Securities and Exchange Board of India has issued a circular dated 16 January 2026 introducing operational changes under the Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) framework for Foreign Venture Capital Investors (FVCIs). The circular simplifies onboarding, registration, and ongoing compliance by allowing SWAGAT-FI applicants to seek FVCI registration simultaneously with Foreign Portfolio Investor registration using the same documents, custodian, and Designated Depository Participant. Existing eligible FVCIs may also convert to SWAGAT-FI status through their DDPs. A key compliance relief is the extension of renewal and KYC review periodicity to ten years for SWAGAT-FI entities, compared to the earlier five-year cycle. Depositories, custodians, and DDPs have been directed to update systems accordingly. These measures, effective from 1 June 2026, aim to ease regulatory burden, enhance efficiency, and promote foreign investment while safeguarding market integrity.
Securities and Exchange Board of India
PR No. 08/2026
SEBI says SWAGAT to FPIs and FVCIs
SEBI issues circulars on Single Window Automatic and Generalised Access for Trusted Foreign Investors (‘SWAGAT–FI’) framework for Foreign Portfolio Investors (‘FPIs’) and Foreign Venture Capital Investors (‘FVCIs’) extending ease of compliance and doing business to such SEBI registered FPIs by:
i. Enabling a unified registration process across multiple investment routes.
ii. Minimizing repeated compliance requirements and documentation for such investors
These benefits can be availed by existing as well as new FPIs that meet specified eligibility criteria. FPIs registered with SEBI such as central banks, sovereign wealth funds, appropriately regulated and broad based mutual funds, insurance companies and pension funds will be the beneficiaries of these changes.
Earlier, SEBI (FPI) Regulations, 2019 and SEBI (FVCI) Regulations, 2000 were amended to provide for introduction of SWAGAT-FI framework for FPIs and FVCIs.
This key measure would reduce regulatory complexity and enhance India’s global competitiveness as an investor-friendly destination.
The provisions of the circulars come into effect from June 01, 2026.
The circulars issued today can be accessed on the SEBI website www.sebi.gov.in under the link Legal – > Circulars.
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Securities and Exchange Board of India
Circular No. HO/19/34/14(5)2025-AFD-POD2/I/199/2025 | Dated: January 16, 2026
To,
1. Foreign Venture Capital investors (FVCIs)
2. Designated Depository Participants (DDPs) and Custodians
3. The Depositories
4. The Stock Exchanges and Clearing Corporations
Dear Sir / Madam,
Subject: Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) framework for FPIs and FVCIs
1. SEBI vide Circular No. SEBI/HO/AFD/AFD-PoD-3/P/CIR/2024/130 dated September 26, 2024, inter alia, specified the Operational Guidelines for registration of FVCIs and KYC requirements.
2. SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2025 were notified on December 03, 2025, amending the SEBI (Foreign Venture Capital Investors) Regulations, 2000, inter alia, to simplify on-boarding and ongoing compliances for SWAGAT-FIs.
3. Accordingly, the Operational Guidelines for FVCIs and Designated Depository Participants stand modified as follows:
3.1. After Para 1.4.2 of Chapter 1, the following sub-para shall be inserted:
“1.4.3. A SWAGAT-FI FVCI applicant may apply for registration as FVCI together with application for registration as FPI, without filling application form or supporting documents. Such application shall be processed on the basis of information and documents submitted by the applicant for its application for registration as FPI.
Provided the applicant appoints the same custodian and DDP for FVCI registration as appointed for FPI registration.
1.4.4 FVCI meeting the requirements for SWAGAT-FI FPI may convert to SWAGAT-FI FVCI on making an application to its DDP.
Provided the FVCI appoints the same custodian and DDP for FVCI registration as appointed for FPI registration.
3.2. Sub-paras 1.5.1 and 1.5.2 of Chapter 1 shall be modified as under:
“1.5.1 An existing FVCI registered on or before December 31, 2019 shall (i) pay the renewal fee to its DDP and (ii) intimate changes in information, if any, as submitted earlier, on or before March 31, 2025. For subsequent blocks of five years (10 years in case of SWAGAT-FI) starting from January 01, 2030, such FVCIs shall (i) pay the renewal fee to its DDP and (ii) intimate changes in information, if any, as submitted earlier, at least 15 days before the completion of the previous five-year block so as to continue with their registration.
1.5.2 An existing FVCI registered after December 31, 2019 shall (i) pay the renewal fee to its DDP and (ii) intimate changes in information, if any, as submitted earlier, at least 15 days before the completion of five years (10 years in case of SWAGAT-FI) from the date of such registration so as to continue with their registration for the subsequent block of five years.”
3.3. After Para 2.6.2 of Chapter 2, the following sub-para shall be added:
“2.6.3 In case of SWAGAT-FI FVCI, periodicity of KYC review shall be 10 years.”
4. Depositories, Custodians and Designated Depository Participants are advised to make necessary changes in their systems to effect the changes proposed above.
5. The provisions of this circular shall come into force with effect from June 01, 2026.
6. This Circular is issued in exercise of the powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 read with Regulations 3, 8 and 9 of FVCI Regulations to protect the interest of investors in securities and to promote the development of, and to regulate the securities market.
7. This Circular is available at sebi.gov.in under the link “Legal —Circulars”.
Yours faithfully,
Manish Kumar Jha
Deputy General Manager
Tel No.: 022-26449219
E-mail: manishkj@sebi.gov.in
