Domestic asset managers deemed foreign institutional investors when managing offshore-raised funds; registration, eligibility and investment limits apply. The amendments define domestic asset management company and domestic portfolio manager, deem such entities to be Foreign Institutional Investors when they manage funds brought from outside India for sub-accounts, and permit their registration as FIIs subject to existing application procedures and SEBI verification of valid underlying approval/registration and absence of pending disciplinary proceedings. Certificates are limited by the validity of underlying registrations, lapse or suspend on expiry or suspension of those registrations, and domestic managers are exempt from the registration fee. Additional eligibility, disclosure and undertaking requirements and investment-route and concentration limits are imposed for foreign corporate or individual sub-accounts.