to strengthen transparency and due diligence standards by requiring disclosures relating to beneficial ownership structures, regulatory oversight, disciplinary history, investment management arrangements, and prior association with Indian securities markets, wherever applicable.
For obtaining a Permanent Account Number, the form incorporates the requisite details prescribed under the provisions of the Income-tax framework, enabling eligible FPIs to submit a unified application without the need for separate documentation processes.
The revised format is expected to significantly enhance operational efficiency for foreign investors and market intermediaries by promoting ease of registration, reducing compliance burdens, and accelerating onboarding timelines. The initiative aligns with the Government’s continued efforts to facilitate foreign investment inflows while maintaining robust regulatory safeguards.
Background:
Foreign Portfolio Investors constitute an important source of capital for India’s financial markets. Simplification of procedural requirements through integrated digital and regulatory frameworks supports the Government’s objective of enhancing investor confidence, improving market accessibility, and strengthening India’s position as an attractive global investment destination.
The Notification can be accessed at: https://a2ztaxcorp.net/wp-content/uploads/2026/06/Foreign-Portfolio-Investors-FPIs-in-India.pdf
