{"id":2251,"date":"2026-09-14T15:00:14","date_gmt":"2026-09-14T09:30:14","guid":{"rendered":"https:\/\/blog.remitcircle.com\/?p=2251"},"modified":"2026-09-10T14:54:44","modified_gmt":"2026-09-10T09:24:44","slug":"p0009-foreign-portfolio-investment-fpi-in-india-in-equity-shares","status":"publish","type":"post","link":"https:\/\/blog.remitcircle.com\/purpose-codes\/p0009-foreign-portfolio-investment-fpi-in-india-in-equity-shares\/","title":{"rendered":"P0009: Foreign Portfolio Investment (FPI) in India in equity (shares)"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"2251\" class=\"elementor elementor-2251\">\n\t\t\t\t<div class=\"elementor-element elementor-element-2dc980a e-flex e-con-boxed e-con e-parent\" data-id=\"2dc980a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-49511186 elementor-widget elementor-widget-text-editor\" data-id=\"49511186\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t\t\t\t\t\t<h2><b>What is Purpose Code P0009?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">P0009 is used when a SEBI-registered Foreign Portfolio Investor (FPI) purchases equity shares of Indian listed companies. This is distinct from FDI (P0006) \u2014 FPI involves registered foreign investors buying publicly traded shares through recognised stock exchanges (BSE\/NSE) or through primary market participation (IPOs, rights issues, QIPs).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">FPI is the dominant route through which foreign institutional money flows into Indian equity markets. When an FPI remits money into India to purchase listed shares, the inward remittance \u2014 typically received by the FPI&#8217;s custodian bank in India \u2014 is tagged P0009. The code covers both secondary market purchases and primary market subscriptions in Indian listed equity.<\/span><\/p>\n<p><a href=\"\/category\/purpose-codes\/\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"page\" data-id=\"351\">See all RBI purpose codes<\/a><\/p>\n<p>\u00a0<\/p>\n<p><!-- \/wp:post-content --><!-- wp:heading {\"className\":\"u005cu005cu005cu0022wp-block-headingu005cu005cu005cu0022\"} --><\/p>\n<h2><b>When to Use P0009<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Use P0009 when money flows into India from a SEBI-registered FPI for the purpose of purchasing Indian listed equity. Common scenarios:<\/span><\/p>\n<ul>\n<li><span style=\"font-weight: 400;\">A foreign institutional investor (pension fund, sovereign wealth fund, hedge fund) remitting capital to its Indian custodian to buy NSE\/BSE-listed shares<\/span><\/li>\n<li><span style=\"font-weight: 400;\">An FPI participating in an Indian company&#8217;s IPO, rights issue, or Qualified Institutional Placement (QIP)<\/span><\/li>\n<li><span style=\"font-weight: 400;\">A foreign fund buying listed Indian equity ETF units or equity derivatives through the registered FPI route<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Remittance from an FPI sub-account to the custodian for market operations in Indian equity<\/span><\/li>\n<li><span style=\"font-weight: 400;\">Foreign capital coming in for SEBI-registered Category I, II, or III FPI equity investments<\/span><\/li>\n<\/ul>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- \/wp:list --><!-- wp:quote --><\/p>\n<blockquote>\n<p><!-- wp:paragraph --><\/p>\n<p><strong>Quick check: <span style=\"font-weight: 400;\">Is the investor a SEBI-registered FPI buying listed Indian shares through the exchange route? Use P0009. Is it a direct strategic equity investment in an unlisted company? That&#8217;s FDI under P0006.<\/span><\/strong><\/p>\n<p>\u00a0<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<\/blockquote>\n<p><!-- \/wp:quote --><!-- wp:heading --><\/p>\n<h2><strong><strong><strong>Wrong Code? Use These Instead<\/strong><\/strong><\/strong><\/h2>\n<p><!-- \/wp:heading --><!-- wp:table --><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><b>If your money is from\u2026<\/b><\/p>\n<\/td>\n<td>\n<p><b>Correct code to use<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400;\">FDI in equity \u2014 direct investment in unlisted Indian company<\/span><\/p>\n<\/td>\n<td>\n<p><b>P0006<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400;\">Foreign investment in Indian debt securities (FDI route)<\/span><\/p>\n<\/td>\n<td>\n<p><b>P0007<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400;\">FPI investment in listed Indian debt (bonds, G-Secs)<\/span><\/p>\n<\/td>\n<td>\n<p><b>P0010<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400;\">External Commercial Borrowing \u2014 foreign loan<\/span><\/p>\n<\/td>\n<td>\n<p><b>P0013<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><span style=\"font-weight: 400;\">Non-resident deposits (NRE\/FCNR)<\/span><\/p>\n<\/td>\n<td>\n<p><b>P0014<\/b><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p><!-- \/wp:table --><!-- wp:heading {\"className\":\"u005cu005cu005cu0022wp-block-headingu005cu005cu005cu0022\"} --><\/p>\n<h2><strong><strong>Documents to Keep Ready<\/strong><\/strong><\/h2>\n<p><!-- \/wp:heading --><!