TaxTMI 
TaxTMI 
TaxTMI 
Exemption from clubbing of investment limit for foreign Government agencies and its related entities
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....of India enters into agreements or treaties with other sovereign Governments and where such agreements or treaties specifically recognize certain entities to be distinct and separate, the Board may, during the validity of such agreements or treaties, recognize them as such, subject to conditions as may be specified by it." 2. In line with rule 1(a)(iv) of Schedule II of Foreign Exchange Management (Non-debt Instruments) Rules, 2019 regarding "Investments by Foreign Portfolio Investors", certain foreign Government agencies and its related entities are exempt from clubbing of investment limit requirements and other investment conditions either by way of an agreement or treaty with other sovereign governments or by an order of the Central Government. 3. In view of the above, clause 1(x) of Part C of Operational guidelines for FPIs & DDPs and EFIs regarding "Monitoring of investment limit at investor group level" has been amended accordingly. The amended operational guidelines are annexed herewith. 4. This circular is issued in exerci....
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....FPIs). 16 1. KYC documentation requirements for FPI. 16 2. Sharing of KYC documents with banks towards opening of bank accounts of FPIs 18 3. Identification and verification of Beneficial Owners. 4. Periodic KYC review... 5. Data security. 6. Period for maintenance of records.. 7. Guidelines for KYC:. 8. List of supporting documents: 9. Index of Circulars: 18 20 20 21 21 22 Error! Bookmark not defined. 2 PART C - Investment Conditions / Restriction on Foreign Portfolio Investors registered SEBI (Foreign Portfolio Investor) Regulations, 2019... 1. Limit monitoring at investor group level .22 22 2. Limit monitoring at aggregate level 23 3. Off-Market transfer of securities. 30 4. "to be listed" shares 30 5. Short sale of securities.. 30 6. Investment by FPI through primary market issuances 30 7. Transfer of Right entitlements.…………………….. 31 8. Risk management framework for FPIs. 31 9. FPIs investments in debt securities. 10. 31 11. Allocation of corporate debt limit. Position limits available to FPIs for stock and stock index derivative contracts. 33 32 12. FPI Position Limits ....
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.... managers/ advisors, portfolio managers, broker dealers and swap dealers University funds and pension funds university related endowments registered with the Board as foreign institutional investors or sub-accounts Unregulated funds/entity categorized as Cat II by virtue of Regulated Investment Manager also registered as Category II FPI New Categories Regulations as per the (i) All Insurance entities – Category I; (ii) Funds from FATF member countries - Category I ; (iii)Funds from non-FATF countries - Category II member All are re-categorized as Category I All are re-categorized as Category I All are re-categorized as Category I Unregulated funds/entity where regulated Investment Manager is from: (i) FATF member country and also registered as Category | FPI - Category (ii) non-FATE member country Category II No incremental fees is payable upon deemed re-categorization. 4 vi. To ensure transition of existing FPIs, re-categorization of registration shall be done by NSDL in consultation with the respective DDPs. After the exercise of deemed re-categorisation as mentioned above, an FPI desirous to be re-categorized from Category II FPI to Categ....
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....rating Guidelines, an entity 'from a FATF member country' will mean that the entity has its primary place of business in a FATF member country and, if regulated, is appropriately regulated in a FATF member country. Non-resident Indian (NRI) / overseas citizens of India (OCI) / resident Indians (RI) check - DDP may obtain requisite declaration from applicant for satisfying eligibility criteria under regulation 4 of the Regulations and the conditions mentioned below relating to NRIs, OCIS and/or Rls being constituents of the applicant. Where NRIs or OCI or RIs are constituents of the applicant - a. the contribution of a single NRI or OCI or RI shall be below twenty-five percent of the total contribution in the corpus of the applicant; iii. iv. b. the aggregate contribution of NRIs, OCIS and RIs shall be below fifty percent of the total contribution in the corpus of the applicant. Explanation: The contribution of RI is permitted, if made through the Liberalised Remittance Scheme (LRS) approved by Reserve Bank of India in global funds whose Indian exposure is less than 50%. c. the NRIs, OCIS and RIs shall not be in control of the applicant. This is not applicable if ....
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....ities market regulator or banking regulator and that its registration/license granted by its regulator has not been cancelled and is still valid through any one of the following: a) Obtain a copy of certificate issued by such regulator or; b) verify the registration details directly from the registry or the website of such regulator. Explanation: Certain type of structures in some of the jurisdictions permitted by SEBI in the past shall continue to be considered as appropriately regulated. Any past action taken by FPI applicant's regulator may not necessarily render such an applicant ineligible as long as such action did not result in cancellation of its registration. Further, if an FPI applicant, which is present in multiple jurisdictions, is suspended by one of its foreign regulator and if this suspension does not affect the entity or any of its affiliates' ability to trade in any other country around the world, DDP can consider such an applicant eligible for grant of FPI registration subject to fulfillment of applicable eligibility requirements. DDP shall mention name of its signatory(ies) in the FPI registration approval while communicating registration approval....
