SEBI Panel Clears Changes To FPI Application Form Ahead Of PAN Regime Shift

A working group of the Securities and Exchange Board of India (SEBI) has cleared revisions to the common application form (CAF) used by foreign portfolio investors (FPIs), aligning it with the new PAN application system set to take effect from April 1, 2026.

The update follows the introduction of revised PAN application Forms 95 and 96 by the Income Tax Department under the Income-tax Rules, 2026, replacing existing formats used by overseas investors. The revised form is expected to be notified through a gazette notification. The common application form serves as a single document for investor registration, PANS allotment, and opening of bank and demats accounts. The updated version also reflects inputs from the Custodians and DDP Standards Setting Forum.

There is no formal transition timeline for the shift. Market intermediaries may continue to accept existing formats for a limited period while adjusting procedures to align with the new PAN framework.