TaxTMI 
TaxTMI 
Master Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors.
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....ircular. With respect to the directions or other guidance issued by SEBI, as specifically applicable to FPIs, shall continue to remain in force in addition to the provisions of any other law for the time being in force. Terms not defined in this Master Circular shall have the same meaning as provided under the Regulations. 3. Notwithstanding such rescission, a. anything done or any action taken or purported to have been done or taken including registration or approval granted, fees collected, registration or approval, suspended or cancelled, any adjudication, enquiry or investigation commenced or show-cause notice issued under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; b. any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; c. the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incur....
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.... country of its registered/residence address. For due diligence, DDP may verify the country as below - Table 2 Sl. No. Countries Source for verification from website of (a) List of countries where the securities market regulator is a signatory to IOSCO MMOU shall be verified by the DDP. International Organization of Securities Commissions (IOSCO) (b) List of countries that have bilateral MOU with SEBI Securities and Exchange Board of India (SEBI) (c) The list of countries whose Central Bank is a member of the BIS Bank for International Settlements (BIS) (d) List of countries that are listed in the public statements issued by FATF and list of FATF member country Financial Action Task Force (FATF). With respect to the eligibility of FPI applicants from a country where there are separate securities market regulators for different provinces/ states within that country, applicants from only those provinces / states whose securities market regulator is a signatory to IOSCO MMOUs or has entered into a Bilateral MoU with SEBI would be eligible for grant of registration as FPI. Any reference in the Regulations and in th....
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....nvestor shall liquidate its existing position in the Indian securities market within a period of one hundred and eighty days. f. In case of temporary breach of above investment limits, the foreign portfolio investor shall comply with the eligibility conditions within ninety days of its breach. In case the foreign portfolio investor remains non-compliant with the said requirement even after ninety days, then no fresh purchases shall be permitted and such FPI shall liquidate its existing position in Indian securities market within a period of the next one hundred and eighty days. iii. Fit and proper person check - DDP may obtain declaration from the applicants about their meeting eligibility criteria specified under Regulation 4 of the Regulations and shall exercise its due diligence, as applicable. iv. Category I FPI check - DDP may verify the eligibility of Category I FPI (under Regulation 5(a)(i) based on relevant details under which the entity has been established - e.g. Government Charter, Act, Legislation, the shareholding pattern provided by the FPI applicant. v. Regulatory check - The DDP may verify if the applicant is regulated or supervis....
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.... that country is not a member of BIS, the FPI can seek registration under Category II. ii. Insurance/Reinsurance entity Insurance and reinsurance entities shall be deemed to be appropriately regulated for the purpose of the Regulations, if they are regulated or supervised by the relevant regulator in their concerned foreign jurisdiction in the same capacity in which they propose to make investments in India. iii. Pension funds Pension funds shall include superannuation or similar schemes that provides retirement benefits to employees/ contributors. iv. Appropriately regulated entities investing on behalf of clients Appropriately regulated entities such as banks and merchant banks, asset management companies, investment managers, investment advisors, portfolio managers, insurance & reinsurance entities, broker dealers and swap dealers will be permitted to undertake investments on behalf of their clients as Category II FPIs in addition to undertaking proprietary investment by taking separate registrations as Category I FPI. Where such entities are undertaking investments on behalf of their clients, Category II FPI registr....
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....n, then, the entity will not be required to again provide the registration details for each new FPI registration under this structure, unless there has been a change in the registration details provided to a DDP earlier. However, such FPI need to provide the name of its Investment Manager at the time of request for new FPI registration along with the confirmation that information provided in earlier application is updated and valid. Such FPIs registered under MIM structure shall have the same PAN. Where the entity seeks registration under this structure with another custodian/DDP, the investor or existing custodian/DDP shall provide certified true copy of the application form to new custodian/DDP. 4. Continuance of Registration i. FPIs who wish to continue with their registration for the subsequent block of three years, should pay the fees to their DDPs and inform change in information, if any, as submitted earlier. ii. In case of no change in information, FPIs shall give declaration that there is no change in the information, as previously furnished. iii. FPI shall provide the additional information, if applicable, along with supporting documents incl....
