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TaxTMI 
TaxTMI 
Clarification on clubbing of investment limits of Foreign Portfolio Investors ("FPIs")
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....Madam, Subject: Clarification on clubbing of investment limits of Foreign Portfolio Investors ("FPIs") 1. This has reference to SEBI circulars No CIR/IMD/FPIC/CIR/P/2018/64 dated April 10, 2018 on Know Your Client (KYC) requirements for Foreign Portfolio Investors (FPIs) and No SEBI/HO/IMD/FPIC/CIR/P/2018/66 dated April 10, 2018 providing Clarification on clubbing of investment limits of foreig....
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..../2018/64 dated April 10, 2018 and in partial modification of SEBI circular No SEBI/HO/IMD/FPIC/CIR/P/2018/66 dated April 10, 2018 providing Clarification on clubbing of investment limits of foreign Government/ foreign Government related entities, it is clarified that:- a. Clubbing of investment limit for FPIs will be on the basis of common ownership of more than 50% or based on common control. H....
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....oint majority of the directors or to control the management or policy decisions exercisable by a person or persons acting individually or in concert, directly or indirectly, including by virtue of shareholding or management rights or shareholders agreements or voting agreements or in any other manner. b. In case, two or more FPIs including foreign Governments/ their related entities are having ....
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....mit for FPI investments in a single company, if they form part of an investor group. e. The investment by foreign Government/ its related entities from provinces/ states of countries with federal structure shall not be clubbed if the said foreign entities have different ownership and control. f. In respect of any breach of the investment limit mentioned above, the FPI's shall have the followin....