SEBI clarifies PAN application fields for FPI onboarding
→FPI onboarding teams can use authorised-signatory and fallback details for PAN forms
Change
SEBI clarified CBDT’s PAN application requirements for FPIs, allowing authorised-signatory details, FPI fallback details, FPI registration numbers, placeholder TIN values and landline numbers in specified fields.
Why it matters
The clarification removes PAN-form completion blockers created by the new Income-tax Rules, 2026 fields. FPIs and onboarding teams can complete RA/AR, TIN and contact fields using specified substitutes where the requested information is unavailable or not applicable. The relief is procedural, but it directly affects PAN allotment, CAF processing and FPI onboarding timelines.
Implications
- → FPI onboarding teams must use the Authorised Signatory captured in the Common Application Form for the RA/AR field where applicable — separate RA/AR supporting documents are not required for PAN application purposes.
- → Custodians and designated depository participant teams must accept specified fallback details for RA/AR contact fields, PAN/Aadhaar/passport fields and TIN fields — incomplete FPI onboarding should not be blocked where CBDT’s clarified substitutes are available.
- → Foreign Portfolio Investors from jurisdictions where TIN is not applicable must enter “0000000000” in the TIN field — leaving the field unresolved can delay PAN allotment under the new forms.
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Source
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