As a one-time requirement, a QFI shall:
- Open a depository account with a Qualified Depository Participant(QDP) - (Kotak Mahindra Bank is India's 1st SEBI registered QDP)
- Open a trading account with a brokerage firm
- Open a single non-interest bearing rupee account with an Authorised Dealer Category-1 bank (e.g. Kotak Mahindra Bank Ltd.) subject to terms and conditions specified under Foreign Exchange Management Act, 1999 (FEMA) from time to time. The said bank will operate this single non-interest bearing rupee account for all investments made by the QFI in India.
- Obtain a separate and distinct Permanent Account Number (PAN) for Income Tax purposes from the Tax Authorities in India. (Kotak Mahindra Bank can facilitate the process of procuring a PAN)