Markets regulator Sebi has replaced the existing U.S. dollar-denominated registration fee for Foreign Portfolio Investors (FPIs) with a rupee-based fee structure.
To implement the change, the Securities and Exchange Board of India (Sebi) has amended the rules governing FPIs. The revised provisions will come into effect after six months, Sebi said in its notification dated July 3.
As per the notification, the regulator has revised the registration fee for Category-I FPIs from $2,500 to ₹2.3 lakh. Similarly, registration fee for FPIs belonging to Category II has been revised from $250 to ₹23,000. The regulator has also revised the application fee for seeking general relaxations or exemptions from strict enforcement of regulations from $1,000 to ₹90,000 in eligible foreign exchange equivalent.
. It has mandated including the applicant's date of birth or date of incorporation in the common application form to facilitate Permanent Account Number (PAN) allotment.
Additionally, Designated Depository Participants (DDPs) must remit the collected registration fees to Sebi within five working days of granting registration. "Every designated depository participant shall remit the fees collected from the foreign portfolio investors in INR to the Board in the case of initial registration, within five working days from the date of grant of certificate of registration to the foreign portfolio investor, along with the details in the format, as may be specified from time to time," Sebi said.