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.... Clients of FPI should also be eligible for registration as FPI and should not be dealing on behalf of third party. If the FPI is from a Financial Action Task Force member country, then the KYC including identification & verification of beneficial owner of the clients of such FPI should be done by the FPI as per requirements of the home jurisdiction of the FPI. FPIs from non-Financial Action Task Force member countries should perform KYC of their clients including identification & verification of beneficial owner as per Indian KYC requirements. FPI has to provide complete investor details of its clients (if any) on quarterly basis (end of calendar quarter) by end of the following month to DDP as below. 9 Table 3 Name of FPI- FPI Registration number- We herewith submit the investor details of our clients- Details of clients Sr. Name No. Country Address Type (Individual/ Family office) V. Investments made by each such client, either directly as FPI and/or through its investor group shall be clubbed with the investments made by such clients (holding more than 50% in the FPI) through the above referenced appropriately regulated FPIs. v. Applicant incorporated ....
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....ay if any in delayed submission of such information/fees. If DDP is in receipt of registration fees prior to validity date but the due-diligence including KYC review is not complete by the validity date due to non-submission of information by the FPI, no further purchases may be permitted till the intimation of continuance is given by DDP. Where the FPI has not paid fees for continuance of its registration, its FPI registration shall cease to be valid after the date, up to which, the last registration fees were duly paid by the FPI. An FPI cannot apply for continuance after expiry of its registration. However, if such entity intends to have FPI registration, it will have to make a fresh application for registration after surrender of its earlier FPI registration. 6. Certificate of Registration The designated depository participant shall grant the certificate of registration, bearing registration number generated by National Securities Depositories Limited in a centralised manner. 7. Rejection of FPI application i. A DDP may consider an FPI application, which has been previously rejected by another DDP. However, before considering such an application, the DDP shal....
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....or equivalent authority) (wherever applicable) issued; or 12 ii. iii. iv. Where above is not applicable, a Board Resolution or equivalent authorizing the name change An undertaking by the FPI shall be given stating that it is a mere name change and does not involve change in beneficial ownership, category or structure. Where FPls has delayed in submitting details of name change beyond 6 months, DDP shall provide details of all such instances with reasons. Upon receipt of the request for name change along with abovementioned documents, the DDP shall effect the change in name in the certificate. The DDP shall issue a letter and fresh registration certificate to such applicant acknowledging the change in name. NSDL shall make necessary arrangements for DDPs to provide fresh registration certificate as an acknowledgement from its database including a statement that the name change has been granted without prejudice to any tax liability/ implication in India. FPI shall forthwith apply for appropriate change in name in the PAN records, pursuant to its name change. 11. Surrender of Registration Ä°. ii. DDP shall seek a "No Objection Certificate" (NOC) from the Bo....
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....ent structure may be ring fenced from each other as directed by FPI. FPIs having segregated portfolio(s) are required to provide BO declaration for each fund/sub-fund/share class/equivalent structure that invests in India. Further, in case of addition of fund / sub fund / share class /equivalent structure with segregated portfolio that invests in India, the FPI shall be required to provide BO information prior to investing in India through such new fund/sub fund/share class/equivalent structure. Existing FPIs with segregated portfolio are required to provide the BO details for each fund/sub-fund/share class/equivalent structure that invests in India at the time of continuance of registration or within six months from the date of notification of the Regulations, whichever is later. In case of non-submission of BO details within six months, the FPI shall not be allowed to make fresh purchases till the time it is compliant with the said requirement. For deletion of sub-fund/share classes/equivalent structure that invests in India, an intimation should be provided to DDP forthwith. The FPI shall also ensure that funds/sub funds/share classes/equivalent structure that do....
