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of <h1>SEBI's 2018 Circular: New KYC Rules for FPIs, Stricter BO Identification, NRI/OCI Restrictions, and Periodic Reviews.</h1> The circular issued by SEBI on April 10, 2018, outlines revised Know Your Client (KYC) requirements for Foreign Portfolio Investors (FPIs). It mandates the identification and verification of Beneficial Owners (BOs) based on ownership and control, with specific materiality thresholds. FPIs from high-risk jurisdictions face stricter thresholds. The circular also prohibits Non-Resident Indians (NRIs) and Overseas Citizens of India (OCIs) from being BOs of FPIs. It requires FPIs to certify the absence of bearer shares and mandates periodic KYC reviews. Additionally, FPIs must submit certain documents during investigations and comply with investment limit regulations within six months.
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