Foreign investors are facing compliance difficulties in moving from the foreign institutional investor (FII) to foreign portfolio investor (FPI) regime. The deadline to obtain an FPI licence ends in March 2017. Existing FIIs are required to submit documents and undertakings to obtain the licence. Also, there are issues regarding taxation under the new regime, say industry experts. These are forcing certain FPIs to rethink about remaining invested in India, experts add. “There are many inconsistencies yet and they (government) haven’t clarified issues that need to be addressed,” said Shardul Shroff, executive chairman, Shardul Amarchand Mangaldas. Foreign investors are finding it difficult to complete the paperwork, which includes submitting constitutional documents, identity proofs, among others. The lengthy process of certification of original papers and the frequency of accepting documents by the Indian authorities is said to be asource of discomfort for foreign investors. Legal ex