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....FPIs to make fresh purchases till the time the jurisdiction/FPI is compliant with the Regulations. However, the FPI shall be allowed to sell the securities or continue to hold the securities already purchased by it. The concerned DDP shall inform to SEBI details of such FPIs upon such change. Further, in case the FPI itself or its underlying investors contributing twenty-five percent or more in the corpus of the FPI or identified on the basis of control, come 15 under the Sanctions List notified by the United Nations Security Council, custodian shall not allow any further buy/sell in the account of such FPI and shall forthwith notify such instances to SEBI. 17.Other Changes relating to FPI Ä°. DDP shall take note of the other changes such as change in Compliance Officer, change in contact details and address and update the records accordingly. PART B KNOW YOUR CLIENT REQUIREMENTS FOR FOREIGN PORTFOLIO INVESTORS (FPIs) FPIs are required to provide KYC related documents based on the category under which it is registered. Once the KYC is completed, the intermediary will upload the Form and supporting documents on the KRA portal for other market intermediaries to ac....
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....l Custodian when required by regulator/law enforcement agency/ government departments/ tax authority, etc. However, the Custodian / local intermediary will be required to collect constitution documents and BO related declarations (wherever applicable) of the FPI and also, upload the evidence of KYC reliance on KRA. Prospectus and Information Memorandum are acceptable in lieu of an official constitutional document. Valid FATCA / CRS documentations is required to be submitted at the time of account opening. Intermediary can verify the PAN of FPIs online from website authorized by the Income-Tax department. To clarify no certification of PAN document required from FPI. Alternatively, e-PAN issued by CBDT can also be produced by FPI for KYC compliance without requiring any certifications. In such situations where the broker is relying on KRA, it shall verify the PAN and download the available documents from KRA. PAN is not mandatory for UBO, senior management and authorized signatories of FPI. PAN is not mandatory for UN entities/multilateral agencies exempt from paying taxes/filing tax returns in India. Board Resolution and the authorized signatory list (ASL) is also....
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....ir other Government issued identity document number (example name & address driving license) (Please provide any) # ii. iii. iv. V. vi. vii. # Not required for Category I FPIs. BOs of FPIs having General Partner/Limited Partnership structure shall be identified on ownership or entitlement basis and control basis. Category | FPI registered under Regulation 5(a)(i) are exempt from providing BO details. In respect of FPIs (other than Category | FPI registered under Regulation 5(a)(i)) coming from “high risk jurisdictions" as identified by intermediary, the intermediaries may apply lower materiality threshold of 10% for identification of BO. For category | FPIs (other than registered under regulation 5(a)(i)) from high risk jurisdictions KYC documentation as applicable for category II FPIs need to be collected. The materiality threshold to identify the beneficial owner should be first applied at the level of FPI and next look through basis shall be applied to identify the beneficial owner of the intermediate shareholder/ owner entity. Beneficial owner and intermediate shareholder/ owner entity with holdings equal & above the materiality thresholds....
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....imilar to One Time Password "OTP") after the KRA gets confirmation from the FPI or its Global custodian or Investment Manager. For this purpose, KRAs need to maintain email ids of the FPI and/ or its representative. This functionality will be optional and it will be deactivated only upon receipt of instruction from the FPI to KRA. The Key features as below: a. Up to 3 email ids of the FPI can be recorded with 1 mandatory id and 2 optional email ids b. Download Consent Flag – Yes/No (Default value is set as "Yes") i. 'Yes' means Consent required for download ii. 'No' means download without consent c. Where Download Consent Flag is "Yes", an email with the consent link with decision tab "Approve†or “Reject", will be sent to the authorised representative of FPI (as per the details updated in “a†above), requesting their consent to provide the KYC records to the requesting intermediary. 20 d. KRA will send an email to the requesting intermediary that consent request email has been sent to the authorised representative of the FPI, to enable them to follow up for the consent. e. KRA will permit download of KYC records and information once....
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....ng the source of the 21 viii. document and signature against the same) may be carried out by a duly authorized official of the Intermediary. No further attestation of such documents is required. List of people authorized to attest the documents: Notary Public, officials of Multinational Foreign Banks or any Bank regulated by Reserve Bank of India (Name, Designation & Seal should be affixed on the copy). 9. List of supporting documents: A. Proof of Identity (POI): - List of documents admissible as Proof of Identity: For individuals only i. Identity card/ document with applicant's Photo such as Passport, Driving license etc, issued by any of the following: Central/State Government and its Departments, Statutory/Regulatory Authorities, Tax Authorities. B. Proof of Address: - List of documents admissible as Proof of Address: (Documents having an expiry date should be valid on the date of submission.) i. Document specifying the address issued by any of the following: ii. iii. iv. V. Central/State Government and its Departments, Statutory/Regulatory Authorities, Tax Authorities such as Passport, Driving license, etc. Intermediaries may place reliance on address ....
