The regulator is evaluating features that would allow FPIs to log in and view their India-linked information
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The Securities and Exchange Board of India (SEBI) and market infrastructure institutions (MIIs) have begun work on the second phase of its centralised foreign investor portal, marketaccess.in, to expand the portal’s capabilities into investor-specific details and functionalities, according to people familiar with the matter.
Phase one currently serves as a consolidated hub for publicly available regulatory and operational information related to FPI activity — data that was previously scattered across stock exchanges, depositories, clearing corporations and custodian forums.
The regulator is evaluating features that would allow FPIs to log in and view their India-linked information, such as securities holdings, transaction statements, settlement positions, investment limits, disclosure triggers and pending compliance actions. “The idea is to give FPIs a single dashboard where they can track what applies to them, not just all the rules. We have started exploring features and functions that can be made available,” a person aware of the discussions said.
Custodians have already provided inputs on the features FPIs most frequently require, including disclosures, limits monitoring and compliance reminders.
Data privacy
However, the expansion poses significant privacy and security challenges as the portal is built through a third-party vendor, raising concerns of data privacy and security. “The initial plan of allowing full access, including transactions or detailed statements, brings data-security risks since the vendor is an intermediary in the process,” another person involved in the discussions said. As a result, providing transaction capability through the portal has been ruled out for now.
The regulator is instead exploring a model where the portal offers login-based visibility but routes investors securely to official transaction platforms without exposing data to the vendor. One proposal under discussion is to enable encrypted redirection, where an FPI logs in through marketaccess.in, but is then directed to the relevant official website, such as a custodian or depository system, to complete transactions, with the vendor unable to view or read any of the underlying data. “The question is how to make this technically feasible without compromising the data path,” a member said.
Work on Phase Two is underway, but progressing more slowly than the first phase, partly because of the added complexity and the need for privacy safeguards. Further deliberation is ongoing with FPIs, custodians and the regulator to determine which features can safely be offered beyond basic login and holdings visibility, and how the portal can securely link to external systems.
The aim is to at least provide the login facility for FPIs, and continue to add more features as feasible. An email seeking comments sent to SEBI did not elicit a response.
Published on December 4, 2025
