SEBI has, by way of a Circular dated September 10, 2025, in order to facilitate ease of regulatory compliances for FPIs investing only in Government Securities (‘GS-FPI’), introduced various amendments to the SEBI Master Circular dated May 30, 2024. Pursuant to these amendments, GS-FPIs are now: (i) exempted from furnishing investor group details if such investments are made under the Fully Accessible Route; (ii) not subjected to ownership/ control thresholds for non-resident Indians, overseas citizen of India and resident Indians; (iii) exempted from submitting the change in information declaration to their Designated Depository Participants (‘DDP’) at the time of renewals; (iv) required to submit with its DDP Type I and Type II material changes notifications with supporting documents within 30 days of such change; (v) required to follow the guidelines for application and transition of FPIs from a regular FPI to a GS-FPI and vice-versa and requirements to maintain its status as a GS-FPI; and (vi) subject to a KYC review by their custodians which is harmonized with the applicable periodicity of KYC review of their respective bank accounts as prescribed by RBI.