Qualified Depository Participant eligibility revised - new criteria and five working day fund retention for QFI investments. Revised eligibility for a SEBI-registered Depository Participant to act as a qualified Depository Participant requires minimum net worth of Rs. 50 crore; status as a clearing bank or clearing member; appropriate receipt/remittance arrangements with an Authorised Dealer Category I bank; systems to comply with FATF and PMLA requirements and SEBI circulars; and prior SEBI approval before opening QFI accounts. The circular also sets the maximum retention period for QFI funds in the single rupee pooled account and for dividend remittances at five working days, permitting use of credited dividends for fresh mutual fund purchases within that period.
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Qualified Depository Participant eligibility revised - new criteria and five working day fund retention for QFI investments.
Revised eligibility for a SEBI-registered Depository Participant to act as a qualified Depository Participant requires minimum net worth of Rs. 50 crore; status as a clearing bank or clearing member; appropriate receipt/remittance arrangements with an Authorised Dealer Category I bank; systems to comply with FATF and PMLA requirements and SEBI circulars; and prior SEBI approval before opening QFI accounts. The circular also sets the maximum retention period for QFI funds in the single rupee pooled account and for dividend remittances at five working days, permitting use of credited dividends for fresh mutual fund purchases within that period.
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