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....circulars, issued thereunder. ii. Manual: Every DDP shall have a manual setting out systems and procedures to be followed for the effective and efficient discharge of its functions as a DDP. iii. Monitoring of systems and controls: Every DDP shall have adequate mechanisms for the purposes of reviewing, monitoring and evaluating its controls, systems, procedures and safeguards. 8. Reporting i. Every DDP shall submit to SEBI monthly reports on application received from FPI applicants as per the format set out in Annexure C hereto and such other reports as may be required by SEBI. The report pertaining to a month may be submitted by DDPs to SEBI latest by 10th of the following month. ii. Depository/DDP shall submit to SEBI monthly reports of the fees collected for all the FPIs registered by it as per the format set out in Annexure D hereto and such other reports as may be required by SEBI. 9. Name change i. In case the FPI has undergone a change in name, the request for updation/ incorporation of new name should be submitted by the FPI to the DDP accompanied by documents certifying the name change. Such name change can be evidenced by....
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.... ensure that: i. all the accounts (including bank account and securities account) held by the applicant in the capacity of FPI are closed; and ii. the CP code is deactivated within 10 working days from the date of receipt of NOC from SEBI. 11. Change in Custodian/DDP i. In case, an FPI or its Global Custodian wishes to change the local custodian/DDP, the request for change shall be forwarded to new local custodian/DDP. In case, the Global Custodian of FPI wishes to change the local custodian/DDP, then the request for change can be sent by the Global Custodian on behalf of its underlying FPI clients provided such Global Custodian has been explicitly authorized to take such steps by the client. ii. Upon receipt of no objection from the transferor local custodian/DDP, the transferee local custodian/DDP shall approve the change. In case, the request for change in local custodian/DDP is received from Global Custodian, the transferee local custodian/DDP shall inform Compliance Officer of the concerned FPI(s) regarding the change in their local custodian/DDP. iii. Once the change of DDP/Custodian is approved by DDP, the FPI will need to tran....
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....a particular category/sub-category fails to comply with applicable eligibility requirements, it shall promptly notify this change to its DDP to be reclassified under appropriate category/sub-category. FPI may be required to provide to the DDP with additional KYC documents, as applicable. The concerned DDP / Custodian shall not allow (block) such FPI to make fresh purchases till additional KYC requirements (if any) are complied with. However, such FPI shall be allowed to continue to sell the securities already purchased by it. If such FPI continues to hold securities 180 days after blocking, such FPI shall be referred to SEBI for any further action. 14. Change in Material Information i. In terms of Regulation 22(1)(c), if there is any change in the material information previously furnished by the FPI to the DDP and/or SEBI, which has a bearing on the certificate granted by the DDP on behalf of the Board or relating to any direct or indirect change in its structure or ownership or control, change in regulatory status, merger, demerger or restructuring, change in category/ sub-category / structure/ jurisdiction/ name of FPI/ beneficial ownership etc, of the FPI, it shall f....
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....itional documentation requirement for conducting enhanced due diligence as per their internal policies. 1. KYC documentation requirements for FPI KYC documentation applicable for FPIs shall be as under:- Table 4 Sr. No Document Type KYC Documentation Details Category - I Category - II 1 Applicant Level Constitutive Docs (MoA, COI, prospectus etc.) Required Required 2 Proof of Address [Power of Attorney having address provided to Custodian is accepted as address proof. ] Required Required 3 PAN Required Required 4 Board Resolution [Power of Attorney granted to Global custodian/ local custodian is accepted in lieu of Board Resolution (BR). BR and the authorized signatory list (ASL) is not required if SWIFT is used as a medium of instruction.] Not required Required 5 FATCA / CRS form Required Required 6 Form/ KYC Form Required Required 7 Authorised Signatories List of Signatures [Power of Attorney granted to Global custodian/ local custodian is accepted in lieu of Board Resolution (BR). BR and the authorized signatory list (ASL) is not required if SWIFT is used as a medium of in....
