On 30 October 2026, the Securities and Exchange Board of India issued a circular revising the schedule for periodic KYC reviews of foreign portfolio investors (FPIs). It amends the FPI master circular and the investor charter for designated depository participants (DDPs). The changes take effect on 1 December 2026.
The new schedule provides for reviews every eight years for Category I FPIs from non-high-risk jurisdictions and for Category I FPIs from high-risk jurisdictions registered under Regulation 5(a)(i). Other Category I FPIs from high-risk jurisdictions are reviewed every two years. For Category II FPIs, regulated entities from non-high-risk jurisdictions are reviewed every eight years; other Category II FPIs are reviewed every two years.
The separate schedules remain in place for FPIs investing only in government securities (GS-FPIs) and for SWAGAT-FI FPIs. The GS-FPI schedule follows the RBI-prescribed review interval for the relevant bank account, while the SWAGAT-FI schedule is ten years.
For registration continuance, the fee is payable to the DDP at least 15 days before the current registration expires. The next block is three years, or ten years for SWAGAT-FI. SEBI removed the requirement to submit change information or a no-change declaration at the point of continuance. That change concerns the continuance process; FPIs should still assess any ongoing material-change reporting obligation separately. SEBI directed depositories, custodians and DDPs to update their processes and notify affected FPIs.