TaxTMI 
TaxTMI 
Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2008
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....ional 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 following proviso shall be inserted, namely:- "Provided that university fu....
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....itted; (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 established outside India; or (ii) proprietary fund of a registered foreign institutional investor; or (iii) foreign corporate; or (iv) foreign individual; or (v) university fund, endowment,....
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....ated 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, namely:- "Conditions for issuance of offshore derivative instruments 15A. (1) No foreign institutional investor may issue, or otherwise deal in offshore derivative instruments, directly or indirectly, unless the following conditions are satisfied: (a) such offshore derivative instruments are issued only to pe....
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....t 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 exceeding forty per cent. of the assets under custody. (6) On and from the commencement of the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2008, no sub-account shall, directly or indirectly, issue offshore derivative instruments: Provided that offshore derivative instruments issued directly or indire....
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....o. 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 Officer: Name Job Title Telephone No. Fax No. E-mail Id 2 Category of the applicant 2.1 If the applicant is a fund: * Pension Fund * University fund * Mutual Fund * Endowment * Investment Trust * Foundation * Bank * Charitable Trust * Charitable society * Insurance/Reinsurance Company * Foreign Central Bank * Foreign Governmental Agency * Sovereign Wealth Fund * International/Multilateral organization/agency * Broad Based Fund (only if it does not satisfy any other category) (Please state the corpus of the fund, Generic type and Number of investors in the fund along with their respective proportionate holdings in a separate annexure in the following format) Sr. No. Generic Type of Investors No. of Investors ....
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....he applicant; (b) no order suspending or debarring the applicant from permanent carrying on activities in the financial sector has been passed by any regulatory authority; (c) no order withdrawing or refusing to grant any license/approval to the applicant which has a bearing on the securities market has been passed by any authority in the preceding five years; (d) any penalty imposed (including monetary penalty) by any regulatory authority has been undergone or paid; and (e) the information supplied in the application, including the attachment sheets, is complete and true. Undertaking : We undertake to : 1. notify the Securities and Exchange Board of India and the Reserve Bank of India of any change in the information provided in the application promptly. 2. comply with the provisions of the Act, and regulations issued thereunder and all other relevant laws including guidelines issued by the Reserve Bank of India and the Government of India. 3. abide by operational instructions/directives as may be issued by Securities and Exchange Board of India and by the Reserve Bank of India from time to time under provisions of the Act or any other law for the time being in force. ....
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....separate annexure in the following format) Sr. No. Generic Type of Investors No. of investors Percentage of Holding Total Corpus of the Fund 2.3 In case of Foreign Corporate please specify the name of the Exchange/s where the applicant is listed : 2.4 In case of an Foreign Individual applicant, please specify the nationality and passport No. of the applicant : Nationality Passport No. 2.5 Classification of the applicant: * 70:30 (Equity: Debt) * 100% Debt 2.6 If 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 th....
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....ssion of this sub-account 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 information from the applicant regarding his application. 2. Applications....
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....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 of India (Foreign Institutional Investors) (Amendment) Regulations, 1999 vide S.O. No.263(E). j. on August 26, 1999 by the Securities and E....