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of <h1>SEBI Clarifies Clubbing Rules for FPIs: Single Group Can't Exceed 10% Company Stake; Defines Beneficial Ownership Criteria.</h1> The Securities and Exchange Board of India (SEBI) issued a circular clarifying the clubbing of investment limits for foreign governments and related entities registered as Foreign Portfolio Investors (FPIs). The circular specifies that a single FPI or investor group cannot hold more than 10% of a company's total paid-up capital. It defines an investor group as entities with common beneficial ownership exceeding 50%. The circular outlines how beneficial ownership is determined and specifies conditions under which investments by multiple entities from the same jurisdiction are clubbed. Exceptions exist for entities recognized as distinct under international agreements. Non-compliance requires divestment or reclassification under Foreign Direct Investment.
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