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....FPI. viii. PAN is not mandatory for UN entities/multilateral agencies exempt from paying taxes/filing tax returns in India. ix. Board Resolution and the authorized signatory list (ASL) is also not required if there is no exchange of physically signed documents / agreements between the local Broker and the FPI or its authorized representative being an Investment Manager regulated in FATF member country. x. Existing risk based KYC requirement applicable to FPIs should also be made applicable to securities account of FDI, FVCI/DR and FCCB accounts/entities if the same entities are registered as FPIs. xi. If all information required in KYC Form (Part I and II) is provided in Form itself, no separate KYC Form (Part I and II) will be required to be submitted. 2. Sharing of KYC documents with banks towards opening of bank accounts of FPIs i. Intermediaries are advised to share the relevant KYC documents with the banks concerned based on appropriate authorization. ii. Accordingly, a set of hard copies of the relevant KYC documents furnished by the FPIs to intermediaries may be transferred to the concerned bank through their authorise....
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....to be collected. iv. 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 in the FPI need to be identified through the look through basis. For intermediate material shareholder/ owner entity/ies, name, country and percentage holding shall also be disclosed as per Annexure E. In case the intermediate shareholder/ owner entity is eligible for registration as Category I FPI under Regulation 5(a)(i), there is no need for further identification and verification of beneficial owner of such intermediate shareholder/ owner entity. v. The term senior managing official (SMO), for identification as BO, means individual(s) as designated by the FPI who holds a senior management position and makes key decisions relating to the FPI. vi. No foreign company shall be entitled to exemption under Rule 9(3)(f) of PMLA Rules. vii. In case of companies/ trusts represented by service p....
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....resentative of FPI (as per the details updated in "a" above) , requesting their consent to provide the KYC records to the requesting intermediary. 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 the consent is received from the authorised representative of the FPI. f. Whenever KYC details of client are modified by intermediaries, KRA system sends unsolicited download of KYC information to all intermediaries who have either uploaded/downloaded/modified KYC information of the FPI. The unsolicited KYC download including UBO details of the FPI will be available to the intermediaries who have uploaded/downloaded/modified, such FPIs KYC details in the past, even when the Download Consent Flag is set as "Yes" or otherwise. g. In case the FPI closes the account with an intermediary, the FPI or the intermediary shall inform KRA to delink the KYC of such FPI, so that unsolicited download request can be discontinued. 7. Period for maintenance of records ....
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...., 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: Central/State Government and its Departments, Statutory/Regulatory Authorities, Tax Authorities such as Passport, Driving license, etc. Intermediaries may place reliance on address appearing on website of regulator/ registrar for address proof ii. Utility bills like Telephone Bill, Electricity bill or Gas bill - Not more than 2 months old. iii. Bank Account Statement/Passbook/letter -- Not more than 3 months old. iv. Power of Attorney given by FPI to Custodians specifying the address (duly notarized and/or apostilled or consularised). v. Intermediary may rely on constitutive documents to establish Proof of residency for multilateral organisations. Proof of address to be submitted only if the submitted POI does not have an address or address as per POI is invalid or not in force. PART C - Investment Conditions / Restriction on F....
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....ties 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. x. 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 of an agreement or treaty with other sovereign governments or by an order of the Central Government. 2. Monitoring of Investment Limit at individual level In order to facilitate the listed Indian companies to ensure compliance with the various foreign investment limits, architecture of the System has been explained as under:- Housing of the System A. The system for monitoring the foreign investment limits in listed Indian companies shall be implemented and housed at the depositories (NSDL and CDSL). Designated Depository B. A Designated Depository is a depository which ha....
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....he 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. I. 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 the circulars issued by RBI in this regard. Activation of a Red Flag Alert J. The monitoring of the foreign investment limits shall be based on the paid-up equity capital of the company on a fully diluted basis to ensure that all foreign investments are in compliance with the foreign investment limits. K. A red flag shall be activated whenever the foreign investment is 3% or less than 3% of the aggregate NRI/FPI limits or the sectoral cap. This shall be done ....
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....ivation 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. 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 circulars/public notifications on their respective websites and shall halt all further purchases by: a. FPIs, if the aggregate FPI limit is breached b. NRIs, if the aggregate NRI limit is breached c. All foreign investors, if the sectoral cap is breached N. In the event of a breach of the sectoral cap/aggregate FPI limit/aggregate NRI limit, the foreign investors shall di....
