Foreign Portfolio Investor eligibility establishes registration conditions, constituent contribution caps, AML and residency requirements for applicants. Regulation 4 sets the eligibility framework for registration as a Foreign Portfolio Investor: applicants must meet non residency requirements, constituent composition and contribution caps for NRIs/OCIs/resident individuals, and specific conditions for resident Indian non individual constituents and IFSC based AIFs or Retail Schemes. Applicants must be residents of jurisdictions whose securities regulators are signatories to IOSCO's Multilateral MoU or bilateral MoUs with the Board, banks must be from countries with central banks in the BIS (with central bank exceptions), and applicants and significant underlying investors must satisfy AML/FATF and UN sanctions restrictions and fit and proper criteria.