To implement the change, the Securities and Exchange Board of India (Sebi) has amended the rules governing FPIs. The revised provisions will come into effect after six months, Sebi said in its notification.

Through a notification issued on July 3, Sebi revised the registration fee for Category-I FPIs and FVCIs from USD 2,500 to Rs 2.3 lakh.

The markets watchdog has also updated the common application form used for FPI registration. The regulator mandated the inclusion of the applicant's date of birth or date of incorporation in the common application form to facilitate Permanent Account Number (PAN) allotment.

Additionally, Designated Depository Participants (DDPs) must remit the collected registration fees to Sebi within five working days of being granted registration.

"Every designated depository participant shall remit the fees collected from the foreign portfolio investors in INR to the Board in the case of initial registration, within five working days from the date of grant of certificate of registration to the foreign portfolio investor, along with the details in the format, as may be specified from time to time," Sebi said.