On May 15, 2023, the Securities and Exchange Board of India (Sebi) announced that the Central Board of Direct Taxes (CBDT) has made significant clarifications to streamline the Permanent Account Number (PAN) application process for Foreign Portfolio Investors (FPIs). This decision follows concerns raised by stakeholders regarding the revised PAN application forms introduced under the Income-tax Rules, 2026. The new forms require additional information, including Taxpayer Identification Number (TIN) and details of the Representative Assessee (RA) or Authorised Representative (AR). Sebi's engagement with CBDT has led to several key adjustments. Notably, the name of the authorised signatory will now suffice for the RA/AR field, eliminating the need for supplementary documentation. Additionally, if the PAN or Aadhaar number of the authorised signatory is unavailable, the FPI registration number can be used. The CBDT has also permitted applicants to enter '0000000000' in the TIN field when it is not applicable. These changes aim to facilitate a smoother onboarding experience for FPIs, which utilize a Common Application Form for registration with Sebi, as well as for opening bank and demat accounts and obtaining PAN.