-- wp:table --><\/p>\n<table>\n<tbody>\n<tr>\n<td>\n<p><b>Document<\/b><\/p>\n<\/td>\n<td>\n<p><b>Why you need it<\/b><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><b>SEBI FPI registration certificate<\/b><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400;\">Confirms the investor is a registered FPI \u2014 mandatory for this route<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><b>Custodian appointment letter<\/b><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400;\">FPIs operate through SEBI-registered custodian banks in India<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><b>SWIFT \/ fund transfer confirmation<\/b><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400;\">Confirms the inward remittance from the FPI&#8217;s overseas account<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><b>Investment declaration \/ trade instructions<\/b><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400;\">FPI&#8217;s instructions to the custodian on the equity purchases to be made<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><b>e-FIRA<\/b><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400;\">Official proof of inward remittance tagged P0009 \u2014 maintained by the custodian<\/span><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td>\n<p><b>KYC and beneficial ownership documents<\/b><\/p>\n<\/td>\n<td>\n<p><span style=\"font-weight: 400;\">SEBI and PMLA require comprehensive KYC for all FPIs<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>\u00a0<\/p>\n<p><!-- \/wp:table --><!-- wp:heading {\"className\":\"u005cu005cu005cu0022wp-block-headingu005cu005cu005cu0022\"} --><\/p>\n<h2><strong>What is an e-FIRA \u2014 and Why Does It Matter?<\/strong><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>An e-FIRA (Electronic Foreign Inward Remittance Advice) is the official proof that foreign money entered India. It confirms the nature and purpose of the inflow, which matters for tax treatment, FEMA compliance, and audit trails.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p>Your bank generates it automatically once the funds land. You can usually download it from your internet banking portal or request it at your Forex desk. The e-FIRA will reflect the correct purpose code, which your CA or accounts team will reference during filings.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:quote --><\/p>\n<blockquote>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00a0<strong>Did you know? <\/strong> Some banks take days to issue an e-FIRA. With Remit Circle, you can download yours instantly \u2014 at no charge \u2014 the moment your payment is credited. \u2192 Get your free e-FIRA via Remit Circle<\/p>\n<p>\u00a0<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<\/blockquote>\n<p><!-- \/wp:quote --><!-- wp:paragraph --><\/p>\n<p><!-- \/wp:paragraph --><!-- wp:heading --><\/p>\n<h2><strong>Receive Inward Remittances Compliantly with Remit Circle<\/strong><\/h2>\n<p><!-- \/wp:heading --><!-- wp:paragraph --><\/p>\n<p>Getting the purpose code right on an inward remittance isn&#8217;t just a formality \u2014 a mismatch can cause payment holds, RBI queries, or incorrect tax treatment. Remit Circle is built to handle this for you.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>Instant e-FIRA \u2014 <\/strong>Download your Foreign Inward Remittance Advice the moment funds are credited. No waiting on the bank, no Forex desk visits. Free.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>Correct purpose code, every time \u2014 <\/strong>Remit Circle flags the right code for your transaction type before the payment is processed, so there are no mismatch holds at the bank.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>Multi-currency support \u2014 <\/strong>Receive in USD, EUR, GBP, AUD and more. Funds settle directly into your Indian bank account at competitive rates.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:paragraph --><\/p>\n<p><strong>Compliance-ready records \u2014 <\/strong>Every transaction comes with a clean audit trail \u2014 purpose code, amount, date, counterparty \u2014 so you and your CA are always on the same page.<\/p>\n<p><!-- \/wp:paragraph --><!-- wp:pullquote --><\/p>\n<figure>\n<blockquote>\n<p><strong>Start receiving international payments with Remit Circle<\/strong><\/p>\n<p><cite>Open a free account in minutes. No minimum balance, no hidden fees. Get your e-FIRA instantly on every inward remittance.