Opaque structure prohibition: designated depository participants must ensure FPIs meet KYC/AML standards and ownership transparency. Regulation 32 requires designated depository participants to comply with these Regulations and Board directions, promptly notify the Board of false or materially changed information, furnish records to regulators, permit only registered foreign portfolio investors to invest, adhere to AML/CFT circulars, and report regulatory actions against them. DPs must conduct KYC/AML checks and due diligence before opening dematerialised accounts, ensure securities held by FPIs are free from encumbrances (except statutory or regulatory ones), collect prescribed fees, and re assess FPI eligibility after changes in ownership, control or structure. The regulation prohibits FPIs with opaque structures, subject to specified carve outs and beneficial ownership undertakings.