The Securities and Exchange Board of India (SEBI) has approached the Central Board of Direct Taxes (CBDT) to clarify the roles and responsibilities of 'authorised representatives' (AR) for foreign portfolio investors (FPIs) in India. Under new income-tax regulations, FPIs must designate an AR or a 'representative assessee' (RA) when registering to trade on Indian stock exchanges. However, many professionals are reluctant to take on the AR role due to fears of being held liable for unpaid taxes, especially after recent scrutiny of foreign investors by tax authorities. SEBI's chief general manager, Aparna Thyagarajan, indicated that discussions with CBDT are ongoing to address these concerns and provide clarity. The regulator is also working to streamline processes for FPIs, including faster application approvals and clearer rules for identifying beneficial owners. A master circular is anticipated in May to help clarify these regulations, which are crucial for maintaining foreign investments in India's capital markets.