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of <h1>SEBI Revises Reporting Rules for FIIs on Offshore Derivatives, Effective Mid-August 2003; Fortnightly Reports Required.</h1> The Securities and Exchange Board of India (SEBI) has updated its reporting requirements for Foreign Institutional Investors (FIIs) issuing offshore derivative instruments against Indian securities. Effective from mid-August 2003, FIIs must submit a one-time report on outstanding derivatives as of August 15, 2003, and ongoing fortnightly reports using revised formats provided in Annexures A and B. These reports are to be submitted electronically in Excel format within three working days after each fortnight. This update supersedes the previous reporting format established in 2001. Custodians must inform their FII clients and confirm compliance by August 12, 2003.
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