The paper outlines three main proposals. It proposes allowing retail schemes based in International Financial Services Centres (IFSCs) that have resident Indian non- individuals as sponsors or managers to register as FPIs. It also proposes to align the contribution limits for resident Indian non-individuals in IFSC- based funds with the IFSCA’s new regulations. This would increase the maximum contribution limit for these sponsors or managers to 10% of the fund’s corpus, up from the current 2.5% to 5% range, to avoid compliance issues. Further. it suggests permitting Indian mutual funds to be constituents of overseas mutual funds or unit trusts that are registered as FPIs. The feedback/ comments from stakeholders are invited.