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....ose FPIs who are responsible for breach of investment limit to SEBI. FPIs forming part of an investor group may approach NSDL to get information regarding the aggregate percentage holdings of their group entities in any particular scrip before making investment decision. Government of India, vide letter No. 10/06/2010-ECB dated January 06, 2016 has exempted World Bank Group viz. IBRD, IDA, MIGA and IFC from clubbing of the investment limits for the purpose of application of below 10% limit for FPI investments in a single company. 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 BO identified in accordance with PMLA Rules. The investment by foreign Government agencies shall be clubbed with the investment by the foreign Government/ its related entities for the purpose of calculation of 10% limit for FPI investments in a single company, if they form part of an investor group. However, certain foreign Government agencies and its related entities may be exempt from such clubbing requirements and other investment conditions either by way o....
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....n companies The information provided by the companies shall be stored in a Company Master database. The Designated Depository, if required, may seek additional information from the company for the purpose of monitoring the foreign investment limits. The companies shall ensure that in case of any corporate action, the necessary modification is reflected immediately in the Company Master database. G. In the event of any change in any of the details pertaining to the company, such as increase/decrease of the aggregate FPI/NRI limits or the sectoral cap or a change of the sector of the company, etc. the company shall inform such changes along with the supporting documentation to its Designated Depository. Reporting of trades H. At present, as per SEBI guidelines, the custodians are reporting confirmed trades of their FPI clients to the depositories on a T+1 basis. This reporting shall continue and the data shall be the basis of calculating FPI investments/holding in Indian companies. 1. With respect to NRI (repatriable) trades, Authorized Dealer (AD) Banks shall continue to report the transactions of their NRI clients to the depositories. The AD Banks shall be guided by....
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....tories and exchanges shall display the available investment headroom, in terms of available shares, for all companies for which the red flag has been activated, on their respective websites. I. The data on the available investment headroom shall be updated on a daily end-of-day basis as long as the red flag is activated. L. The depositories shall inform the exchanges about the activation of the red flag for the identified scrip. The exchanges shall issue the necessary circulars/public notifications on their respective websites. Once a red flag has been activated for a given scrip, the foreign investors shall take a conscious decision to trade in the shares of the scrip, with a clear understanding that in the event of a breach of the aggregate NRI/FPI limits or the sectoral cap, the foreign investors shall be liable to disinvest the excess holding within five trading days from the date of settlement of the trades. 26 Breach of foreign investment limits M. Once the aggregate NRI/FPI investment limits or the sectoral cap for a given company have been breached, the depositories shall inform the exchanges about the breach. The exchanges shall issue the necessary circular....
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....hall utilize the FPI trade data provided by the custodians, post custodial confirmation, on T+1 day, where T is the trade date. The breach of investment limits (if any) shall be detected at the end of T+1 day and therefore, the announcement pertaining to the breach shall be made at the end of T+1 day. The foreign investors who have purchased the shares of the scrip during the trading hours on T+1 day shall also be given a time period of 5 trading days from the date of settlement of such trades, to disinvest the holding accruing from the aforesaid purchase trades. In other words, the purchase trades of such foreign investors which have taken place on T+1 day, shall be settled on T+3 day and thereafter a time period from T+4 day to T+8 day shall be available to them to disinvest their entire holding arising from purchases on T+1 day. 28 U. If T+1 is a settlement holiday, then the custodial confirmation of the trade executed on T day shall be done on T+2 day and the subsequent settlement of the trade on T+3 day. In such a scenario, the breach would be detected at the end of T+2 day. V. A table summarizing the breach-disinvestment scenario is given below Table 8 Parame....
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....iquid, suspended, and delisted shares in accordance with the pricing guidelines for such sale as per FEMA Rules. 4. "To be listed" shares FPIs shall be permitted to acquire "to be listed" shares pursuant to initial public offer (IPO), follow-on public offer (FPO), rights issue, private placement or shares received through involuntary corporate actions including a scheme of a merger or demerger. 5. Short sale of securities i. FPIs are not allowed to short sell in Indian market except as allowed under Securities Lending & Borrowing (SLB) or any other framework specified by the Board. Further, sales against open purchases are not permitted for FPIs and FPIs can sell such securities only after their settlement. Investment by FPI through primary market issuances As per Regulation 20(7) of the Regulations, the purchase of equity shares of each company by a single foreign portfolio investor or an investor group shall be below ten percent of total paid-up equity capital on a fully diluted basis of the company. ii. To ensure compliance of the above, at the time of finalization of basis of allotment during primary market issuances, Registrar and Transfer Agents ('RTAS') sh....
