Welcome to Indian Market Access
Document Advisory
The Securities and Exchange Board of India (SEBI) has under Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019, (FPI Regulations) as modified from time to time, established a category of market intermediary, the Designated Depository Participants (DDPs), to grant registration to Foreign Portfolio Investors (FPIs), to invest in Indian securities market. SEBI has further issued Master Circular dated May 30, 2024, to provide guidance on process for grant of registration and maintenance of static data of the registered FPIs.
Process to apply for Fresh registration
Document Advisory
List of Documents Required for Fresh Registration
Registration Documents Required (Mandatory)
- Common Application Form (CAF) – FPI should sign the barcoded CAF.
- Annexure to CAF including as applicable:
- Undertaking from Investment Manager Under Regulation 5(a)(iv)(II) or 5(a)(v)(A)
- Undertaking from Eligible Category I Entity Under Regulation 5(a)(v)(B)
Supplemental Documents Required (Mandatory)
- Authorized Signatory List
- Memorandum & Articles of Association / Prospectus / Declaration of Trust / Funds Declaration / LP Agreement / Bye Laws / Statutes, etc
- Certificate Of Incorporation
- PAN Card – is generated on the CAF portal.
- FATCA / CRS forms
- Account Opening instruction.
- Affirmation On Standard Operating Procedure for Seeking Additional Disclosures Circular Dated 24th August 23
- Duly apostilled / consularized power of attorney may be treated as an address proof for FPIs.
Indicative KYC document requirements of Legal entity:
- Letter providing Legal Entity KYC details including Beneficial ownership of Legal Entity
- Memorandum of Association / By-laws / Prospectus / PPM / Offering Memorandum / Trust Deed / Partnership Deed (if different from the applicant)
- Certificate of Incorporation of the Legal Entity
- Authorised Signatory List (if different from the applicant)
- Proof of Address of the Legal Entity
- Proof of Address of authorised signatory / SMO/ UBO for applicants from High-risk jurisdictions and Category II FPIs
- Proof of ID of Authorised Signor /SMO / UBO of the Legal Entity
- Proof of Address of Authorised Signor /SMO / UBO of the Legal Entity
Note: list of documents is as per the SEBI Master Circular, however there may be KYC documents which may dier from Custodian to Custodian and may be required on the exceptional basis, based on their Internal KYC requirements, which the FPI will have to provide.
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Standard Onboarding Supplemental documents
| Jurisdiction | Entity/Structure Type | Standard constitution document / Website to evidence regulatory status |
|---|---|---|
| France | OPCMV equivalent of UCITS/AIF in the form of – FIVG, FPVG, FCPR, FCPI, FIP, FPS, FCPE | Prospectus https://geco.amf-france.org/liste-des-produits-d-epargne (refer tab “Placements collectifs”) |
| Bank | Statutes/AOA/MOA https://acpr.banque-france.fr/en/particuliers/vos-moyens-daction/check-authorisation-status-professionals | |
| Investment Manager/Other regulated entities (e.g. Investment Advisor) | Statutes/AOA/MOA https://geco.amf-france.org/liste-des-produits-d-epargne (refer tab “Societes de gestion”) | |
| US | Body Corporate / Company (excl. Insurance / Reinsurance entities) | AOA / MOA / Article of Incorporation / Instrument of Incorporation / i) https://www.sec.gov/search-filings |
| Limited Partnership / Limited Liability Partnership / Partnership Firm (LP/LLP/PF) | LP Agreement / LLP Agreement / Deed of Partnership i) https://www.sec.gov/search-filings | |
| Limited Liability Company | LLC Agreement / LLC Operating Agreement / Certificate of Formation i) https://www.sec.gov/search-filings | |
| Fund / Sub-Fund | Prospectus / Supplement to Prospectus / Statement of Additional Information / i) https://www.sec.gov/search-filings ii) For CTF / CIF where National Bank and Trust companies act as Trustee: | |
| Trust (including CIF / CTF) | Trust Deed / Trust Agreement / Declaration of Trust (DoT) along with all amendments ii) For CTF / CIF where National Bank and Trust companies act as Trustee: | |
| Pension | Statute Legislations / Charter / Bylaws, Composition Law / Plan Document Certified copy of Sec 401 of Internal Revenue Service determination letter is proof | |
| Charitable Organisation / Foundations / Endowment and University | Byelaws / Articles / Formation documents. | |
| Insurance / Re-Insurance Entities | Articles of Incorporation / Key Statement Facts / Separate Plan documents like Agreement, | |
| Ireland | Corporate | MOA/AOA / Certificate of Incorporation http://registers.centralbank.ie/FundSearchPage.aspx For Business Registry Search: https://cro.ie/ |
| Limited Partnership / Limited Liability Partnership / Partnership Firm (LP/LLP/PF) | LP Agreement / LLP Agreement / Deed of Partnership For Business Registry Search: | |
