In an announcement issued on Friday, Sebi mentioned CBDT has supplied a number of clarifications to simplify the PAN allotment course of for FPIs following stakeholder suggestions on the brand new Earnings-tax Guidelines, 2026 and revised PAN utility kinds notified in March this 12 months.
The difficulty had arisen after the up to date PAN kinds launched extra obligatory fields together with taxpayer identification quantity particulars, consultant assessee info and obligatory cell quantity disclosure necessities.
International traders and market intermediaries had raised issues that many of those necessities have been tough to adjust to throughout a number of jurisdictions, doubtlessly complicating the onboarding course of for FPIs investing in Indian markets.
Sebi mentioned it actively engaged with CBDT after receiving representations from stakeholders to make sure that the PAN issuance framework remained clean and investor-friendly.
Below the revised clarifications, CBDT mentioned the identify of the authorised signatory talked about within the Frequent Utility Kind (CAF) could be adequate for the consultant assessee or authorised consultant discipline in PAN purposes.
The tax division additionally clarified that the legal responsibility of the authorised signatory would stay restricted solely to the aim of making use of for PAN and that no supporting paperwork associated to the authorised signatory or consultant assessee could be required.CBDT additional eased deal with and contact-related compliance necessities. In accordance with the clarification, if particulars akin to cell quantity, landline quantity or electronic mail deal with of the authorised signatory are unavailable, FPIs could present their very own contact info as an alternative.
In one other reduction measure, CBDT mentioned that if PAN, Aadhaar or passport particulars of the authorised signatory are unavailable, the FPI registration quantity could be furnished within the utility.
The tax authority additionally addressed issues round taxpayer identification numbers for jurisdictions the place such programs don’t exist.
CBDT clarified that in circumstances the place TIN or an equal quantity is just not relevant, candidates could fill the sector utilizing the worth “0000000000”. Moreover, if an FPI doesn’t have a cell quantity, it might present a landline quantity as an alternative whereas furnishing contact particulars.
Sebi mentioned the most recent measures are aimed toward guaranteeing continued ease of onboarding for overseas portfolio traders.
FPIs at present use a single Frequent Utility Kind for a number of regulatory processes together with Sebi registration, opening financial institution and demat accounts and acquiring PAN registration in India.
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