Who Invests How: The New
Investment Pathway Map
Post-June 5, 2026 framework · PIS & FPI routes
JUNE 2026
NRI
→
PIS Route · up to 10% · No SEBI Reg
FPI Route · above 10%
Mutual Funds
NPS / Bonds
OCI Cardholder
→
PIS Route · up to 10% · No SEBI Reg
FPI Route · above 10%
Mutual Funds
Foreign National (PROI)
→
PIS Route · NEW · up to 10%
FPI Route · above 10%
Any above >10%
→
FPI Registration with SEBI (mandatory)
Full compliance & disclosure norms apply
PIS route — simplified, no SEBI registration up to 10%
Newly extended to foreign nationals (PROIs) — June 2026
FPI route — still mandatory above individual 10% limit