Foreign institutional investors don't have to wait forever to get their proposals cleared by the Securities and Exchange Board of India anymore.

Much to their delight, the market watchdog is clearing all requests in less than a week, and often the intimations of approval are sent over the telephone.

According to circles, new FII registrations -- especially of sub-accounts -- are being intimated over the phone about their approvals before sending the advice in the approved format.

A Sebi spokesman confirmed that the securities regulator was clearing FII registrations in seven working days at most and had set itself an upper limit of three working days for FII sub-accounts.

Sebi officials, however, made it clear that there was relaxation in the due diligence process. "We are checking out their antecedents and verifying the details provided," said an official.

Finance Minister P Chidambaram had said in his Union Budget speech this year that the registration process for FIIs would be speeded up and the hassles removed.

Chidambaram was reacting to the FIIs' grouse that Sebi approvals worked to the detriment of the investors. Often, because of the time lag in clearance, the market dynamics would have changed, causing huge losses to the investors.

The time for registration was reduced to 15 days later, but this was most often not adhered to.

The registration request is scrutinised by the committee of executive directors, which meets every Wednesday. So if an application is received on Tuesday, it is taken up by the committee the following day. If the application is received on Thursday, then it is taken up the following Wednesday.