Citi has launched eFPI@Citi, a digital solution designed to significantly reduce the registration timeline for foreign portfolio investors entering India. The service was announced at the Global Fintech Fest in Mumbai, where Citi serves as the Banking Innovation Partner. The first-to-market solution aims to simplify market entry for foreign portfolio investors as global interest in Indian capital markets continues to rise, with the launch coming as international investors are increasingly evaluating India as a strategic allocation.
The FPI registration process, which previously took anywhere from a few weeks to a few months, can now be fast-tracked to five business days through eFPI@Citi. This represents a substantial improvement in the onboarding process for foreign investors seeking access to Indian capital markets. The service uses technology to simplify the onboarding process, supporting faster access to Indian capital markets overall and making the onboarding journey faster and more predictable for foreign investors.
Citi's Services business in India has oversight of about one-third of FPI assets under custody in the country, according to The Economic Times. The bank stated this scale and market position provides it with the capability to address the onboarding requirements for global investors. The launch comes as international investors are increasingly evaluating India as a strategic allocation, with faster registration becoming an important factor for market entry.
Tuhin Kanta Pandey, Chairman of Sebi, welcomed the initiative, stating that Citi's initiative aligns with Sebi's thrust on utilizing technology to facilitate FPIs accessing Indian Capital markets expeditiously. As reported by The Economic Times, this comment underlines the regulator's broader push to use technology to reduce friction for investors and market participants. The shorter timeline is expected to help regulated funds and other eligible investors move from registration to market participation with fewer delays.
Mridula Iyer, Head of Services, Asia South at Citi, emphasized that market attractiveness depends on how easily investors can enter it. According to The Economic Times, Iyer noted that India has long been recognized for its immense opportunities, and this initiative represents a significant step in realizing this potential. Iyer stated that eFPI @ Citi is an outcome of Citi's continued focus on innovation, simplification and client-centricity. The service is expected to make the onboarding journey faster and more predictable for foreign investors, with the shorter timeline helping regulated funds and other eligible investors move from registration to market participation with fewer delays.
