Change in Single Master Form (SMF) on FIRMS Portal

Reserve Bank of India (‘RBI’) vide its Circular dated January 4, 2023, has streamlined the process of filing for reporting of Foreign Investment in India in Single Master Form (SMF) on FIRMS Portal.

Link: RBI/2022-23/160 A.P. (DIR SERIES) CIRCULAR NO. 22

On the introduction of the Single Master Form (SMF) on FIRMS Portal, stakeholders including Authorized Dealer Category-I banks (AD banks) will be benefited in many ways.

The object was to Rationalize the reporting system and change it to a technology-driven mechanism and simultaneously make it easy to identify and verification of information submitted by stakeholders and update the status on real-time basis.

All forms submitted with the requisite documents will be auto-acknowledged on the FIRM’s portal with a time stamp and an auto-generated e-mail will be sent to the applicant.

The detailed highlights of the process of assessment of the SMF are as follows:

  • The forms submitted within prescribed timelines will be verified by the AD Banks on the basis of the mandatory documents uploaded and ensure that it is in compliance as applicable;
  • The System will auto identify the delay in reporting, if any;
  • The Forms filed with a delay for a period not exceeding 3 years, the AD Banks will still approve or mark for resubmission in (case of defects) subject to payment of Late Submission Fee (LSF);
  • The Late Submission Fee (LSF) will be computed by the System online and e-mail will be sent to the applicant and concerned Regional Office (RO) of RBI informing the amount and the timeline for payment of the LSF;
  • On receipt of the LSF, the concerned RO will update the status on the Firms portal from his end and the status will also be e-mailed to the applicant;
  • The AD bank will also approve the forms filed with a delay for a period exceeding 3 years, subject to compounding of contravention. The applicant may thereafter approach RBI with their application for compounding.
  • The remarks of the AD Bank for rejection of forms, if any, will be updated on FIRMS portal. and will also be made available to the applicant through e-mail.


The above changes will enable the stakeholders to file the form with either late submission fees up to 3 years or after compounding of contravention post 3 years.  The timeline has been specified for AD banks to verify forms submitted i.e, within five working days based on the uploaded documents which makes the process quick and efficient.

Disclaimer: This article has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. This article cannot be relied upon to cover the specific situation and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact Affluence Advisory Private Limited to discuss these matters in the context of your particular circumstances. Affluence Advisory Private Limited, Its Partners, Directors, Employees, and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this article or for any decision based on it.



Affluence Advisory Pvt. Ltd. is established with the vision to provide one stop solutions to clients needs in ever changing environment. Affluence is managed by specialized team of Chartered Accountants, Company Secretaries, Corporate Lawyers and Other Professionals committed to provide quality experience to our clients in the widest spectrum of business needs.

Recent Posts

January 30th, 2023
Remuneration paid to Directors of the Listed Entity – Series 3
January 25th, 2023
Upgradation of E- Forms in tune with V3 portal
January 23rd, 2023
SEBI Notification dated 17/01/23 | Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2023
January 19th, 2023
Remuneration paid to Non-Executive Directors of Public Company – Series 2
January 16th, 2023
Remuneration paid to Whole Time Directors of Public unlisted Companies
January 11th, 2023
Relaxation from compliance with certain provisions of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
January 9th, 2023
Online registration of units through MCA portal for ESI registration and inspection of units in this regard
January 6th, 2023
Guidance given by Securities and Exchange Board of India (‘SEBI’) on creation of ‘Suspense Escrow Demat Account’
January 5th, 2023
Change in Single Master Form (SMF) on FIRMS Portal
January 3rd, 2023
Relaxation with respect to conducting of Extra Ordinary General Meetings and Postal Ballots
December 30th, 2022
MCA extension for conducting Annual General Meetings through Video Conferencing or other Audio Visual Means (‘OAVM’)
December 23rd, 2022
Web-based Form DPT-3 as per New Rules
December 13th, 2022
Input Tax Credit (‘ITC’) on Corporate Social Responsibility (‘CSR’) expenses
December 7th, 2022
GSTR 9 and 9C – Optional to Mandatory reporting in FY 2021-22
September 27th, 2022
CSR Compliances as per New Rules 2022
September 20th, 2022
Mandatory appointment of Company Secretary
September 17th, 2022
Amendment To The Definition Of Small Company And Benefits
September 16th, 2022
Obligation to Indicate Director Identification Number (DIN)
September 8th, 2022
Compliance Calendar for the Month of September, 2022
September 7th, 2022
RBI issues Digital Lending Guidelines: Banks / NBFC
September 2nd, 2022
CSR Compliances as per New Rules and FAQ’s on National CSR Exchange Portal
August 20th, 2022
Physical Verification of Registered Office of the Companies by ROC
August 17th, 2022
Can the Company give Loans to Directors and Relatives?
August 13th, 2022
Startup Registration India 
August 8th, 2022
Misconceptions Regarding Filing of Annual Return and Applicability to Prepare Extract of Annual Returns.
August 5th, 2022
Compliance Calendar for the Month of August, 2022
July 26th, 2022
Ratification in context of Companies Act, 2013
July 21st, 2022
Non-Compliance in the use of KMP Designation – By Private Companies
July 18th, 2022
FAQs on GST applicability on ‘pre-packaged and labelled’ goods- reg
July 12th, 2022
RBI introduces mechanism for International trade settlements in Rupees (INR)
July 7th, 2022
July 6th, 2022
July 6th, 2022
FAQ – All you wanted to know about NBFCs
July 4th, 2022
FAQ’s- Disclosure of holding of specified securities and Holding of specified securities in dematerialized form
July 4th, 2022
Guidelines on Regulation of Payment Aggregators and Payment Gateways
July 1st, 2022
Ease of Doing Business in India
June 23rd, 2022
Change in nomination rule for Mutual Fund unit holders
June 21st, 2022
June 17th, 2022
 IBBI Update: Application under Rule 4, 6 or 7 of Insolvency and Bankruptcy (Application to Adjudication Authority) Rules, 2016
June 15th, 2022
Discussion Paper on enabling entities to become insolvency professional