FPI and Portfolio Investment — Policy Reforms

Entry	Year	Description	Impact
SEBI (Foreign Portfolio Investors) Regulations, 2019	2019	Replaced the earlier FII-QFI framework with a unified FPI structure, introducing three-tier categorization based on risk assessment and regulatory oversight	Simplified foreign investment procedures while maintaining robust oversight, enhanced transparency through beneficial ownership disclosure, and improved market access for different categories of foreign investors
FEMA (Non-debt Instruments) Rules, 2019	2019	Consolidated and liberalized foreign investment rules for equity and equity-linked instruments, including FPI investments	Streamlined regulatory framework, reduced compliance burden, and enhanced clarity on foreign investment procedures across different routes