TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2008
X X X X Extracts X X X X
X X X X Extracts X X X X
....o be made in India by a foreign institutional investor and who is registered as a sub-account under these regulations." (b) after sub-regulation (1), the following sub-regulation shall be inserted, namely- "(2) All other words and expressions used but not defined in these regulations, but defined in the Act or in the Companies Act, 1956 or in Securities Contracts (Regulation) Act, 1956 or in the Depositories Act, 1996 or under the Foreign Exchange Management Act, 1999 (42 of 1999) or the Rules and the Regulations made thereunder shall have the same meanings respectively assigned to them in such Acts or the Rules or the Regulations or any statutory modification or re-enactment thereto, as the case may be." (ii) in regulation 6, in sub-regulation (1) - (a) after clause (a), the following provisos shall be inserted, namely:- "Provided that in case of a newly established fund, the track record of the investment manager of the fund who has promoted it may be taken into consideration: Provided further that such investment manager shall furnish the details in respect of disciplinary action, if any, taken against it." (b) after clause (b), the followi....
X X X X Extracts X X X X
X X X X Extracts X X X X
....nder of registration, the Board may impose such conditions upon the foreign institutional investor or the sub account as it deems fit." (iv) regulation 9 shall be omitted; (v) in regulation 10, in the marginal note and in the opening sentence, the words 'or renewal' wherever they occur shall be omitted; (vi) in regulation 11, in sub- regulation (1), the words 'or renewal' occurring after the words "for grant" shall be omitted; (vii) in regulation 12, after sub-regulation (1), the following provisos shall be inserted, namely:- "Provided that before making an application for registration on behalf of a proposed sub-account being a foreign corporate, the foreign institutional investor shall verify the necessary details and documents and satisfy itself about the identity of the proposed sub-account after applying its know your client procedure" (viii) in regulation 13 - (a) in sub-regulation (1), for clauses (a) and (b) and the proviso to the latter clause, the following shall be substituted, namely:- "(a) the applicant falls into any of the following categories, namely:- (i) broad based fund or portfolio which is broad based, incorporated or esta....
X X X X Extracts X X X X
X X X X Extracts X X X X
....the time being in force. (3) Sub-regulation (1) shall have effect irrespective of whether the foreign institutional investor exercises discretion in respect of funds of the subaccount or not." (x) in regulation 15 - (a) in sub-regulation (1), in clause (b), the words "units of scheme floated by a Collective Investment Scheme" shall be inserted towards the end. (b) after sub-regulation (1), the following sub-regulations shall be inserted, namely:- "(1A) Where a foreign institutional investor or sub-account holds equity shares in a company whose shares are not listed on any recognized stock exchange, and continues to hold such shares after initial public offering and listing thereof, such shares shall be subject to lock-in for the same period, if any, as is applicable to shares held by a foreign direct investor placed in similar position, under the policy of the Central Government relating to foreign direct investment for the time being in force. (1B) Nothing contained in sub-regulation (1A) shall be deemed to prejudice the applicability of any other law, regulation or guideline." (xi) for regulation 15A, the following regulation shall be substituted,....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... September 2007 is more than forty per cent. of its assets under custody as on that date, further offshore derivative instruments may be issued only in lieu of offshore derivative instruments which are cancelled or redeemed or closed out: Provided that the amount raised through such further issuance of offshore derivative instruments shall not exceed the amount of offshore derivative instruments cancelled or redeemed or closed out: Provided further that additional offshore derivative instruments may be issued against the bonus shares allotted in respect of the equity shares against which offshore derivative instruments are already in existence. (5) Where the total value of offshore derivative instruments issued against securities held by a foreign institutional investor or a sub-account as on the thirtieth day of September 2007 is less than forty per cent. of its assets under custody as on that date, further issuance of offshore derivative instruments in any period of twelve months shall not exceed five per cent. of the total value of its assets under custody: Provided that such further issuance shall not result in the total value of offshore derivative instruments exce....
