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ARTICLE · 21 JANUARY 2026

General Newsletter – January 2026

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On 5 December 2025, SEBI released a consultation paper proposing a comprehensive consolidation and modernisation of the Master Circular governing Foreign Portfolio Investors (FPIs), Designated Depository Participants...

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SEBI CONSULTATION PAPER ON THE CONSOLIDATION OF FPI/DDP MASTER CIRCULAR (5 DECEMBER 2025)

On 5 December 2025, SEBI released a consultation paper proposing a comprehensive consolidation and modernisation of the Master Circular governing Foreign Portfolio Investors (FPIs), Designated Depository Participants (DDPs) and Eligible Foreign Investors. Since the existing Master Circular dated 30 May 2024, SEBI has issued multiple circulars addressing granular beneficial-ownership disclosures, relaxations for government-securities-focused FPIs, and the introduction of the SWAGAT-FI (Single Window Automatic & Generalised Access for Trusted Foreign Investors) framework. The proposed consolidated Master Circular seeks to fold all these updates into a single, coherent, practitioner-friendly document, retire fragmented prior guidance, and formally embed SWAGAT-FI within the primary rulebook.

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