SEBI Clarifies FPI PAN Allotment Norms After New Income-Tax Rules Create Compliance Hurdles

The Securities and Exchange Board of India (SEBI) on Friday said the Central Board of Direct Taxes (CBDT) had issued clarifications to address difficulties faced by Foreign Portfolio Investors (FPIs) in obtaining Permanent Account Numbers (PAN) following changes introduced under the Income-tax Rules, 2026.

SEBI noted that CBDT had notified the Income-tax Rules, 2026 and new forms for PAN applications on March 20, 2026, making certain previously optional fields mandatory.

The regulator said it engaged with CBDT after stakeholders flagged difficulties faced by FPIs in furnishing the required information for PAN allotment.

CBDT clarified that for the RA/AR field, the name of the Authorised Signatory as captured in the Common Application Form would suffice and no supporting documents would be required.

CBDT further clarified that where the address, mobile number/landline number or email ID of the RA/AR are unavailable, details of the FPI may be furnished instead. It also said that where PAN, Aadhaar or passport details of the Authorised Signatory are unavailable, the FPI registration number may be provided.

CBDT also clarified that where TIN or its equivalent is not applicable in a jurisdiction, the TIN field may be filled with “0000000000”. Further, where the mobile number of the FPI is unavailable, a landline number may be provided instead.

“The above measures resonate with the continuous efforts towards providing ease on boarding to FPIs,” SEBI said.