The Securities and Exchange Board of India (SEBI) issued clarifications to address difficulties faced by Foreign Portfolio Investors (FPIs) in obtaining Permanent Account Number (PAN) registrations following notification of the Income-tax Rules, 2026 and revised PAN application forms by the Central Board of Direct Taxes (CBDT). The revised forms introduced additional mandatory fields, including Taxpayer Identification Number (TIN), details of Representative Assessee or Authorized Representative, and mandatory mobile number requirements, which created compliance concerns for FPIs. After discussions between SEBI and CBDT, several relaxations and clarifications were provided to facilitate easier onboarding. CBDT clarified that the name of the Authorized Signatory in the Common Application Form would suffice for Representative Assessee requirements without additional supporting documents. Where TIN is not applicable, FPIs may use “0000000000.” If mobile numbers are unavailable, landline numbers may be provided. Similarly, FPI registration numbers may substitute unavailable PAN, Aadhaar, or passport details of the Authorized Signatory. These measures aim to ensure smoother PAN allotment and continued ease of onboarding for FPIs.
Securities and Exchange Board of India
PR No.30/2026
Removal of difficulties for on-boarding for FPIs – PAN allotment related issues
The Central Board of Direct Taxes (CBDT) has notified the Income-tax Rules, 2026 and the relevant Forms thereunder including new forms for making application for PAN on March 20, 2026.
In the new PAN Form(s) notified by CBDT few fields were added [like Taxpayer Identification Number; details & documents of Representative Assessee (RA)/ Authorized Representative (AR)] and others which were optional were made mandatory (like mobile number).
In view of several difficulties expressed by concerned stakeholders in furnishing such information by FPIs, SEBI actively engaged with CBDT to facilitate continued ease of allotment of PAN to FPIs. Pursuant to discussions, CBDT has issued following clarifications to SEBI with respect of issuance of PAN to FPIs:
1. For the purposes of the RA/AR field, the name of Authorised Signatory (AS) as captured in the CAF*, who has been authorized by the FPI to sign the CAF shall suffice. In this regard, the liability of the AS named in the RA/AR field is solely limited to the purpose of applying for PAN. No supporting documents in respect of AS/RA/AR need to be furnished.
2. In the address, mobile no./ landline no. and email ID fields with respect to the RA/AR, the address, mobile no./landline no. and email ID of AS may be provided, if available. If these details are not available, such details with reference to the FPI can be provided.
3. If PAN, Aadhaar and Passport Number of the AS are available, the same may be furnished. In case these details are not available, the FPI registration number can be provided.
4. In cases where TIN or its equivalent is not applicable for a jurisdiction, the TIN field may be filled with “0000000000” value.
5. In case, the Mobile number of the FPI is not available, landline number can be provided (in place of mobile number) in the contact details.
The above measures resonate with the continuous efforts towards providing ease of on boarding to FPIs.
*FPIs use a single form – the Common Application Form (CAF), for the purpose of registration with SEBI, opening of bank & demat accounts and for issuance of PAN.
Mumbai
May 15, 2026
