Key comparisons

Qualified Foreign Investors (QFI)
Foreign Institutional Investors (FII)
Foreign Portfolio Investors (FPI)
Registration No SEBI Registration SEBI Registration Registration through DDP
Access Fee NO Access Fee Access Fee every 3 Years Access Fee every 3 Years
Order Placement Through QDP Directly to Broker Directly to Broker
Permitted Investments Equity, Government Bonds, Corporate Debt, MFs Equity, Government Bonds, Corporate Debt, MFs, Listed equity derivatives, SLB, Interest Rate Futures, IDRs, Same as FII (unlisted equity not permitted)
KYC Uniform KYC Uniform KYC Risk Based KYC
Eligibility All investor categories – Retail & Institutional 

Investors from jurisdictions 

1.FATF compliant, including GCC/EC 

member countries 2.Signatory to IOSCO MMOU / SEBI MOU

Specified categories of institutional and retail investors 

-FII to be regulated by Securities regulator that is signatory to IOSCO MMOU / SEBI MOU 

-One year track record prior for FII registration

All investor categories

Investors from jurisdictions: 

1.Not in FATF (high risk and non-compliant countries) 

2.Signatory to IOSCO MMOU / SEBI MOU 

3.For banks – central bank is member of BIS