First-to-market solution simplifies and accelerates foreign investor access to Indian capital markets
Citi today announced the launch of eFPI @ Citi, a digital solution that reduces the registration timeline for Foreign Portfolio Investors (FPIs) in India to five business days, from the few weeks to months previously required.
The solution comes as India continues to attract growing interest from international investors and global institutions. Citi’s Services business in India, which oversees approximately one-third of FPI Assets under Custody in the country, is using its scale and technology capabilities to simplify market entry for global investors.
Tuhin Kanta Pandey, Chairman, Securities and Exchange Board of India (SEBI), said, “We appreciate Citi’s initiative to provide faster registration timeline of 5 days for FPIs in India. It aligns with SEBI’s thrust on utilizing technology to facilitate FPIs to access Indian Capital markets expeditiously.”
Citi launched eFPI @ Citi at Global Fintech Fest, where it is Banking Innovation Partner.
Mridula Iyer, Head of Services, Asia South, Citi, said, “The attractiveness of any market hinges on how easily investors can enter it. India has long been recognized for its immense opportunities, and this initiative is a significant step in realizing this potential. eFPI @ Citi is an outcome of our continued focus on innovation, simplification and client-centricity.”
Vijay Chandok, MD & CEO, National Securities Depository Limited (NSDL), said, “For FPIs, the eFPI @ Citi initiative which leverages digital tools and efficient processes is set to transform FPI onboarding. This initiative will significantly minimize turnaround time and deliver a frictionless onboarding experience for new FPI clients. Further, the collaboration between NSDL and Citi will leverage API integration to create a seamless, end-to-end digital connection between our systems. The newer APIs will build on the success of our existing APIs that have already simplified the opening of demat accounts.”
The first phase covers regulated public funds, including mutual funds and unit trusts, from the US, Ireland and Luxembourg. The second phase will expand to Singapore, Canada, Australia and the UK.
