The Securities and Exchange Board of India (SEBI) has issued a circular updating operational guidelines for foreign venture capital investors (FVCIs) and designated depository participants (DDPs) to operationalise the Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) framework for foreign portfolio investors (FPIs) and FVCIs. The changes streamline SWAGAT-FI onboarding by allowing combined FPI and FVCI registration using the same information and documentation, and extend key ongoing compliance periodicities to 10 years for SWAGAT-FI FVCIs. A SWAGAT-FI FVCI applicant may apply for FVCI registration together with its FPI registration without submitting a separate FVCI application form or supporting documents, with processing based on the FPI submission, provided the applicant appoints the same custodian and DDP for both. Existing FVCIs that meet the SWAGAT-FI FPI requirements can convert to SWAGAT-FI FVCI by applying to their DDP, again subject to using the same custodian and DDP as for FPI registration. The circular also modifies renewal and information-update timelines, retaining five-year blocks for standard FVCIs but specifying 10-year blocks for SWAGAT-FI, and sets the KYC review periodicity for SWAGAT-FI FVCIs at 10 years; depositories, custodians and DDPs are instructed to make corresponding system changes. The circular takes effect from 1 June 2026.
Securities & Exchange Board of India 2026-01-16
Securities and Exchange Board of India implements SWAGAT-FI single-window onboarding and 10-year compliance cycles for eligible FPIs and FVCIs
The Securities and Exchange Board of India has updated guidelines for foreign venture capital investors and designated depository participants under the SWAGAT-FI framework, allowing combined registration for foreign portfolio investors and foreign venture capital investors with extended compliance periods of 10 years. The circular, effective 1 June 2026, mandates system changes for depositories, custodians, and DDPs.