The FPI candidate must submit a duly filled prescribed application form – CAF and ‘Annexure to CAF’ (Annexure B) along with the required documents and applicable fees for SEBI registration and issuance of PAN.
The application form must bear all original signatures. In cases where the form is incomplete or lacks clarity, the DDP will advise the applicant to provide the necessary information within a reasonable timeframe.
DDP may satisfy itself on any incremental due diligence requirement to process the application under the Regulation. The other intermediaries dealing with FPIs may rely on the information in CAF for the purpose of KYC.
DDPs shall consider the following checks for determination of eligibility at the time of processing FPI application
Country Check
Non-Resident Indian (NRI) / Overseas Citizens of India (OCI) / Resident Indians (RI) check
Fit and proper person check
Category I FPI check
Regulatory check
Past action taken by FPI applicant's regulator
Name of the signatories
Name of its investment manager/ umbrella fund/trustee
The Financial Kaleidoscope
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