Bangalore, September 11: Citi announced the launch of eFPI @ Citi, fast-tracking the registration process for Foreign Portfolio Investors (FPIs) to five business days from anywhere between a few weeks to a few months previously.
The launch of this first-to-market solution comes as India continues to gain prominence among global investors. As international investors increasingly evaluate India as a strategic allocation, the ease of navigating market entry is crucial.
With oversight of approximately a third of the FPI Assets under Custody in the country, Citi’s Services business in India is well-positioned to address this need at scale and with greater relevance for global investors.
Tuhin Kanta Pandey, Chairman of the 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 the Global Fintech Fest where Citi is Banking Innovation Partner. Mridula Iyer, Head of Services, Asia South, Citi noted, “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 of The National Securities Depository Limited (NSDL), was the Chief Guest at the eFPI @ Citi launch. Speaking on the occasion, he 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 service is being rolled out in phases, with the first phase now live and covering regulated public funds — including mutual funds and unit trusts — from the United States, Ireland and Luxembourg. Phase II will cover additional jurisdictions, such as Singapore, Canada, Australia, and the United Kingdom.