Due diligence and reporting requirements under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS)

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....reign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) 1. This is in continuation of SEBI circulars No. CIR/MIRSD/2/2015 dated August 26, 2015 and No. CIR/MIRSD/3/2015 dated September 10, 2015 wherein SEBI has informed all intermediaries regarding due diligence and reporting requirements under Rules 114F to 114H of the Income- tax Rules (hereinafter referred as Rules) and G....

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.... regulator 3. Accordingly, all RFIs are advised to take following necessary steps to ensure compliance with requirements specified in the aforesaid rules for carrying out the necessary due-diligence and reporting for Foreign Portfolio Investors (FPIs):- i. Obtain valid self-certifications/ FATCA and CRS declaration forms with documentary evidence as part of the account opening documentation in ....

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....ed through valid FATCA/ CRS declaration forms. iv. Develop framework for carrying out due diligence procedures and for maintaining reporting information, as provided in Rule 114G and 114H v. Furnish the relevant information in Form 61B in respect of the identified reportable accounts as defined in Rule 114F(6) on or before the date prescribed in accordance with sub-rules (7), (8) and (9) of Ru....

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....ted during every month at the end of the month that all due-diligence procedures, including obtaining of valid self-certification/ FATCA/ CRS declaration, have been followed before granting the said registration to FPI. 6. During inspection of DDPs/ Custodians, SEBI will examine the compliance with, inter-alia, the requirement of certificate to SEBI regarding self-certification and due-diligence ....