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    <description>Master Circular consolidates SEBI guidelines for FPIs, DDPs and EFIs: it prescribes registration and continuance procedures, DDP due diligence and reporting, KYC and beneficial ownership identification and periodic review, segregation and reclassification rules, ODI issuance, hedging and reporting requirements, and detailed investment limit monitoring including red flag activation, breach handling, proportional disinvestment timelines and market specific position/auction/margining frameworks.</description>
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