Press Release No.30/2026, Dated 15.05.2026
The Securities and Exchange Board of India (SEBI), pursuant to discussions with the Central Board of Direct Taxes (CBDT), has issued clarifications to address operational difficulties faced by Foreign Portfolio Investors (FPIs) in obtaining Permanent Account Number (PAN) under the Income-tax Rules, 2026 and the newly notified PAN application forms.
The clarifications aim to simplify the PAN application process and facilitate smoother onboarding of FPIs in India.
1. Use of Authorised Signatory Details Permitted
SEBI has clarified that FPIs may use the details of the authorised signatory in fields relating to:
- Representative Assessee; or
- Authorised Representative
in the PAN application forms.
Further, supporting documents relating to such authorised signatories shall not be mandatory for this purpose.
2. Alternative Contact Details Allowed
In cases where details of the authorised signatory are unavailable, the following relaxations have been permitted:
FPI details may be provided in place of:
-
- Mobile number
- Landline number
- Email ID
This measure is intended to avoid procedural difficulties where authorised signatory-specific contact information is not readily available.
3. FPI Registration Number Can Replace PAN, Aadhaar or Passport Details
The clarification further provides that where PAN, Aadhaar or Passport details of the authorised signatory are unavailable, the FPI registration number may be furnished instead in the application process.
This relaxation is aimed at easing documentation requirements for foreign entities and their representatives.
4. Clarification on Taxpayer Identification Number (TIN)
SEBI has also clarified that where Taxpayer Identification Number (TIN) is not applicable, applicants may use “0000000000” in the relevant field of the PAN application form.
The clarification seeks to address technical validation issues faced during application filing.
5. Landline Number Allowed in Place of Mobile Number
To facilitate ease of onboarding of FPIs, the clarification additionally permits furnishing of a landline number in place of a mobile number in PAN application forms wherever required.
6. Objective of the Clarifications
The clarifications are intended to simplify PAN application procedures for Foreign Portfolio Investors and reduce compliance-related bottlenecks arising from documentation and technical requirements under the revised Income-tax Rules, 2026.
The move is expected to facilitate smoother registration and onboarding of FPIs while improving ease of doing business for foreign investors participating in Indian securities markets.
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