| Fund / Sub Fund | Prospectus, Supplement to Prospectus, Addendum to Prospectus http://registers.centralbank.ie/FundSearchPage.aspx For Business Registry Search: https://cro.ie/ | |
| Trust | Trust Deed / Trust Agreement along with all amendments http://registers.centralbank.ie/FundSearchPage.aspx For Business Registry Search: https://cro.ie/ | |
| Common Contractual Fund (‘CCF’) | Deed of Constitution (DOC)/ Amended Restated DOC/ CCF Agreement http://registers.centralbank.ie/FundSearchPage.aspx For Business Registry Search: https://cro.ie/ | |
| Canada | Mutual Fund | Prospectus, Supplement to Prospectus www.sedarplus.ca |
| Investment Manager/Other regulated entities (e.g. Investment Advisor) | Statutes/AOA/MOA www.sedarplus.ca | |
| Trust | Trust Deed / Trust Agreement along with all amendments www.sedarplus.ca | |
| Insurance Company | Product Disclosure Document with relevant insurance scheme details seeking registration/Registration Certificate www.sedarplus.ca | |
| Luxembourg | A) SOPARFI (Holding Company) usually incorporated as S.à r.l. or S.A. | Draft Articles of Association (AoA) Notarial Deed of Incorporation RCS extract (RCS Extrait) – This is the business register extract |
| S.à r.l. (Private Limited Company) | Articles of Association Notarial Deed RCS extract (RCS Extrait) – This is the business register extract | |
| S.A. (Public Limited Company) | Articles of Association Notarial Deed RCS extract (RCS Extrait) – This is the business register extract | |
| S.C. Sp (Special Limited Partnership) | Partnership Limited Partnership Agreement (LPA) | |
| SCS (Common Limited Partnership) | Notarial deed (if required) Partnership Agreement GP documentation RCSL registration | |
| SIF (Specialised Investment Fund) | Investment Fund Structures Constitution / Incorporation Documents Fund Prospectus Articles of Association (if SICAV/SICAF) Notarial deed | |
| RAIF (Reserved Alternative Investment Fund) | RAIF Offering Memorandum (compulsory) Articles of Association / LPA Notarial deed Depositary agreement AIFM appointment contract | |
| SICAR (Risk Capital Vehicle) | Prospectus / Private Placement Memo Articles of Association or LPA Notarial deed | |
| UCITS | Prospectus Articles of Association / Management Regulations Depositary & Administrator Agreements Investment Management Agreement Distribution Agreements | |
| Securitisation Vehicle (SV) | Securitisation & Special Purpose Vehicles Constitution / Incorporation Documents Articles of Association (if company) Securitisation Fund Regulation (if FCP) Notarial deed | |
| SPF (Wealth Management Company) | Articles of Association Notarial deed | |
| Mauritius | Private/Public Limited Company | Corporate Structures Constitution Certificate of incorporation Global business license/ FSC Letter |
| Variable Capital Company (VCC) | Cell and Segregated Structures Constitution Certificate of incorporation Global business license/ FSC Letter FSC approval for the sub fund (in case of FPI license applied at sub-fund level) Constitution of PCC being the legal entity Certificate of incorporation of PCC Global business license/ FSC approval of PCC PPM of the Cell (in case of FPI license applied at Cell level) | |
| Protected Cell Company (PCC) | Cell and Segregated Structures Limited partnership agreement Registration certificate of Limited Partnership Global business license/ FSC Letter | |
| Limited Partnerships | Limited partnership agreement Registration certificate of Limited Partnership Global business license/ FSC Letter | |
| Singapore | Private/Public Limited Company | Corporate / Holding Structures Constitution / MoA/AoA Certificate of incorporation ACRA Biz file – Business Profile |
| Investment Fund Structures | VCC-Sub fund Constitution/MoA/AoA of the VCC Certificate of incorporation listing sub funds ACRA Biz file – Business Profile of VCC listing the sub funds | |
| United Kingdom | UCITS, Non-UCITS Retail Scheme (NURS) | Fund Prospectus https://register.fca.org.uk/s/fund-search |
| Insurance/ Reinsurance Entity | Memorandum of Association / Articles of Association https://register.fca.org.uk/s/ | |
| Investment Manager | Memorandum of Association / Articles of Association https://register.fca.org.uk/s/ | |
| Charitable Organization | Trust document / The Statutes document of the entity | |
| Corporate Body | Memorandum of Association / Articles of Association | |
| Pension Fund | Trust Deed | |
| University Fund | Trust Deed | |
| Unregulated fund – Limited Partnership / Trust | Articles of Association / Partnership Deed / Trust Deed | |
| Japan | Unregulated fund sponsored by an IM from FATF member country | Summary Trust Deed and Tripartite Agreement or Trust Deed (Original Language document supported with English Translation) |
| Corporate Body | Articles of Incorporation |