SEBI by way of its Circular dated March 27, 2023 has provided directions to streamline the onboarding process of Foreign Portfolio Investors (‘FPI’). The Designated Depository Participants (‘DDP’) can now grant FPI registration to an applicant based on scanned copies of executed Common Application Form (‘CAF’), supported certifying documents and applicable fees, after which the CAF module will be updated by the DDP for issuance of a Permanent Account Number (‘PAN’). Upon allotment of the PAN, the scanned copies of certified Know Your Client (‘KYC’) documents of the applicant shall be uploaded on the KYC Registration Agencies for access and verification by other intermediaries. Further, only after the physical documents have been received and verified by the DDP/ Custodian, the Custodian will make an application to the Clearing Corporation (‘CC’) for allotment of a CP Code to the FPI for enabling the FPI to transact in the Indian securities markets. Apart from the above, SEBI has also provided directions in relation to usage of digital signatures by FPIs, certification of copies of original documents by authorized bank officials using SWIFT mechanism, submission of unique investor group ID by FPI applicants, etc.