The Ministry of Finance has notified a revised Common Application Form (CAF) for Foreign Portfolio Investors (FPIs). The notification was issued by the Department of Economic Affairs on June 11, 2026, and replaces the earlier framework notified in January 2020.
According to the notification, the revised Common Application Form will be used by FPIs for multiple regulatory and operational requirements, including registration in India, opening bank accounts, opening demat accounts, and applying for a Permanent Account Number (PAN). The government has attached the updated form as Annexure 1 to the notification.
What Has Changed?
The latest notification supersedes the Ministry of Finance notification No. 4/15/2016-ECB dated January 27, 2020. By introducing an updated Common Application Form, the government seeks to provide a more streamlined and efficient process for foreign investors entering the Indian capital market.
The notification states that the revised form will serve as a common platform for:
- FPI registration processes
- Opening bank accounts in India
- Opening demat accounts
- Applying for PAN with tax authorities
This integrated approach is expected to reduce duplication of information and improve ease of compliance for overseas investors.
Significance for Foreign Investors
Foreign Portfolio Investors play a crucial role in India's financial markets by bringing overseas capital into listed securities, debt instruments, and other eligible investments. A simplified application process can help reduce procedural hurdles and accelerate market participation.
The revised Common Application Form is expected to benefit:
- Global asset management companies
- Pension funds
- Sovereign wealth funds
- Foreign institutional investors
- Other eligible overseas investment entities seeking FPI registration in India
Official Notification
The notification was issued by Dr. Alok Tiwari, Joint Secretary, Department of Economic Affairs, Ministry of Finance, and was published in the Gazette of India Extraordinary on June 11, 2026. The revised Common Application Form has been notified for use by Foreign Portfolio Investors with immediate effect.
Conclusion
The government's decision to introduce a revised Common Application Form marks another step toward improving the ease of doing business for foreign investors in India. By consolidating registration, PAN application, and account-opening requirements into a unified process, the new framework is expected to make FPI onboarding more efficient and investor-friendly.
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