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....g 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. 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 Parameter Purchase on T Day Purchase on T+1 Date of breach T day T day Date of trade T day T+1 day Date of detection of breach T+1 day (End of day) T+1 day (End of day) T+2 day (End of Day, if T+1 is a settlement holid....
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....rd its approval for a one-time 'off-market' transfer of securities for such relocation. ii. Any such approval of off market transactions of assets by DDPs will be without prejudice to provisions of taxation. iii. FPIs are permitted to sell off-market unlisted, illiquid, 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 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. 6. Investment by FPI through primary market issuances i. As per Regulation 20(7) of the Regulations, the purchase of equity shares of each company by a single foreign portfolio inv....
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....om time to time. No separate circular(s) shall be issued by SEBI. The intermediaries may take steps required to operationalize the RBI notifications. iii. FPIs are eligible to invest in corporate debt issues which are "to be listed" without any end-use restriction as applicable to unlisted debt securities. However, if the listing does not happen within 30 days or the issue is not meeting end use restriction, FPI shall immediately dispose such investment to either domestic investor or issuer iv. 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. i. 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 (NSD....
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....f) above shall be terminated and cannot be availed for the same limits when the utilisation crosses 95% again. The custodians shall monitor and report the reinvestment facility availed by the FPIs to the depositories. 11. Position limits available to FPIs for stock and stock index derivative contracts Stock derivative i. Position limits available to Category I FPIs for stock derivative contracts shall continue to have 20% of market wide position limit (MWPL). Position 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. 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 holdin....
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.... total gross short (sold) position of an FPI in IRF shall not exceed its long position in the government securities and in Interest Rate Futures, at any point in time. iv. Monitoring mechanism a) Stock Exchanges shall put in place necessary mechanism for monitoring and enforcing limits of FPIs in IRFs. b) Stock Exchanges shall aggregate net long position in IRF of all FPIs taken together at the end of the day and shall jointly publish/ disseminate the same on their website on daily basis. c) Once 90% of the limit is utilized, Stock Exchanges shall put in place necessary mechanism to get alerts and 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. 13. Participation of FPIs in the Currency Derivatives segment and Position limits for currency derivatives contracts FPIs are permitted to trade in the currency derivatives segment of stock exchanges, subject to terms and conditions as mentioned below: i. Posit....
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....imits for FPIs and Domestic Clients based on Underlying Exposure: • FPIs may take long or short positions without having to establish existence of underlying exposure, upto a single limit of USD 100 million equivalent, across all currency pairs involving INR, put together, and combined across all the stock exchanges. • FPIs shall ensure that their short positions at all stock exchanges across all contracts in FCY-INR pairs do not exceed USD 100 million. In the event a FPI breaches the short position limit, stock exchanges shall restrict the FPI from increasing its existing short positions or creating new short positions in the 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 v. 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-....
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....ations and breaches, if any, shall be reported to RBI. In this regard, stock exchanges / clearing corporations shall devise a suitable mechanism to monitor the aforesaid limits, subject to appropriate regulatory concurrence 14. Participation of FPIs in Exchange Traded Commodity Derivatives (ETCDs) in India FPIs are permitted to trade in Indian ETCDs, subject to the conditions mentioned below: i. FPIs are permitted to participate in cash settled non-agricultural commodity derivative contracts and indices comprising such non-agricultural commodities. ii. FPIs desirous of participating in ETCDs shall be subject to risk management measures applicable, from time to time. iii. Position Limits: • FPIs other than individuals, family offices and corporates may participate in eligible commodity derivatives products as 'Clients' and shall be subject to all rules, regulations and instructions, position limit norms as may be applicable to clients, issued by SEBI and stock exchanges, from time to time. • FPIs belonging to categories viz. individuals, family offices and corporates will be allowed position limit of 20 per cent of the client l....
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....ing its investor group shall not make further portfolio investment in that company under the Regulations. Such FPI/ its investor group shall inform respective custodians of the choice who in turn will report this to the board, depositories and the issuer. Such investments shall be treated as FDI subject to norms as prescribed by RBI from time to time and will be marked as FDI in custodian records. However, FPI and its investor group will be able to sell these securities only through the route as they were acquired and appropriate reporting (i.e. LEC reporting) will be made by the respective custodian. 18. Write-off of securities held by FPIs Where an FPI is not able to sell shares and debt securities for any reason, they can write-off such securities as per below process: (only for FPIs whose registration is not valid or who intend to surrender their registration): i. Custodian to obtain authorization from FPI to write-off securities. The FPI should also provide undertaking that it is giving away all its rights as the beneficial owner of the security(ies). ii. Upon receipt of instruction from FPI, Custodian will extinguish the security from the safekeeping a....