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....days or the issue is not meeting end use restriction, FPI shall immediately dispose such investment to either domestic investor or issuer The investments by FPIs in debt oriented mutual fund schemes shall be reckoned as investments in corporate debt. 10. Allocation of corporate debt limit FPI corporate debt investments are subject to Corporate Debt Investment Limits (CDIL) as announced by RBI from time to time. Ä°. The CDIL shall be available on tap for investment by foreign investors till the overall investment reaches 95% of the CDIL. ii. In the event the overall FPI corporate debt investments exceeds 95% of the CDIL (as indicated by the debt utilisation status updated daily on the websites of NSDL and CDSL), the following procedure shall be followed: a. The depositories (NSDL and CDSL) shall direct the custodians to halt all FPI purchases in corporate debt securities. b. The depositories shall then inform the exchanges (NSE and BSE) regarding the unutilised debt limits for conduct of auction. Upon receipt of information from the depositories, the exchange (starting with BSE) shall conduct an auction for the allocation of unutilised debt limits on the second ....
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....ition limits available to Category II FPIs (other than FPIs in sub-category individuals, family offices, corporates) shall have 10% of MWPL. Position limits for individuals, family offices, and corporates shall be 5% of MWPL. 33 Stock Index derivative ii. The position limit in index for Category I FPIs will remain at INR 500 crore or 15% of the total open interest of the market in index futures, whichever is higher, per exchange. In addition, category I FPIs shall take exposure in equity index derivatives subject to the following limits:- (a) Short positions in index derivatives (short futures, short calls and long puts) not exceeding (in notional value) the FPI's holding of stocks. (b) Long positions in index derivatives (long futures, long calls and short puts) not exceeding (in notional value) the FPI's holding of cash, government securities, T bills and similar instruments. iii. The position limit in index derivative for Cat. II FPI shall be as under:- (a) Higher of INR 300 crore or 10% of open interest for cat II FPIs (other than individuals, family offices and corporates). (b) Higher of INR 100 crore or 5% of open interest for Cat II FPIs under subcategory....
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....d publish on their websites the available limit, on a daily basis. d) In case, there is any breach of the threshold limit, the FPI/s whose investment caused the breach shall square off their excess position/s within five trading days or by expiry of contract, whichever is earlier. 35 13. Participation of FPIs in the Currency Derivatives segment and Position limits for currency derivatives contracts i. FPIs are permitted to trade in the currency derivatives segment of stock exch anges, subject to terms and conditions as mentioned below: Position limits of Category I and II FPIs other than individuals, family offices and corporates: The gross open positions of the above FPIs across all contracts in the respective currency pairs shall not exceed the limits as mentioned below. Currency Pairs Position Limits USD-INR EUR-INR GBP-INR JPY-INR Gross open position across all contracts shall not exceed 15% of the total open interest or USD 100 million, whichever is higher. Gross open position across all contracts shall not exceed 15% of the total open interest or EUR 50 million, whichever is higher. Gross open position across all contracts shall not exceed 15% of th....
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....e currency pair till such time FPI complies with the said requirement. • To take long positions in excess of USD 100 million in all contracts in FCY-INR pairs, FPIs shall be required to have an underlying exposure in Indian debt or equity securities, including units of equity/debt mutual funds FPIs are allowed to take positions in the exchange traded cross-currency futures and option contracts in the EUR-USD, GBP-USD and USD-JPY currency pairs and exchange traded currency option contracts in EUR-INR, GBP-INR and JPY-INR currency pairs, subject to terms and conditions as mentioned below Position limits of Category I and II FPIs other than individuals, family offices and corporates: Currency Position Limits Pairs EUR- USD Gross open position across all contracts shall not exceed 15% of the total open interest or EUR 100 million, whichever is higher. 37 GBP- USD USD- JPY Gross open position across all contracts shall not exceed 15% of the total open interest or GBP 100 million, whichever is higher. Gross open position across all contracts shall not exceed 15% of the total open interest or USD 100 million, whichever is higher. The aforementioned limits s....
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....d under the category "Hybrid Security" for the purpose of capturing and disseminating FPI investment data. 15. Investments by FPIs in corporate bonds under default i. ii. iii. iv. FPIs are permitted to acquire NCDs/bonds, which are under default, either fully or partly, in the repayment of principal on maturity or principal instalment in the case of an amortising bond. FPIs shall be guided by RBI's definition of an amortising bond in this regard. The revised maturity period for such NCDs/bonds restructured based on negotiations with the issuing Indian company, should be as per the norms prescribed by RBI from time to time, for FPI investments in Corporate Debt. The FPIs shall disclose to the Debenture Trustees, the terms of their offer to the existing debenture holders/beneficial owners of such NCDs/bonds under default, from whom they propose to acquire. All investments by FPIs in such bonds shall be reckoned against the prevalent corporate debt limit. All other terms and conditions pertaining to FPI investments in corporate debt securities shall continue to apply. 16. Clarification regarding adherence to below 10% investment limit In the event an FPI and its i....
