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of <h1>New Disclosure Rules for FPIs with Large Indian Equity Holdings Under Section 11(1) Effective November 2023</h1> Foreign Portfolio Investors (FPIs) meeting specified criteria must disclose detailed information on all persons with ownership, economic interest, or control in the FPI on a full look-through basis. This applies to FPIs holding over 50% of their Indian equity assets under management (AUM) in a single Indian corporate group or those holding equity AUM exceeding INR 25,000 crore individually or with their investor group. Exemptions apply to government-related investors, public retail funds, certain exchange-traded funds, pooled vehicles regulated abroad, FPIs under statutory restrictions, newly registered FPIs, and those winding down investments. FPIs exceeding thresholds must realign holdings within prescribed timelines or face disclosure obligations, account blocking, and potential deregistration. Voting rights of deregistered FPIs will be restricted. Depositories and stock exchanges will implement systems to enforce compliance. The circular takes effect November 1, 2023, aiming to prevent regulatory circumvention and protect market integrity.
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