FPI KYC reviews move to every two or eight years from 1 December 2026
TaxByKK · Compliance News · taxbykk.com30 Oct 2026
In short
SEBI has lengthened the periodic KYC review cycle for foreign portfolio investors (FPIs). Reviews now due every year move to every two years, and those due every three years move to every eight years, from 1 December 2026. SEBI has also dropped the separate confirmation of changes in information at the time of continuing registration.
- Authority
- SEBI
- Press release
- PR No. 67/2026 dated 30 October 2026, with the circular issued the same day
- Type
- Circular
- Effective from
- 1 December 2026
- Unchanged
- SWAGAT-FI FPIs (10 years) and the existing relaxations for GS-FPIs
- Applies to
- FPIs, their designated depository participants and custodians
What changed
| Item | Before | Now |
|---|---|---|
| KYC review for FPIs now reviewed every year | Every year | Every two years |
| KYC review for FPIs now reviewed every three years | Every three years | Every eight years |
| Separate confirmation of changes when continuing registration | Required | Discontinued |
| SWAGAT-FI FPIs | Every ten years | No change |
SEBI describes the change as part of its work to cut repetitive compliance for FPIs. Which cycle an FPI falls into still depends on its category and the other criteria in the existing framework.
Who it applies to
- Foreign portfolio investors registered with SEBI
- Designated depository participants (DDPs) and custodians who carry out FPI KYC reviews
- Compliance teams and advisers of FPIs
What to do
- DDPs: update KYC review schedules for FPI clients from 1 December 2026.
- Stop asking for the separate change-of-information confirmation at continuance of registration once the circular applies.
- Keep SWAGAT-FI and GS-FPI reviews on their existing cycles.
Reference
SEBI press release PR No. 67/2026, 30 October 2026, Ease of Compliance for FPIs – Rationalisation of KYC Review Periodicity, and the SEBI circular of the same date on rationalisation of periodicity of KYC review for FPIs.
Read the official PDF: SEBI press release Read the official PDF: SEBI circularWritten by TaxByKK from the official notification. Check the official text before you act on it.
Frequently asked questions
How often must an FPI's KYC be reviewed now?
From 1 December 2026, every two years where it was every year, and every eight years where it was every three years.
Does this change SWAGAT-FI FPIs?
No. Their KYC review stays at once every ten years.
From when does the change apply?
From 1 December 2026.