Repeal and saving provisions ensure prior registrations, approvals and proceedings are treated as under the new foreign investor regulations.

Regulation 45 repeals the earlier Foreign Portfolio Investors regulations and provides that all actions, registrations, approvals, adjudications, enquiries, investigations and show cause notices under the repealed regime are deemed to have been done under corresponding provisions of the new regulations; requires re categorisation of existing foreign portfolio investors; treats previously issued offshore derivative instruments as issued under the new framework; deems pending applications to be made under corresponding new provisions; and preserves all pre existing rights, liabilities, penalties and proceedings.

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