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.... wide position limits for single stock derivatives. The permissible position limit for stock index derivatives is higher of INR 100 crores or 5% open interest; and/or For avoidance of any doubt on ODIs reference/ underlying and their allowance or otherwise, as stated under (i) and (ii) above, the following table shall be referred: Table 10 Sl. No. ODI reference/ underlying ODI issuer's holding in India against the ODI Allowed Exception 1 Cash equity/ debt securities / any permissible investment by FPI (other than derivatives) Cash equity/ debt securities / any permissible investment by FPI (other than derivatives), for life of ODI Yes None. Separate registration required to undertake any proprietary derivative transactions by such ODI issuing FPI. 2 Cash equity Cash equity on date of writing the ODIs and then move to derivative positions thereafter. No Allowed through separate FPI registration, subject to the above 5% limit. 3 Cash equity Derivative on date of writing the ODI or thereafter except in manner referred at (2) above in table. No None 4 Derivatives Derivatives No Allowed through separa....
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....nts/ information enough to satisfy itself with regard to the relationship between the ODI subscriber and its Investment Manager from a FATF member country as allowed in explanation under Regulations 21 (1) (b) of the Regulations. vii. Investment restrictions specified under the Regulation 20(7) of SEBI (Foreign Portfolio Investor) Regulations, 2019 shall apply to ODI subscribers also. a) For this purpose, two or more ODI subscribers having common ownership, directly or indirectly, of more than fifty percent or common control shall be considered together as a single ODI subscriber, in the same manner as is being done in the case of FPIs. b) Further, where an investor has investments as FPI and also holds positions as an ODI subscriber, these investment restrictions shall apply on the aggregate of FPI investments and ODI positions held in the underlying Indian Company. In other words, the investment as FPI and positions held as ODI subscriber will be clubbed together with reference to the said investment restrictions. 2. Know Your Client (KYC) norms for ODI subscribers and reporting of suspicious transactions i. KYC requirement table, applicable for O....
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.... iii. Periodic Operational Evaluation - ODI Issuers shall be required to put in place necessary systems and carry out a periodical review and evaluation of its controls, systems and procedures with respect to the ODIs. A certificate in this regard should be submitted on an annual basis to SEBI by the Chief Executive Officer or equivalent of the ODI Issuer. The said certificate should be filed within one month from the close of every calendar year. iv. Report Details - Following reports need to be submitted by the 10th of every month for the previous month in the format specified by SEBI as per the reporting format at Annexure F with effect from 1st January 2020 i.e. for the month of December 2019 the report to be filed by 10th January 2020 needs to be in the reporting format as annexed. Table 12 S. No. Heading 1. Monthly Summary Report (MSR)- Statement of Outstanding Positions of Offshore Derivative Instruments (ISIN Wise) as on (last day of previous month) 2. Annexure A - Offshore Derivative Instruments Activity For The Period ( ) 3. Details of Underlying Trade(s) in Indian Market - For the Period of ___ to ____( Month) - Equity - Annexure B _ E....
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....s apply; or II. a jurisdiction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the FATF to address the deficiencies; c) the investor is not prohibited from dealing in securities market in India. ii. KYC norms: Intermediary operating in IFSC needs to ensure that records of their clients are maintained as per Prevention of Money-laundering Act, 2002 and rules made thereunder. The following KYC norms may be made applicable to EFIs: a) In case of participation of an EFI, not registered with SEBI as an FPI, but desirous of operating in IFSC, a trading member of the recognized stock exchange in IFSC, may carry out the due diligence on its own or it may rely upon the due diligence carried out by a bank, which is permitted by RBI to operate in IFSC, during the account opening process of EFI. b) In case of EFIs that are not registered with SEBI as FPI and also not having bank account in IFSC, KYC as applicable to Category II FPI as per the new FPI categorization shall be made applicable. However, PAN shall not be applicable for KYC of EFIs in IFSC. c) In case of p....