X X X X Extracts X X X X
X X X X Extracts X X X X
....i) in the First Schedule- (a) for Form A and Form AA, the following Forms shall be substituted, namely- FIRST SCHEDULE FORMS [FORM A] Application Form for Grant of Certificate of Registration as Foreign Institutional Investor(FII) [See regulation 3(2)] 1. Details of the Applicant: 1.1 Name of the applicant: 1.2 Address of the Applicant: Address Postal Code Country Telephone No. Fax No. Web-site 1.3 Date of incorporation/establishment: 1.4 Place and Country of Incorporation: Place Country 1.5 Legal form of the applicant and the law, under which it is incorporated, established or registered, if any: 1.6 Brief description of the principal activities: 1.7 Date of commencement of such activities: 1.8 Brief description of the group, if any, to which the applicant belongs: 1.9 Information pertaining to Compliance ....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... on behalf of clients/funds, details of the same : Name Category Country 6. Disciplinary History Whether there has been any instance of violation or non-adherence to the securities laws, code of ethics/conduct, code of business rules, for which the applicant, or its parent/holding company or affiliate may have been subjected to economic or criminal liability or suspended from carrying out its operations or the registration, has been revoked, temporarily or permanently. • Yes • No If yes, please furnish details in annexure 7. Details of the domestic custodian and designated bank appointed 7.1 Details of the domestic custodian Name SEBI Reg. No. 7.2 Details of designated bank; Name of the Bank and Branch Address 8. Details of prior association with the Indian securities market. 8.1 Whether the applicant was anytime registered as FII or sub-account with Securities....
X X X X Extracts X X X X
X X X X Extracts X X X X
................................. Signature of Authorized Signatory Name Designation Date Notes: 1. Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) reserve the right to call for any further information from the applicant regarding this application. 2. Applications along with necessary documents should be submitted at : Securities and Exchange Board of India, Division of Foreign Institutional Investors & Custodians, Plot No. C4-A, "G" Block, Bandra Kurla Complex, Mumbai-400051. 3. Documents & Instruments to be enclosed with the application : (i) Certified copy of the relevant clause of Articles of the Memorandum and Articles of Association or the agreement authorizing the applicant to invest on behalf of its clients. (ii) Audited financial statements/annual report for the previous financial year, (period covered shall not be less than twelve months) (iii) Draft of US$10,000 in favour of 'Securities and Exchange Board of India' payable in New....
X X X X Extracts X X X X
X X X X Extracts X X X X
....f the applicant is applying as a Proprietary fund of the FII, whether such funds would be invested through Multi-Managed Structure ? • Yes • No 3. Details of the taxation authority 3.1 Name and Address of the tax Authority where the applicant is subject to taxation : 3.2 Unique Taxation-Id/Number (if any) : 4. Details of domestic custodian and designated bank appointed in India 4.1 Details of the domestic custodian : Name SEBI Reg. No. 4.2 Details of designated bank : Name of the Bank & Branch Address 5. Declaration to be furnished by the Foreign Institutional Investor A. We declare that : (a) no winding up orders have been passed against the applicant. (b) no order suspending or debarring the applicant from permanently carrying on activities in the financial sector has....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... and other deeds and things done by such sub-accounts under these regulations, irrespective of whether discretion is exercised or not by the foreign institutional investor in respect of the sub-account. (e) the above obligation of the foreign institutional investor shall, however, not be deemed to detract from any responsibility or liability which the sub-account shall incur under the regulations made by the Board or under any law for the time being in force in India. 2. We hereby agree and declare that the information provided and the undertakings given above are complete and true. 3. We further undertake that we will immediately notify the Securities and Exchange Board of India and the Reserve Bank of India of any change in the information provided. ............................ Authorized Signatory of the Sub-Account Applicant ............................ Authorized Signatory of the Foreign Institutional Investor Name: Name: Date: Date: Note: 1. Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) reserve the right to call for any further informati....
X X X X Extracts X X X X
X X X X Extracts X X X X
.... S.O. No.702(E). b. on November 19, 1996 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1996 vide S.O. No.799(E). c. on February 12, 1997 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 1997 vide S.O. No.105(E). d. on July 10, 1997 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1997 vide S.O. No.495(E). e. on December 5, 1997 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Third Amendment) Regulations, 1997 vide S.O. No.823(E). f. on April 20,1998 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 1998 vide S.O. No.333(E). g. on May 18, 1998 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1998 vide S.O. No.417(E). h. on June 30, 1998 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Third Amendment) Regulations, 1998 vide S.O. No.545(E). i. on April 16, 1999 by the Securities and Exchange Board o....