Markets regulator Securities and Exchange Board of India (SEBI) decided to integrate digital signature certificate (DSC) functionality into the common application form (CAF) portal, aiming to fully digitise the foreign portfolio investor (FPI) onboarding process.
With this enhancement, FPIs can now apply for a DSC from Indian certifying authorities at the same time as submitting their FPI registration application on the CAF portal. This creates a seamless, end-to-end digital workflow by combining DSC issuance and FPI registration into a single process, significantly reducing procedural complexity for overseas investors.
In its statement, SEBI says, “This step further streamlines the FPI registration process as applicants can now directly apply for a DSC while submitting the CAF on the portal. Detailed process flows and FAQs related to obtaining a DSC are available on the
India Market Access Portal.”
Earlier, through a circular dated 27 March 2023, SEBI had permitted FPIs to use digital signatures for executing the CAF and other registration-related documents. However, applicants were still required to obtain a DSC independently before initiating the registration process. The latest upgrade removes this additional hurdle by embedding DSC issuance directly into the CAF application flow.
The move is expected to significantly reduce onboarding timelines and operational friction, particularly for first-time FPI applicants. By addressing a long-standing operational gap, the integrated DSC facility is likely to make the registration process more efficient and user-friendly.
SEBI has also issued detailed guidance outlining the procedure for applying for a DSC, the documentation required, and the technical aspects of using digital signatures within the CAF system.
This initiative aligns with SEBI’s broader push to enhance ease of doing business and leverage technology in regulatory processes. In recent years, the regulator has introduced several measures aimed at simplifying compliance requirements for FPIs.
FPIs are encouraged to take full advantage of the enhanced digital functionality, which is expected to enable faster application processing and a smoother registration experience. The move also reinforces India’s efforts to improve market access and strengthen its appeal as a destination for global investors.
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