TaxTMI 
TaxTMI 
Procedure and grant of registration of sub-accounts.
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.... grant of such registration to the sub-account and in particular the following, namely:- 1["(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 ....
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.... foreign country for a period of at least five years preceding the date of application; (iii) holds a certificate of good standing from a bank; (iv) is the client of the foreign institutional investor or any other entity which belongs to the same group as the foreign institutional investor, for a period of at least three years preceding the date of the application: Explanation II: Non-resident ....
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....ion of sub-account is made, have submitted joint undertakings as required by Form AA of the First Schedule;] 4[(ee) Omitted by the SEBI (Foreign Institutional Investors) (Second Amendment) Regulations, 2006 w.e.f. 21-8-2006.] f) The sub-account has paid registration fees in accordance with the Second Schedule.] 5[(2) The Board on receipt of the undertakings and the registration fees as referred....
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....make investment in India; (b) the applicant is a broad based fund or proprietary fund or a foreign corporate or individual ; Provided that a non-resident Indian or an overseas corporate body registered with Reserve Bank of India shall not be eligible to invest as sub-account or as foreign institutional investor." 2. Clause (bb) renumbered as (b) by the SEBI (Foreign Institutional Investors) (Am....