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....rticipants and Eligible Foreign Investors-SEBI to generate FPI registration number and both the Depositories to host the CAF. 4 08-Nov-21 SEBI/ HO/ FPI&C/ P/ CIR/ 2021/ 656 Write-off of debt securities held by FPIs who intend to surrender their registration 5 04-Aug-21 SEBI/ HO/ FPI&C/ P/ CIR/ 2021/ 609 Modification in Operational Guidelines for FPIs and DDPs pursuant to amendment in SEBI (Foreign Portfolio Investors) Regulations, 2019 6 01-Jun-21 SEBI/HO/FPI&C/P/CIR/2021/0569 'Off-market' transfer of securities by FPI 7 30-Mar-21 SEBI/HO/IMD/FPI&C/CIR/P/2021/045 Guidelines pertaining to Surrender of FPI Registration 8 21-Sep-20 SEBI/HO/IMD/FPI&C/CIR/P/2020/177 Write-off of shares held by FPIs 9 04-Feb-20 IMD/FPI&C/CIR/P/2020/022 Common Application Form for Foreign Portfolio Investors 10 16-Jan-20 IMD/FPI&C/CIR/P/2020/07 Exemption from clubbing of investment limit for foreign Government agencies and its related entities 11 05-Nov-19 IMD/FPI&C/CIR/P/2019/124 Operational Guidelines for FPIs & DDPs under SEBI (Foreign Portfolio Investors), Regulations 2019 and for Eligible Foreign Investors....
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....ue diligence and reporting requirements under Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standards (CRS) 29 13-Mar-18 CIR/IMD/FPIC/47/2018 Clarifications in respect of investment by certain Category II FPIs 30 08-Mar-18 IMD/FPIC/CIR/P/2018/46 Separate limit of Interest Rate Futures (IRFs) for Foreign Portfolio Investors (FPIs) 31 15-Feb-18 CIR/IMD/FPIC/ 26 /2018 Easing of Access Norms for investment by FPIs 32 20-Dec-17 IMD/FPIC/CIR/P/2017/129 Investments by FPIs in Government securities 33 15-Nov-17 IMD/FPIC/CIR/P/2017/121 Investments by FPIs in Hybrid Securities 34 04-Oct-17 IMD/FPIC/CIR/P/2017/113 Investments by FPIs in Government securities 35 29-Sep-17 SEBI/HO/IMD/FPIC/CIR/P/2017/112 Foreign Portfolio Investment in Corporate debt securities 36 26-Sep-17 SEBI/HO/CDMRD/DMP/CIR/P/2017/106 Participation of Foreign Portfolio Investors (FPIs)in Commodity Derivatives in IFSC 37 20-Jul-17 IMD/FPIC/CIR/P/2017/81 Investments by FPIs in Corporate Debt 38 11-Jul-17 SEBI/HO/CIR/P/2017/79 Guidelines for participation/functioning of Eligible Foreign Inv....
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....) 56 05-Feb-15 CIR/IMD/FIIC/2/2015 Change in investment conditions for FPI investments in Government Debt securities 57 03-Feb-15 CIR/IMD/FIIC/1/2015 Change in investment conditions/restrictions for FPI investments in Corporate Debt securities 58 24-Nov-14 CIR/IMD/FIIC/ 20 /2014 Conditions for issuance of Offshore Derivative Instruments under SEBI (Foreign Portfolio Investor) Regulations, 2014 59 09-Oct-14 CIR/IMD/FIIC/19/2014 Clarification on Government Debt Investment Limits 60 23-Jul-14 CIR/IMD/FIIC/17/2014 Change in Government Debt Investment Limits 61 16-Jun-14 CIR/IMD/FIIC/11/2014 KYC for FPIs 62 28-Apr-14 CIR/IMD/FIIC/ 09/ 2014 Infrastructure facilities and submission of periodic reports 63 07-Apr-14 CIR/IMD/FIIC/8/2014 Change in investment conditions / restrictions for FII/QFI investments in government debt securities 64 14-Feb-14 CIR/IMD/FIIC/4/2014 FII/QFI investments in Commercial papers 65 29-Jan-14 CIR/IMD/FIIC/3/2014 Change in Government Debt Investment Limits 66 20-Jan-14 CIR/MRD/DRMNP/2/2014 FII Position Limits in Exchange Traded Intere....
