TaxTMI 
TaxTMI 
Know Your Client (KYC) norms for ODI subscribers, transferability of ODIs, reporting of suspicious transactions, periodic review of systems and modified ODI reporting format
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....ith the stakeholders. Taking into consideration the inputs received during the discussion process, SEBI Board in its meeting held on May 19, 2016 decided that ODI Issuers shall be guided by the following provisions with regard to the norms relating to the issuance and transfer of ODIs: 2.1. Applicability of Indian KYC/AML norms for Client Due Diligence SEBI vide circular No. CIR/IMD/FIIC/20/ 2014 dated November 24, 2014 had aligned the applicable eligibility and investment norms of FPI regime with norms applicable for subscription through the ODI route. With regards to KYC of ODI subscribers, ODI Issuers shall now be required to identify and verify the beneficial owners (BO) in the subscriber entities, who hold in excess of the threshold as defined under Rule 9 of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005 i.e. 25 % in case of a company and 15 % in case of partnership firms/ trusts/ unincorporated bodies. ODI issuers shall also be required to identify and verify the person(s) who control the operations,when no beneficial owner is identified based on the aforesaid materiality threshold. It is clarified that:- (a) The defi....
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....lients. (b) At the time of on-boarding and every year for all other clients. It is clarified that in case of existing ODI Subscriber, the KYC review should be done within three years for low risk clients and one year for all other clients from the effective date of this circular and accordingly reported in revised ODI reporting format. 2.3. Suspicious Transactions Report ODI Issuers shall be required to file suspicious transaction reports, if any, with the Indian Financial Intelligence Unit, in relation to the ODIs issued by it. 2.4. Reporting of complete transfer trail of ODIs Presently, the details of the holder of ODIs have to be mandatorily reported to SEBI on a monthly basis. The ODI issuers are also required to capture the details of all the transfers of the ODIs issued by them and these can be made available to SEBI on demand. The Board decided that in the monthly reports on ODIs all the intermediate transfers during the month would also be required to be reported. 2.5. Reconfirmation of ODI positions ODI Issuers shall be required to carry out reconfirmation of the ODI positions on a semi-annual basis. In case of any divergence from report....
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....bt 8 Details of Assets under Management in Indian Market - Derivative as on ______ ( Last reporting date of the Month ) - Annexure C _ Derivative 9 Annexure D - Statement on Beneficial owners of ODI subscribers* 10 Annexure E - Reconciliation/Reconfirmation Report Sheet: Monthly Summary STATEMENT OF OUTSTANDING POSITIONS OF OFFSHORE DERIVATIVE INSTRUMENTS (ISIN-WISE) AS ON (last day of previous month) Outstanding Value of ODIs Name of Issuer FPI Registration Number of issuer FPI # Reference ISIN No Type of reference Instrument US $ Rs. AUM (in Rs.) AUM referenced to ODI (in Rs. ) 0 0 0 0 0 0 0 0 Total 0 0 0 0 ***** Comments Reference ISIN No - ISIN of the underlying Indian Security (Kindly use ISINs issued by NSDL for Indian underlying) # SEBI Registration no. of issuer FPI Type of reference Instrument - Type of Underlying Indian Security - Equity or Debt or Derivative Outstanding Value of ODIs - Total of Column Q from Annexure A for the particular Reference ISIN AUM - Asset under management of FPIs issuing ODIs - Total Value of Indian Security with Reference ISIN from Column B AUM referenced to ODI - Asse....
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....tanding quantity Outstanding USD Outstanding Rs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 ***** Comments In case of no Ref. no./ISIN No. of ODI, provide security name Reference ISIN No - ISIN of the underlying Indian Security (ISINs issued by NSDL for Indian underlying) Type of reference Instrument - Type of underlying Indian security - Equity or Debt or Derivative Values mentioned in Column M, N, O, P and Q will be positive if for issued ODI issuer FPI is on Long side and will be negative if for issued ODI issuer FPI is on Short side Date format - dd-mon-yyyy Details of the underlying trade are specified in Annexure B The total of column Q for a particular Reference ISIN to be the outstanding value of ODIs for that ISIN in the summary report * Sr. no self assigned by issuer - to correspond with the sr. no. on annexure B- equity-debt-derivative **** Flag - if FPI has issued particular ODI to other FPI then insert 1 otherwise 0 # SEBI Registration no. of issuer FPI & Name and jurisdiction of the Regulator with whom the subscriber/holder/ last holder holding the Offshore Derivatives Instruments, is regulated in terms of Regulation....
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....or sell transaction To be submitted by 10th of every month Reference ISIN No - ISIN of the underlying Indian Security (Kindly use ISINs issued by NSDL for Indian underlying) Signature of Compliance Officer: Name of Compliance Officer: To be submitted by 10th of every month Sheet: Annexure B Derivative Details of Underlying Trade(s) in Indian Market - For the Period of ___ to ____( Month) - Derivative - Annexure B _ Derivative Sr. No.* Date of Transaction** Instrument Type Name of Underlying - Name of Indian Company ISIN of the Indian Security Expiry date** Position ***** Comments Notes: S.No Instrument Type Instrument Code 1 Futures on Index FI 2 Futures on Stock FS 3 Call Option on Index CI 4 Call Option on Stock CS 5 Put Option on Index PI 6 Put Option on Stock PS 7 Interest Rate Futures IF 8 Currency Derivative CD * corresponding to the sr no. self generated as provided in annexure A In case of absence of a serial no. NA has to be entered ** Date format - dd-mon-yyyy Quantity will be positive for Buy transaction and negative for sell transaction To be submitted by 10th of every month Referen....
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....me of the ODI Subscriber as per annexure A Details of beneficial owner holding in excess of the threshold in the ODI Subscriber mentioned in Annexure A Details of natural person holding in excess of the threshold (15% or 25% as applicable) directly/indirectly (i.e. on look through basis) in the material beneficial owner (i.e entity mentioned under column 2) of the ODI Subscriber mentioned in Annexure A In case no BO identified holding over threshold (15% or 25% as applicable) in the ODI subscriber details of natural person who holds the position of the senior managing officials primarily Investment manager/Investment Adviser/ Investment Controller of the ODI subscriber. (This column is applicale only when no details are disclosable under column 2) Name of such beneficial owner Category /type of such beneficial owner Nationality/country of incorporation of such beneficial owner % holding in the ODI subscriber (as mentioned in Annexure A) Name of the natural person Nationality Name of the senior managing official(s) primarily Investment manager/Investment Adviser/ Investment Controller of ODI Subscriber. Nationality 1 2 3 4 5 6 7 8 9 ******* Comments Notes:....