SEBI Introduces Single Window Automatic And Generalised Access For Trusted Foreign Investors (SWAGAT-FI) Framework For FPIs And FVCIs

The Securities and Exchange Board of India ("SEBI") has issued two circulars dated 16.01.2026, namely, circular on the Single Window Automatic and Generalised Access for Trusted Foreign Investors ("SWAGAT-FI") framework for Foreign Portfolio Investors¹ ("FPI Circular") and circular on the SWAGAT-FI framework for Foreign Venture Capital Investors² ("FVCI Circular"). The FPI Circular and the FVCI Circular are hereinafter collectively referred to as the "SWAGAT-FI Circulars".

Under the FPI Circular, SWAGAT-FI eligibility is available to: (i) government and government-related investors; (ii) appropriately regulated mutual funds or unit trusts open to retail investors and operating as diversified blind pools with independent investment managers; (iii) appropriately regulated insurance companies investing proprietary funds without segregated portfolios; and (iv) appropriately regulated pension funds. In addition, the applicant must be a public retail fund established in an identified jurisdiction and regulated by a recognised authority, as may be specified in the standard operating procedure framed by the Custodians and Designated Depository Participants Standards Setting Forum ("CDSSF") in consultation with SEBI.

Eligible existing FPIs may convert to SWAGAT-FI FPIs through their Designated Depository Participants ("DDPs"). Depositories are required to provide a unified accounting and investment framework enabling SWAGAT-FI investors to hold securities acquired as FPIs, FVCIs or as foreign investors in investment vehicle units in a consolidated manner.

The FVCI Circular permits a SWAGAT-FI applicant to seek FVCI registration concurrently with FPI registration without a separate application or additional documentation, subject to appointment of the same custodian and DDP for both registrations. Existing FVCIs meeting the SWAGAT-FI FPI eligibility criteria may similarly convert to SWAGAT-FI status through their DDPs, subject to the same custodian and DDP condition.

The SWAGAT-FI Circulars will come into effect from 01.06.2026.

Footnotes

1 Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI)" framework for FPIs.

2Single Window Automatic and Generalised Access for Trusted Foreign Investors (SWAGAT-FI) framework for FVCIs.

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