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.... Revisions in FII Investments in corporate debt long term infra category 90 26-Aug-11 CIR/IMD/FIIC/15/2011 Infrastructure Finance Companies(IFCs)-- as eligible issuers for FIIs investment limit in debt instrument for infrastructure 91 29-Jul-11 CIR/IMD/FIIC/11/2011 Allocation of Government debt long term limits to FIIs 92 15-Jun-11 CIR/IMD/FII&C/7/2011 Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs) activity 93 12-May-11 CIR/IMD/FIIC/6/2011 Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs) activity 94 31-Mar-11 CIR/IMD/FIIC/5/2011 FII Investment in corporate bonds infra long term category 95 29-Mar-11 CIR/IMD/FIIC/4/2011 Dissemination of further information about FII activity-Discontinues of Reporting 96 08-Mar-11 CIR/IMD/FIIC/3/2011 Allocation of Government debt long term & corporate debt -old investment limits to FIIs 97 18-Jan-11 CIR/IMD/FIIC/2/2011 Addendum to the Circular No. CIR/IMD/FIIC/1/2011 98 17-Jan-11 CIR/IMD/FIIC/1/2011 Reporting of Offshore Derivative Instruments(ODIs)/ Participatory Notes(PNs) activity ....
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.... on last day of month Average time taken for registration during the month** No. of applications pending for registration for more than 30 days of receipt of application ** Reasons given regarding application(s) pending for more than 30 days ** * Indicate application type as 1. Fresh Registration 2. Continuance ** Applicable for application type Fresh Registration only. Annexure D Fee report The report pertaining to a month to be submitted by DDPs/Depository to SEBI in the attached format: Annexure_D_Fee_Report_Format_p.xlsx If a DDP has not granted any registration/continuance of registration during the previous month, then it is required to send a "Nil" report. The Bank account details to which the payment of foreign inward remittances is to be done electronically is as follows - Name of Bank Account SECURITIES AND EXCHANGE BOARD OF INDIA Name of Bank, Branch ICICI Bank Ltd., Bandra Kurla Complex, Bandra (East), Mumbai 400051 Bank Account No 05550....
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....ures compiled based on reports submitted by FPIs issuing ODIs #Figures compiled based on reports submitted by custodians & does not includes positions taken by FPIs in derivatives. Column A2 is being provided which depicts the Total Value of ODI issued -with underlying as Equity ,Debt & Hybrid Securities but excluding derivatives Column A3 is being provided which depicts the Total Value of ODI issued -with underlying as Equity Column A4 is being provided which depicts the Total Value of ODI issued -with underlying as Debt Column A5 is being provided which depicts the Total Value of ODI issued -with underlying as Hybrid Securities. Column A5 is being provided which depicts the Total Value of ODI issued -with underlying as derivatives. Column C is being provided which depicts the Total Value of ODI issued -with underlying as Equity, Debt & Hybrid Securities but excluding derivatives- as percentage of Assets under custody INVESTOR CHARTER - DESIGNATED DEPOSITORY PARTICIPANTS VISION STATEMENT: "To make India an investor friendly country through efficient Regulations". MISSION STATEMENT: "To serve all investors by promoting the highest stand....
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....alized investor grievance redressal mechanism at SEBI) @ https://www.scores.gov.in/scores/Welcome.html Annexure I Format of Complaints against DDPs to be displayed on their websites A. Data for the Month ending - S.No Received from Pending at the end of the last month Received during the Month Resolved during the month* Total Pending at the end of month ** Complaints Pending > 1 month Average Resolution time^ (in days) 1 Directly from Investors 2 SEBI (SCORES) 3 Stock Exchanges (if relevant) 4 Other Sources (if any) 5 Grand Total B. Trend of Monthly disposal of complaints for the Financial Year- SN Month Carried forward from previous month Received during the month Resolved during the month * Pending at the end of the month ** 1 April 2021 2 May 2021 ....
