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This circular outlines the procedure for reclassification of Foreign Portfolio Investment (FPI) to Foreign Direct Investment (FDI). If an FPI's investment reaches 10% or more of a company's paid-up equity capital, and the FPI intends to reclassify its holdings as FDI, it must follow extant FEMA rules and RBI circulars. The custodian shall report this intent to SEBI, freeze the FPI's purchase transactions, and upon completion of RBI reporting, transfer the equity instruments from the FPI's demat account to its FDI demat account. The circular modifies the previous procedure outlined in the Master Circular and comes into immediate effect under SEBI's powers to regulate securities market.
This circular outlines the procedure for reclassification of Foreign Portfolio Investment (FPI) to Foreign Direct Investment (FDI). If an FPI's investment reaches 10% or more of a company's paid-up equity capital, and the FPI intends to reclassify its holdings as FDI, it must follow extant FEMA rules and RBI circulars. The custodian shall report this intent to SEBI, freeze the FPI's purchase transactions, and upon completion of RBI reporting, transfer the equity instruments from the FPI's demat account to its FDI demat account. The circular modifies the previous procedure outlined in the Master Circular and comes into immediate effect under SEBI's powers to regulate securities market.
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