SEBI switches FPI fees to rupees

The India — Securities and Exchange Board of India (SEBI) has notified amendments to the Foreign Portfolio Investors (FPI) Regulations, replacing the US dollar-denominated fee structure with a rupee-denominated payment mechanism for Foreign Portfolio Investors and Foreign Venture Capital Investors (FVCIs). The changes take effect after six months. Key revisions include: registration fee for Category-I FPIs and FVCIs changed from $2,500 to ₹2.3 lakh; application fee from $1,000 to ₹90,000; and late and continuance fees similarly revised. Designated Depository Participants (DDPs) must remit fees to SEBI within five working days. The common application form now includes date of birth or incorporation to facilitate Permanent account number (PAN) applications, aligning with India — Central Board of Direct Taxes (CBDT) requirements. SEBI collected $12.98 million in fees in FY2025-26. The move addresses operational challenges of the dollar-based system, such as manual accounting and reporting delays.