<br \/><strong>\u00a0<a href=\"https:\/\/remitcircle.com\/authentication\/login\" target=\"_blank\" rel=\"noreferrer noopener\" data-type=\"link\" data-id=\"https:\/\/remitcircle.com\/authentication\/login\">Open your free Remit Circle account \u2192<\/a><\/strong><\/cite><\/p>\n<\/blockquote>\n<\/figure>\n<p data-interaction-id=\"496cdfb\">\u00a0<\/p>\n<p data-interaction-id=\"dd6a381\">\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t<div class=\"elementor-element elementor-element-abab5a7 e-con e-atomic-element e-flexbox-base e-b4e10d7 \" data-id=\"abab5a7\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"abab5a7\">\n    <div class=\"elementor-element elementor-element-b4f0537 e-con e-atomic-element e-flexbox-base e-b4f0537-a8d3779 \" data-id=\"b4f0537\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"b4f0537\">\n    <div class=\"elementor-element elementor-element-5e74ef2 e-con e-atomic-element e-flexbox-base e-5e74ef2-3a80f20 \" data-id=\"5e74ef2\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"5e74ef2\">\n    <div class=\"elementor-element elementor-element-6c9a008 e-con e-atomic-element e-flexbox-base e-6c9a008-afad1ab \" data-id=\"6c9a008\" data-element_type=\"e-flexbox\" data-e-type=\"e-flexbox\" data-interaction-id=\"6c9a008\">\n    \t\t\t<h2 data-interaction-id=\"a20116f\" class=\"e-a20116f-a4d45e6 e-heading-base\"><strong id=\"e-mser367n-mouqw3g\">Frequently Asked Questions<\/strong><br><\/h2>\n\t\t\t\t<div class=\"elementor-element elementor-element-70bf6be elementor-widget elementor-widget-n-accordion\" data-id=\"70bf6be\" data-element_type=\"widget\" data-e-type=\"widget\" data-settings=\"{&quot;n_accordion_animation_duration&quot;:{&quot;unit&quot;:&quot;ms&quot;,&quot;size&quot;:200,&quot;sizes&quot;:[]},&quot;default_state&quot;:&quot;expanded&quot;,&quot;max_items_expended&quot;:&quot;one&quot;}\" data-widget_type=\"nested-accordion.default\">\n\t\t\t\t\t\t\t<div class=\"e-n-accordion\" aria-label=\"Accordion. Open links with Enter or Space, close with Escape, and navigate with Arrow Keys\">\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1180\" class=\"e-n-accordion-item\" open>\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"1\" tabindex=\"0\" aria-expanded=\"true\" aria-controls=\"e-n-accordion-item-1180\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: What is RBI purpose code P0009? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1180\" class=\"elementor-element elementor-element-546fc8a e-con-full e-flex e-con e-child\" data-id=\"546fc8a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<p class=\"e-paragraph-base\" data-interaction-id=\"e998a6e\">P0009 is used when a SEBI-registered Foreign Portfolio Investor (FPI) remits money into India to purchase listed Indian equity shares, either through stock exchanges or through primary market instruments like IPOs and QIPs. It is the standard code for foreign portfolio equity inflows into Indian listed markets.<br><\/p>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1181\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"2\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1181\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: What is the difference between FPI (P0009) and FDI (P0006) in equity? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1181\" class=\"elementor-element elementor-element-eefdefe e-con-full e-flex e-con e-child\" data-id=\"eefdefe\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<p class=\"e-paragraph-base\" data-interaction-id=\"9352d94\">FDI (P0006) is a direct, typically long-term strategic investment in an Indian company \u2014 usually in unlisted entities or as a substantial stake with management rights. FPI (P0009) is investment through registered portfolio investors in publicly traded, listed shares \u2014 usually in smaller, liquid positions without management control. FPI is subject to individual and aggregate investment limits set by SEBI and RBI.<br><\/p>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1182\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"3\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1182\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: Who manages the purpose code tagging for FPI inflows, the FPI or the custodian? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1182\" class=\"elementor-element elementor-element-aa26d04 e-con-full e-flex e-con e-child\" data-id=\"aa26d04\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<p class=\"e-paragraph-base\" data-interaction-id=\"9c3f429\">FPI inflows are almost always handled through a SEBI-registered custodian bank in India. The custodian receives the inward remittance, handles the KYC, and manages the regulatory reporting including the purpose code classification. The FPI itself typically does not interact directly with the Indian AD bank, the custodian is the intermediary.<br><\/p>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1183\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"4\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1183\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: Are there limits on how much an FPI can invest in a single Indian company? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1183\" class=\"elementor-element elementor-element-1589f98 e-flex e-con-boxed e-con e-child\" data-id=\"1589f98\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<p class=\"e-paragraph-base\" data-interaction-id=\"c391370\">Yes. SEBI regulations impose limits: an individual FPI cannot hold more than 10% of the paid-up equity capital of any listed Indian company. In aggregate, total FPI holdings in a company are capped, the sectoral cap varies by industry. Companies can set a lower threshold if their board approves. SEBI and RBI circulars specify current limits.