Under the revised framework, Category I FPIs registered under Regulation 5(a)(i) will undergo KYC reviews once every eight years, irrespective of whether they operate in high-risk or non-high-risk jurisdictions. Other Category I investors will move to a two-year review cycle. SEBI also scraps separate change-in-information or no-change declarations at the time of FPI registration renewal; revised framework effective December 1. You are using an outdated browser.