The circular simplifies the compliance process for Foreign Portfolio Investors (FPIs) who invest exclusively in Government Securities (GS-FPIs). The key changes include exempting GS-FPIs from providing detailed investor group information and from the need to inform SEBI of certain changes in their information, except for material changes. Also, the requirement for a declaration of no changes during the three-year registration renewal period will not apply to GS-FPIs. It also simplifies the KYC review process, aligning its periodicity with the FPI’s bank account KYC cycle as prescribed by the Reserve Bank of India. A new mechanism is also established for FPIs to easily transition between being a regular FPI and a GS-FPI, and vice versa.