Custodians to call on Sebi to clear haze around new CAF norms for FPIs

The key issue vexing the custodians is the requirement to fill in tax details on behalf of FPIs, an area where they lack expertise and which is currently handled by the tax consultants

A section of custodians plans to meet officials of Securities and Exchange Board of India (Sebi) to iron out problems regarding the new common application form (CAF) for foreign portfolio investors (FPIs), two people familiar with the matter said. 

The key issue vexing the custodians is the requirement to fill in tax details on behalf of FPIs, an area where they lack expertise and which is currently handled by tax consultants. As of today, forms are filled by the tax consultants as well as custodians and provided to the FPIs to review, amend and sign, keeping them almost error-free. 

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