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....rom the Board. V. vi. Monetary corporate benefits if received by the Custodians shall be credited to the Investors Protection and Education Fund of SEBI not later than 30 days from the date of receipt of the same. Non-monetary corporate benefits if received shall accumulate in the demat account. 40 40 PART D - Issuance of Offshore Derivative Instruments by Foreign Portfolio Investors under SEBI (Foreign Portfolio Investor) Regulations, 2019 This section consolidates the requirements prescribed by SEBI relating to issuance of Offshore Derivative Instruments (ODIs) by Foreign Portfolio Investors (FPIs) and matters connected therewith. 1. Conditions for issuance of ODIs Ä°. ii. FPIs shall not be allowed to issue ODIs referencing derivatives. Further, no FPI shall be allowed to hedge their ODIs with derivative positions on stock exchanges in India. As an exception to above clause (i), the following is permitted through a separate FPI registration of an ODI issuing FPI under Category I: (a) Derivative positions that are taken on stock exchanges by the FPI for 'hedging of equity shares' held by it in India, on a one to one basis; and/or The term "hedging of equ....
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.... name of of FPI and DDP may process this request and issue a new FPI registration certificate. An ODI issuing FPI cannot co-mingle its non-derivative proprietary investments and ODI hedge investments with its proprietary derivative investment or vice versa in same FPI registration. No fresh derivative position which are not in compliance with above requirements shall be allowed henceforth. FPIs have 90 days' time from date of publication of the Operating Guidelines to comply with above requirements. Off-market transfer of assets/ positions will be allowed for FPIs intending to transfer assets/ position from one FPI account to another FPI account to comply with above requirements. An ODI subscriber who became ineligible under the Regulation may continue to hold their existing positions till December 31, 2020. No renewal/rollover of existing positions by such ODI subscribers shall be permitted and fresh issuance of ODIs shall be made only to eligible subscribers. 42 V. vi. vii. viii. In determining whether a derivative instrument issued is an ODI or not, the threshold for trades with non-proprietary indices (e.g. MSCI World or MSCI EM Asia) as underlying shall be....
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.... and intermediate shareholder/owner entity with holdings equal & above the materiality thresholds in the ODI subscriber need to be identified through the look through basis. The list of BOs of ODI subscribers be maintained as per Table 6. ODI issuing FPIs shall also continue to collect identification document number (such as passport, driving license) of BO of ODI subscriber. For intermediate material shareholder/ owner entity/ies, name, country and percentage holding shall also be disclosed as per Annexure E. The KYC review shall be done on the basis of the risk criteria as determined by the ODI issuers, as follows: a) In case of high risk ODI subscribers, on yearly basis b) In case of all other ODI subscribers, once every three years. ODI issuing FPIs shall file suspicious transaction reports, if any, with the Indian Financial Intelligence Unit, in relation to the ODIs issued by it. 3. Reporting of ODIs and Maintenance of Control Systems Ä°. ii. 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 t....
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....der Management in Indian Market - Derivative as on reporting date of the Month) - Annexure C _ Derivative (Last 10. Details of Assets Under Management in Indian Market - Hybrid as on |reporting date of the Month) - Annexure C _ Hybrid (Last V. 11. Annexure D - Statement on Beneficial owners of ODI subscribers* 12. Annexure E - Reconciliation/Reconfirmation Report ODI Issuing FPI should compulsorily reflect all their ODIs to Indian underlying in each row of MSR in a true & fair manner. Thus, advise given vide circular dated June 15, 2011 that "The ODI Issuers shall link hedges to the extent that such a link 45 can be made†shall be withdrawn. Format of the monthly ODI reports to be uploaded on SEBI website shall be as per Annexure G. PART E-Guidelines for participation/functioning of Eligible Foreign Investors (EFIs) in International Financial Services Centre (IFSC) EFIs operating in International Financial Services Centre (IFSC) shall not be treated as entities regulated by SEBI. Further, SEBI registered FPIs, proposing to operate in IFSC, shall be permitted, without undergoing any additional documentation prior approval process. Following are eligibility....