<br><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1184\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"5\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1184\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: Can FPIs participate in Indian IPOs under P0009? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1184\" class=\"elementor-element elementor-element-6d19dfa e-flex e-con-boxed e-con e-child\" data-id=\"6d19dfa\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<p class=\"e-paragraph-base\" data-interaction-id=\"2c0917f\">Yes. SEBI-registered FPIs can participate in Indian IPOs through the Qualified Institutional Buyer (QIB) category. The allotment proceeds flow under P0009 as an inward remittance. FPIs are significant participants in large Indian IPOs and can receive up to 50% of the QIB portion of an IPO issue.<br><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t\t<details id=\"e-n-accordion-item-1185\" class=\"e-n-accordion-item\" >\n\t\t\t\t<summary class=\"e-n-accordion-item-title\" data-accordion-index=\"6\" tabindex=\"-1\" aria-expanded=\"false\" aria-controls=\"e-n-accordion-item-1185\" >\n\t\t\t\t\t<span class='e-n-accordion-item-title-header'><div class=\"e-n-accordion-item-title-text\"> Q: What happens to P0009 inflows when an FPI sells its Indian equity holdings? <\/div><\/span>\n\t\t\t\t\t\t\t<span class='e-n-accordion-item-title-icon'>\n\t\t\t<span class='e-opened' ><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-minus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h384c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t\t<span class='e-closed'><svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fas-plus\" viewBox=\"0 0 448 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M416 208H272V64c0-17.67-14.33-32-32-32h-32c-17.67 0-32 14.33-32 32v144H32c-17.67 0-32 14.33-32 32v32c0 17.67 14.33 32 32 32h144v144c0 17.67 14.33 32 32 32h32c17.67 0 32-14.33 32-32V304h144c17.67 0 32-14.33 32-32v-32c0-17.67-14.33-32-32-32z\"><\/path><\/svg><\/span>\n\t\t<\/span>\n\n\t\t\t\t\t\t<\/summary>\n\t\t\t\t<div role=\"region\" aria-labelledby=\"e-n-accordion-item-1185\" class=\"elementor-element elementor-element-f375be6 e-flex e-con-boxed e-con e-child\" data-id=\"f375be6\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t\t<p class=\"e-paragraph-base\" data-interaction-id=\"cf7a19b\">When an FPI sells its listed Indian equity, the proceeds (after taxes) are repatriated out of India. The outward remittance is classified under the corresponding outward code (S0009, Repatriation of FPI in India equity). The inward-outward cycle of P0009 and S0009 tracks the FPI's round-trip investment in Indian equity.<br><\/p>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/details>\n\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\n<\/div>\n\n<\/div>\n\n<\/div>\n\n<\/div>\n\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"A SEBI-registered Foreign Portfolio Investor is purchasing listed Indian equity shares through stock exchanges or primary markets\nIndian listed companies, brokers, and custodians involved in FPI equity inflows; Indian companies receiving FPI investment in primary issuances\nInward remittance (money coming into India)","protected":false},"author":260895650,"featured_media":2157,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_wpcom_ai_launchpad_first_post":false,"csco_display_header_overlay":false,"csco_singular_sidebar":"","csco_page_header_type":"","csco_page_load_nextpost":"","csco_page_reading_time":"","csco_page_toc_navigation":"","csco_post_video_location":[],"csco_post_video_location_hash":"","csco_post_video_url":"","csco_post_video_bg_start_time":0,"csco_post_video_bg_end_time":0,"csco_post_video_bg_volume":false,"_jetpack_hide_featured_image":false,"_jetpack_featured_image_duplicate_dismissed":0,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1384],"tags":[],"class_list":["post-2251","post","type-post","status-publish","format-standard","has-post-thumbnail","category-purpose-codes","cs-entry","cs-video-wrap"],"jetpack_publicize_connections":[],"jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/phhXOC-Aj","jetpack-related-posts":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/blog.remitcircle.com\/wp-content\/uploads\/2026\/09\/Purpose_Code_32-Foreign_portfol-P0009.png?fit=1200%2C800&ssl=1","_links":{"self":[{"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/posts\/2251","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/users\/260895650"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/comments?post=2251"}],"version-history":[{"count":9,"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/posts\/2251\/revisions"}],"predecessor-version":[{"id":2343,"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/posts\/2251\/revisions\/2343"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/media\/2157"}],"wp:attachment":[{"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/media?parent=2251"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/categories?post=2251"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.remitcircle.com\/wp-json\/wp\/v2\/tags?post=2251"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}