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of <h1>SEBI Updates Rules for FPIs and DDPs: New Guidelines for Indian Fund Managers Under Income Tax Act Section 9A.</h1> The circular announces modifications to the operational guidelines for Foreign Portfolio Investors (FPIs) and Designated Depository Participants (DDPs) following amendments to the SEBI (Foreign Portfolio Investors) Regulations, 2019. The changes relate to Section 9A of the Income Tax Act, 1961, facilitating Indian fund managers' involvement with offshore funds. Specifically, the contribution from resident Indian individuals must comply with the Liberalised Remittance Scheme and be directed to global funds with less than 50% Indian exposure. Custodians and DDPs are instructed to inform their clients about these updates.
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