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of <h1>SEBI Issues New KYC Rules for FPIs; Focus on High-Risk Areas and Compliance Deadlines to Avoid Restrictions.</h1> The Securities and Exchange Board of India (SEBI) issued a circular detailing Know Your Client (KYC) requirements for Foreign Portfolio Investors (FPIs). The circular mandates FPIs to identify and verify Beneficial Owners (BOs) as per the Prevention of Money-laundering Rules, 2005, with a focus on high-risk jurisdictions. Periodic KYC reviews are required, especially for Category II and III FPIs, with specific documentation needed for Category III. Data security measures are outlined for KYC Registration Agencies. Compliance timelines are set, with non-compliance resulting in restrictions on new purchases and potential invalidation of FPI registration.
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