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of <h1>SEBI Circular: New Rules for Offshore Derivative Instruments and Foreign Portfolio Investors to Enhance Transparency and Compliance.</h1> The circular issued by SEBI addresses regulatory arbitrage concerning Offshore Derivative Instruments (ODIs) and Foreign Portfolio Investors (FPIs) with segregated portfolios. It mandates that ODIs must be issued through a dedicated FPI registration without proprietary investments, excluding those referencing government securities. ODIs cannot use derivatives as underlying assets and must be fully hedged with identical securities. Additional disclosure requirements for ODI subscribers are introduced, with exemptions for specific entities. The circular outlines compliance timelines, monitoring mechanisms, and transitory measures for existing ODIs, aiming to enhance transparency and regulatory compliance in the securities market.
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