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of <h1>SEBI Amends FII Regulations: Updates on Sub-Accounts, Compliance, and Offshore Derivative Instruments Effective May 22, 2008.</h1> The Securities and Exchange Board of India (SEBI) issued amendments to the Foreign Institutional Investors (FII) Regulations, 1995, effective from May 22, 2008. Key changes include redefining 'sub-account' and updating registration and compliance requirements for FIIs and sub-accounts. Newly established funds may consider the track record of their investment managers, and entities like university funds and charitable trusts can register without foreign regulatory oversight. The amendments also address the issuance of offshore derivative instruments, requiring compliance with 'know your client' norms and limiting issuance to regulated entities. Registration fees and validity terms have been updated, and additional responsibilities for FIIs regarding sub-accounts are outlined.
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