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REGD. No. D. L.-33004/99
The Gazette of India
CG-MH-E-03122025-268196
EXTRAORDINARY
PART III—Section 4
PUBLISHED BY AUTHORITY
No. 775]
NEW DELHI, MONDAY, DECEMBER 1, 2025/AGRAHAYANA 10, 1947
SECURITIES AND EXCHANGE BOARD OF INDIA
NOTIFICATION
Mumbai, the 1st December, 2025
Securities And Exchange Board Of India (Foreign Venture Capital Investors) (Amendment)
Regulations, 2025
No. SEBI/LAD-NRO/GN/2025/280.— In exercise of the powers conferred by sub-section (1) of
Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Securities and
Exchange Board of India hereby makes the following regulations, to further amend the Securities and
Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000, namely, –
1. These regulations may be called the Securities and Exchange Board of India (Foreign Venture
Capital Investors) (Amendment) Regulations, 2025.
2. They shall come into force on the one hundred eightieth day from the date of publication of these
regulations in the Official Gazette.
3. In the Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations,
2000, –
I. In regulation 2, in sub-regulation (1), after clause (k) and before clause (l), the following
clause shall be inserted, namely, -
"(ka) "Single Window Automatic and Generalised Access for Trusted Foreign Investor” or
“SWAGAT-FI" shall have the same meaning as assigned to it under clause (r) of sub-
regulation (1) of regulation 2 of the Securities and Exchange Board of India (Foreign
Portfolio Investors) Regulations, 2019;"
II. in regulation 3, in sub-regulation (2), after the first proviso, the following proviso shall be
inserted, namely, -
"Provided further that the provisions of sub-regulation (2) shall not be applicable to a
SWAGAT-FI."
III. in regulation 9, in sub-regulation (2), the following proviso shall be inserted, namely, -
"Provided that in case of a SWAGAT-FI, the renewal fees shall be paid for every block of
ten years, from the beginning of the eleventh year from the date of grant of certificate of
registration as specified in the Second Schedule."
IV. In regulation 11, after clause (c) and before the Explanation clause, the following proviso
shall be inserted, namely, -
"Provided that the investment limits of 66.67% specified under sub-clause (i) and 33.33%
specified under sub-clause (ii) of clause (c) shall not be applicable to SWAGAT-FIs.”
V. in the Second Schedule,
i. in Clause 2, the following proviso shall be inserted, namely, -
"Provided that in case of a SWAGAT-FI, the renewal fees shall be paid for every
block of ten years to keep the registration in force."
ii. in Clause 3, the following proviso shall be inserted, namely, -
"Provided that in case of a SWAGAT-FI, the renewal fees shall be collected in
advance for every block of ten years, from the beginning of the eleventh year from
the date of registration."
AMIT PRADHAN, Executive Director
[ADVT.-III/4/Exty./511/2025-26]
Footnote:
(1) Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000, the
Principal Regulations, were published in the Gazette of India on September 15, 2000 vide S.O. No.832 (E).
(2) The Securities and Exchange Board of India (Foreign Venture Capital Investors) Regulations, 2000
were subsequently amended: -
(a) on June 7, 2001 by the Securities and Exchange Board of India (Foreign Venture Capital
Investors) (Amendment) Regulations, 2001 vide S.O. No. 501(E);
(b) on September 27, 2002 by the Securities and Exchange Board of India (Procedure for Holding
Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide S.O. No. 1045 (E);
(c) on March 10, 2004 by the Securities and Exchange Board of India (Criteria for Fit and Proper
Person) Regulations, 2004 vide S.O. No. 398(E);
(d) on April 5, 2004 by the Securities and Exchange Board of India (Foreign Venture Capital
Investors) (Amendment) Regulations, 2004 vide S.O. No. 469(E);
(e) on September 4, 2006 by the Securities and Exchange Board of India (Foreign Venture Capital
Investors) (Amendment) Regulations, 2006 vide S.O. 1443 (E);
(f) on May 26, 2008 by the Securities and Exchange Board of India (Intermediaries) Regulations,
2008 vide No LAD-NRO/GN/2008/11/126538;
(g) on June 29, 2009 by the Securities and Exchange Board of India (Payment of Fees) (Amendment)
Regulations, 2009, vide No. LAD-NRO/GN/2009-10/11/167759;
(h) on December 21, 2010 by the Securities and Exchange Board of India (Foreign Venture Capital
Investors) (Amendment) Regulations, 2010, vide No. LAD-NRO/GN/ 2010-11/22/30364;
(i) on May 21, 2012 by the Securities and Exchange Board of India (Alternative Investment Funds)
Regulations, 2012, vide No. LAD-NRO/GN/2012-13/04/11262;
(j) on December 30. 2014 by the Securities and Exchange Board of India (Foreign Venture Capital
Investors) (Amendment) Regulations, 2014, vide No. LAD-NRO/GN/2014-15/20/1972;
(k) on March 6, 2017 by the Securities and Exchange Board of India (Payment of Fees and Mode of
Payment) (Amendment) Regulations, 2017, vide No. SEBI/LAD/NRO/GN/2016-17/037;
(l) on April 17, 2020 by the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2020 vide No. SEBI/LAD-NRO/GN/2020/10;
(m) on August 3, 2021 by the Securities and Exchange Board of India (Regulatory Sandbox)
(Amendment) Regulations, 2021 vide No. SEBI/LAD-NRO/GN/2021/30;
(n) on November 9, 2022 by the Securities and Exchange Board of India (Payment of Fees)
(Amendment) Regulations, 2022, vide No. SEBI/LAD-NRO/GN/2022/99;
(o) on February 7, 2023 by the Securities and Exchange Board of India (Payment of Fees and Mode
of Payment) (Amendment) Regulations, 2023, vide No. SEBI/LAD-NRO/GN/2023/121; and
(p) on September 6, 2024 by the Securities and Exchange Board of India (Foreign Venture Capital
Investors) (Amendment) Regulations, 2024, vide No. SEBI/LAD-NRO/GN/2024/203.
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Date: 2025.12.03 15:47:23 +05'30'