To facilitate this transition, SEBI has amended the rules that oversee FPIs. The updated provisions are set to take effect six months from the notification date of 3 July.
Under the new framework, the registration fee for Category I FPIs has been increased from $2,500 to ₹2.3 lakh. In a similar vein, the registration fee for Category II FPIs has been revised from $250 to ₹23,000.
Additionally, the application fee for requesting general relaxations or exemptions from strict regulatory enforcement has been adjusted from $1,000 to ₹90,000, or its equivalent in eligible foreign exchange.
Furthermore, SEBI has updated the standard application form for FPI registration, now requiring applicants to include their date of birth or date of incorporation to assist in the issuance of a Permanent Account Number (PAN).
Moreover, Designated Depository Participants (DDPs) are obligated to transfer the registration fees collected from FPIs to SEBI within five working days of issuing the registration.
Also Read: SEBI permits depositories to utilize part of Investor Protection Fund income for expenditures
“Each designated depository participant is required to remit the fees collected in INR from foreign portfolio investors to the Board within five working days following the issuance of the certificate of registration, along with the necessary details in the prescribed format,” SEBI stated.
