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of <h1>FPIs Limited in Offshore Derivative Instruments; Must Meet Conditions, Comply with KYC, and Disclose to SEBI.</h1> Foreign portfolio investors (FPIs) are restricted from issuing or dealing in offshore derivative instruments unless specific conditions are met. These instruments must be issued to entities regulated by a foreign authority and comply with 'know your client' norms. Category II FPIs, if unregulated, and Category III FPIs cannot engage with these instruments. Transfers require prior consent unless pre-approved. FPIs must disclose instrument details to the Securities and Exchange Board of India (SEBI) and collect regulatory fees from subscribers. Instruments issued under previous regulations are considered compliant with current rules.
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