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..../FIIC/09/2014 IMD/HO/FPIC/CIR/P/2017/003 12-Jun-15 CIR/IMD/FIIC/05/2015 15-Feb-18 CIR/IMD/FPIC/26/2018 13-Mar-18 CIR/IMD/FPIC/47/2018 21-Mar-18 IMD/FPIC/CIR/P/2018/53 SEBI/HO/IMD/FPIC/CIR/P/2018 CIR/IMD/FPIC/CIR/P/2018/132 CIR/IMD/FPIC/CIR/P/2018/131 10-Apr-18 /66 21-Sep-18 21-Sep-18 11-Oct-18 13-Dec-18 /150 5-Sep-12 12-Sep-13 SEBI/HO/FPIC/CIR/P/2018/135 SEBI/HO/IMD/FPIC/CIR/P/2018 CIR/MIRSD/11/2012 CIR/MIRSD/07/2013 Title Additional information regarding PCC, MCV or equivalent structure by Flls. Declaration and Undertaking regarding PCC, MCV or equivalent structure by Flls Operational Guidelines for Designated Depository Participants Infrastructure facilities and submission of periodic reports of Guidelines for participation/functioning Eligible Foreign Investors( EFIs) and FPIs in International Financial services Centre (IFSC) Clarification on grant of registration as a Foreign Portfolio Investor (FPI) to Registered Foreign Venture Capital Investors (FVCI) Easing of Access Norms for investment by FPIs Clarifications in respect of investment by certain Category II FPls Due diligence and reporting requirements under Foreign Account Tax ....
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..../2011 30-Sep-11 CIR/IMD/FIIC/18/2011 18-Nov-11 CIR/IMD/FIIC/20/2011 03-Jan-12 CIR/IMD/FIIC/1/2012 13-Jan-12 CIR/IMD/FII&C/3/2012 17-Feb-12 CIR/IMD/FIIC/5/2012 12-Mar-12 CIR/IMD/FIIC/09/2012 27-Apr-12 CIR/IMD/FIIC/12/2012 07-Jun-12 CIR/IMD/FII&C/13/2012 26-Jun-12 CIR/IMD/FII&C/15/2012 Title Allocation of Government debt & Corporate debt investment limits to Fils Allocation of Government debt & Corporate debt investment limits to Fils Allocation of Government debt long term & corporate debt -old investment limits to Fils FII Investment in corporate bonds infra long term category Allocation of Government debt long term limits to Fils Infrastructure Finance Companies (IFCs)-- as eligible issuers for FIls investment limit in debt instrument for infrastructure Revisions in FII Investments in corporate debt long term infra category Increase in FII debt limit in Government & Corporate debt category Changes in Re-investment period of FII debt limit Investment by Qualified Foreign Investors (QFI) in Indian equity shares. Allocation of Corporate debt long term category to Fils. Allocation of debt limits in corporate debt old and Government Debt long....
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....n-17 SEBI/HO/IMD/FPIC/CIR/P/201 IMD/HO/FPIC/CIR/P/2017/001 SEBI/HO/IMD/FPIC/CIR/P/201 28-Feb-17 7/16 IMD/FPIC/CIR/P/2017/81 SEBI/HO/IMD/FPIC/CIR/P/201 20-Jul-17 29-Sep-17 7/112 15-Nov-17 08-Mar-18 12-Apr-18 27-Apr-18 IMD/FPIC/CIR/P/2017/121 IMD/FPIC/CIR/P/2018/46 SEBI/IMD/FPIC/CIR/P/2018/70 IMD/FPIC/CIR/P/2018/74 SEBI/HO/IMD/FPIC/CIR/P/201 17-May-18 8/81 Title FII/QFI investments in Security Receipts Investments by FII/QFIs in Credit Enhanced Bonds FII Position Limits in Exchange Traded Interest Rate Futures (IRF) Investments by FPIs in Non- Convertible/Redeemable preference shares or debentures of Indian companies Change in investment conditions/restrictions for FPI investments in Corporate Debt securities Investments by FPIs in REITs, Invlts, AIFs and corporate bonds under default Foreign Investment in Rupee denominated bonds issued overseas by Indian Corporates Reference to Circular no. FITTC/FII/02/2002 dated May 15, 2002-In regard to credit of proceeds due to write off of securities held by Foreign Portfolio Investors/deemed Foreign Portfolio Investors Investments by FPIs in corporate debt securities Investments by FPIs in Coporat....
