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SEBI, by way of the SEBI (Foreign Venture Capital Investors) (Amendment) Regulations, 2025 dated December 1, 2025, has introduced the 'SWAGAT‑FI' framework into the SEBI (Foreign Venture Capital Investors) Regulations, 2000 ('FVCI Regulations'). SWAGAT‑FIs are exempt from the requirements of applying to a designated depository participant for grant of registration as a Foreign Venture Capital Investors ('FVCI'). Separately, the fee schedule for a SWAGAT‑FIs has been relaxed, with all such SWAGAT-FIs required to pay registration fees for every block of 10 years, instead of three years. Further, the investment concentration limits of 66.67% and 33.33% for certain types of investments that a FVCI is required to make will not apply to SWAGAT‑FIs.
Originally published 30 January 2026.
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