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of <h1>SEBI Circular Limits FPI Investment to 10% Per Company; PAN-Based Compliance for Registrar and Transfer Agents.</h1> The circular issued by SEBI on July 13, 2018, addresses the investment regulations for Foreign Portfolio Investors (FPIs) in primary market issuances. It mandates that a single FPI or investor group cannot purchase more than ten percent of a company's total issued capital. If the same ultimate beneficial owners invest through multiple entities, these investments are treated as a single group, and their limits are combined. Registrar and Transfer Agents must use PAN for compliance checks and validate investments with depositories to prevent breaches of investment limits. Depositories are required to establish systems for timely information sharing with RTAs.
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