Market regulator Sebi on Friday said the CBDT has provided key clarifications to address difficulties faced by Foreign Portfolio Investors (FPIs) in obtaining Permanent Account Number (PAN), a move aimed at ensuring seamless onboarding of overseas investors.
The clarifications were issued by the Central Board of Direct Taxes (CBDT) after Sebi took up with the authority concerns raised by stakeholders regarding the new PAN application forms notified under the Income-tax Rules, 2026.
CBDT had on March 20 notified revised PAN forms, introducing additional fields such as Taxpayer Identification Number (TIN) and details of Representative Assessee (RA) or Authorised Representative (AR). It had also made certain fields, including mobile number, mandatory.
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"In view of several difficulties expressed by concerned stakeholders in furnishing such information by FPIs, Sebi actively engaged with CBDT to facilitate continued ease of allotment of PAN to FPIs," the regulator said in a release.
According to Sebi, CBDT has clarified that the name of the authorised signatory (AS), as captured in the Common Application Form (CAF), will be sufficient for the RA/AR field.
No supporting documents relating to the authorised signatory will be required, and the signatory's liability will be restricted solely to the purpose of applying for PAN.
Sebi further said that in the RA/AR contact details section, FPIs may provide the authorised signatory's address, phone number and email ID if available. If such details are not available, the corresponding details of the FPI itself can be furnished.
If the PAN, Aadhaar or passport number of the authorised signatory is unavailable, the FPI registration number may be provided instead, Sebi said.
The regulator also said CBDT has allowed applicants to enter "0000000000" in the TIN field where such an identification number is not applicable in a particular jurisdiction.
In addition, if the mobile number of the FPI is unavailable, a landline number may be furnished in the contact details section, Sebi said.
"The above measures resonate with the continuous efforts towards providing ease of onboarding to FPIs," the regulator said.
FPIs use a single Common Application Form for registration with Sebi, opening of bank and demat accounts, and issuance of PAN.
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