Quick Summary
The Securities and Exchange Board of India (SEBI) has issued a new circular revising the reporting and due diligence requirements under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS), following the implementation of the Income-tax Act, 2025 and Income-tax Rules, 2026. Through its circular dated November 11, 2026, SEBI has directed all registered intermediaries qualifying as Reporting Financial Institutions (RFIs) to align their reporting procedures, customer
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FAQ :
SEBI has revised the reporting and due diligence requirements under FATCA and CRS to align with the new Income-tax Act, 2025 and Income-tax Rules, 2026.
All registered intermediaries qualifying as Reporting Financial Institutions (RFIs) must comply with the revised FATCA and CRS reporting requirements.
Key changes include updating self-certification collection, identification of Controlling Persons, account classification systems, and the software for generating Form 166 XML files.
Registered intermediaries must upload FATCA and CRS certifications obtained from their clients onto the systems of the KYC Registration Agencies (KRAs).
Previously, FATCA and CRS reporting requirements were governed by Section 285BA of the Income-tax Act, 1961, read with Rules 114F to 114H and Form 61B of the Income-tax Rules, 1962.
The responsibility for obtaining FATCA and CRS certifications, reporting relevant information, and ensuring compliance rests solely with the respective intermediaries.
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