Two different regulators, two different sets of forms
Most founders treat "company filings" as one thing, handled by one person. With foreign investment, there are really two regulators looking at two different questions, on two different portals.
The Ministry of Corporate Affairs (MCA), through the Registrar of Companies, cares about the company itself — its accounts and its annual return — filed on forms like AOC-4 and MGT-7 on the MCA portal. The Reserve Bank of India (RBI), under FEMA, cares about the foreign money — that it came in properly and is reported — filed on the FIRMS portal under the Single Master Form.
Doing the MCA filings does not cover the RBI ones, and vice versa. This is the single most common gap we see: the ROC forms are filed on time, everyone assumes compliance is done, and the RBI filings on a portal the regular accountant never logs into are simply never made. They only surface later — during due diligence, an audit, or the next round of funding.
FC-GPR: when you issue shares to a non-resident
FC-GPR (Foreign Currency – Gross Provisional Return) is the filing for issuing shares to a person outside India. Whenever your company allots fresh shares to an NRI or a foreign investor against their investment, that allotment has to be reported to the RBI.
The filing goes on the FIRMS portal and is generally due within 30 days of the allotment of the shares. It pulls together the proof the money came in through banking channels (the foreign inward remittance certificate), the valuation supporting the share price, and the company's details, into the Single Master Form.
The practical point is that the clock starts at allotment, not at incorporation or at the date the money arrived — so the allotment and the FC-GPR filing have to be sequenced together. If shares are allotted and the 30-day window passes unfiled, the filing isn't lost, but it then has to be made with a Late Submission Fee, which is why it's worth getting onto the calendar the moment a non-resident is allotted shares.
FC-TRS: when shares change hands across the border
FC-TRS (Foreign Currency – Transfer of Shares) is the filing for a transfer of existing shares between a resident and a non-resident — either an NRI buying shares from a resident, or a resident buying shares from an NRI. It's the secondary-sale counterpart to FC-GPR's fresh issue.
It too sits on the FIRMS portal, and is generally due within 60 days of the transfer or of the remittance, whichever sets the clock. The responsibility for filing usually falls on the resident party to the transaction, or the company facilitating it.
| Filing | Triggered by | Usual window |
|---|---|---|
| FC-GPR | Issue of new shares to a non-resident | ~30 days from allotment |
| FC-TRS | Transfer of shares (resident ↔ non-resident) | ~60 days from transfer / remittance |
The distinction matters because people reach for the wrong one. New shares created by the company is FC-GPR; existing shares passing between a resident and an NRI is FC-TRS. Get the wrong form and the reporting doesn't actually close the transaction off in the RBI's records.
The FLA return: the annual one everyone forgets
The FLA (Foreign Liabilities and Assets) return is the one that catches even companies who got FC-GPR and FC-TRS right, because it's annual and easy to forget. Any Indian company that has received foreign investment, or holds foreign assets, has to file an FLA return to the RBI each year — normally by 15 July, reporting the position as at the end of the previous financial year.
Crucially, the obligation doesn't stop after the year you took the investment. As long as the foreign shareholding sits on your books, the FLA return falls due every single year, whether or not anything changed. A company that took foreign money once and filed FC-GPR can still be non-compliant for years of missed FLA returns.
Like the other two, the FLA is a FEMA filing to the RBI, separate from anything on the MCA side, and a missed FLA return also attracts a Late Submission Fee. Putting it on a recurring July calendar is the simplest way to stop it slipping.
A worked example: Meera's company, two years behind
Meera runs a small Bengaluru product company. Two years ago, her cousin Rohan — an NRI in Dubai — invested and was allotted shares; last year, a resident angel sold part of his stake to Rohan as well. Meera's accountant filed the company's AOC-4 and MGT-7 with the ROC on time each year, so she believed everything was in order.
When a new investor's due-diligence team asked for the FIRMS filings, the gap appeared. The original allotment to Rohan needed an FC-GPR within about 30 days — never filed. The later resident-to-NRI share sale needed an FC-TRS within about 60 days — also missed. And because the company had held foreign investment across two financial years, two annual FLA returns, each due around 15 July, had come and gone unfiled.
None of this showed up on the MCA portal, because none of it lives there. The way through is to file each pending form on the FIRMS portal with the applicable Late Submission Fee, attach the remittance proof and the valuation that supported the original share price, and then set a recurring reminder for the next FLA. The transaction wasn't unwound and Meera wasn't penalised beyond the late fees — but it had to be regularised before the new round could close, which is the usual pattern: the gap is fixable, it just has to be found and cleared.