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....r Client (KYC) norms for ODI subscribers, transferability of ODIs, reporting 53 Date of Circular Reference 29-Jun-16 CIR/IMD/FPI&C/61/2016 07-Jul-17 CIR/IMD/FPI&C/76/2017 Title of suspicious transactions, periodic review of systems and modified ODI reporting format. Clarification regarding grandfathering of ODI issuers and modification of replies of FAQ 70 and FAQ 71 of SEBI FAQs to SEBI (FPI) Regulations, 2014 Guidelines for issuance of ODIs, with derivative as underlying, by the ODI issuing FPIs. 54 Annexure B Form SECURITIES AND EXCHANGE BOARD OF INDIA (FOREIGN PORTFOLIO INVESTORS) REGULATIONS, 2019 Application Form for Grant of Certificate of Registration as Foreign Portfolio Investor (FPI) 1. Details of the applicant: 1.1 Name of the applicant: 1.2 Registered /Residence Address of the applicant: Address Postal Code Telephone No. Web-site 1.3 Date of Birth/ incorporation /establishment/ formation: 1.4 Date of commencement of business Country Fax No dd/mm/yyyy dd/mm/yyyy 1.5 Place and Country of Birth/ incorporation/establishment/ formation: Place Country 55 In case of Foreign Individual applicant, please specify the nationality and p....
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....rectly or indirectly, of more than fifty percent or common control with other FPIs and are not exempt from regulation 22(4). Details of investor group are as below Sr. Name of FPI/ ODI No. subscriber with whom the please mention the If ODI subscriber, Registration No. of FPI applicant shares, ownership of more name of dealing FPI than 50% or common control In case Clubbing of investment limits of FPIs having common control is not being done in case of public retail funds as referred in Regulation 22(4), please provide following details: Sr. Name of FPI No. FPI Number Registration Name of Common Controlling Person 3. Details of Regulatory authority by which the applicant is regulated (If applicable) Name Country Web-site Registration Number/ Code with Regulator, if any Category / Capacity in which the applicant is Regulated 4. 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 58 parent/holding company or associate / or promoter/ investment manager may have been subjected to criminal liability or suspended ....
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....ll provide any additional information or documents or declarations and undertakings as may be required to ensure compliance with the Prevention of Money Laundering Act, 2002 and rules and regulations prescribed thereunder, FATF standards and circulars issued from time to time by SEBI, RBI or any other regulators from time to time. I/ We undertake to abide by operational instructions/ directives as may be issued by Securities and Exchange Board of India, Reserve Bank of India or any other authority from time to time under provisions of the Act or any other applicable law. Signature of Authorized Signatory(ies) Name Designation (not applicable to individual persons) Date dd/mm/yyyy 60 60 Annexure to Form (Only applicable sections to be submitted) 1. NON RESIDENT INDIANS (NRIs) AND/OR OVERSEAS CITIZEN OF INDIA (OCIs) AND/OR RESIDENT INDIAN (RI) DECLARATION (not applicable for entities seeking registration under regulation 5(a)(i)) Section A-I: NRI/OCI/RI – Control: 1. OR - There is no NRI/OCI/RI who exercises control over the FPI NRI/OCI/RI exercise control in us and we confirm that we will meet eligibility conditions mentioned within two years fr....
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....OM INVESTMENT MANAGER UNDER REGULATION 5(a)(iv)(II) or 5(a)(v)(A), AS APPLICABLE ) are the Investment manager of ( ) and are responsible for investment activity of the fund. We also undertake that we shall be responsible and liable for all acts of commission and omission of (name of the Applicant) and other deeds and things done by them under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019. We continue to meet eligibility requirements as applicable to Category | FPI under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019. Place: Date: (Signature block) Signature(s) of Authorised Person(s) We ( 4. UNDERTAKING FROM ELIGIBLE CATEGORY I ENTITY UNDER REGULATION 5(a)(v)(B) ), undertake that we shall be responsible and liable for all acts of commission and omission of (name of the Applicant) and other deeds and things done by them under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019. We continue to meet eligibility requirements as applicable to Category | FPI under the Securities and Exchange Board of India (Foreign Portfolio Investors) Regu....
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....send statement of account in electronic form and we will ensure the confidentiality of the password of the email, as applicable. d. We authorize custodian to maintain appropriate house account details on depository platforms for the purpose of collection of monetary corporate benefits and any other similar activities on our behalf. FOR OFFICE USE ONLY Name of Depository Participant Address of Depository Participant DP ID Emp. Name Emp. Designation Client ID Emp. Code Emp. Branch Signature INSTITUTION DETAILS Name Code 66 66 Monthly Applications Report The report pertaining to a month to be submitted by DDPs to SEBI by 10th of the following month in the format prescribed under: Summary of the applications received and disposed during the month Annexure C * Name Applicatio Opening Receive Dispose Pending Average of the n type balanced during d during No. of Reasons as on time taken application given DDP the month the last day month of for registratio s pending for regarding application(s month In during the for more month** than 30 registration ) pending for days of receipt of application ** more than 30 days ** * Indicate a....