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....Underlying Indian Security is Equity or Debt or Derivative or Hybrid Securitries Outstanding Value of ODIs - Total of Column Q from Annexure A for the particular Reference Securities ISIN/ other available codes AUM (Asset under management of FPIs issuing ODIs) Total value of Indian security (whether hedged for ODIs or not ) AUM used as a hedge for ODI - Asset under management of FPIs issuing ODIs- Total Value of Indian Security used for hedging ODIs The Red Mark in any of the field in the Excel Sheet will be considered as wrong one. *ODI issuing FPIs availing the separate registration option under Part D (1)(ii) of this circular shall have the option to input “Not Applicable†for columns G, H, I and J considering that all the securities held by such FPI are exclusively for hedging the ODIs issued and thus disclosed in Annexure-C. Declaration: "We are an ODI issuing FPI covered under _________________________________[Choose one of these: Part D(1)(i), Part D(1)(ii) or Part D(1)(iv).]" “We undertake that the beneficial owner and the person(s) to whom the Offshore Derivative Instrument is issued in compliance with Regulation 21 of SEBI (Fore....
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....led quantity Redeemed/Expired/Cancelled USD Redeemed/Expired/Cancelled Rs Outstanding quantity Outstanding USD Outstanding Rs 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Comments (if any)- Note- 1 - In case there is no Reference number/ISIN Number of ODI, provide security name 2 - Reference ISIN No - ISIN of the underlying Indian Security (ISINs issued by NSDL for Indian underlying) 3 - Type of hedge instrument - Equity or Debt or Derivative or hybrid securities Values mentioned in Column M, N, O, P and Q will be positive if for issued ODI issuer FPI is on Long side and will be negative if for issued ODI issuer FPI is on Short side Date format - dd-mom-yyyy Sr. number is self assigned by issuer - to correspond with the sr. no. on annexure B- equity-debt-derivative-hybrid securites Details of the underlying trade are specified in Annexure B The total of column Q for a particular Reference Securities ISIN/ other available codes to be the outstanding value of ODIs for that ISIN/ Available code in the summary report Flag - if FPI has issued particular ODI to other FPI then insert 1 otherwise 0 SEBI Registration no. of issuer FPI & Name and jurisdictio....
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....ST TIMOR ECUADOR EGYPT EL SALVADOR EQUATORIAL GUINEA ERITREA ESTONIA ETHIOPIA FALKLAND ISLANDS (MALVINAS) FAROE ISLANDS FIJI FINLAND FRANCE FRENCH GUIANA FRENCH POLYNESIA FRENCH SOUTHERN TERRITORIES FRENCH WEST INDIES GABON GAMBIA GEORGIA GERMANY GHANA GIBRALTAR GREECE GREENLAND GRENADA GUADELOUPE GUAM GUATEMALA GUERNSEY, CHANNEL ISLANDS GUINEA GUINEA-BISSAU GUYANA HAITI HEARD ISLAND AND MCDONALD ISLANDS HOLY SEE (VATICAN CITY STATE) HONDURAS HONG KONG, SPECIAL ADMINISTRATIVE REGION OF CHINA HUNGARY ICELAND INDIA INDONESIA IRAN (ISLAMIC REPUBLIC OF) IRAQ IRELAND ISLE OF MAN ISRAEL ITALY JAMAICA JAPAN JERSEY, CHANNEL ISLANDS JORDAN KAZAKHSTAN KENYA KIRIBATI KOREA, DEMOCRATIC PEOPLES REPUBLIC OF (N. KOREA) KOREA, REPUBLIC OF (S. KOREA) KUWAIT KYRGYZSTAN LAO PEOPLE'S DEMOCRATIC REPUBLIC LATVIA LEBANON LESOTHO LIBERIA LIBYAN ARAB JAMAHIRIYA LIECHTENSTEIN LITHUAN....
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.... Date of Transaction format - dd-mon-yyyy Quantity will be positive for Buy transaction and negative for sell transaction To be submitted by 10th of every month ISIN No - ISIN of the underlying Indian Security (Kindly use ISINs issued by NSDL for Indian underlying) Details of trades in securities for hedging of ODIs in India - For the Period of ___ to ____( Month) - Debt - Annexure B _ Debt Sr. No. Date of Transaction Name of the Indian Company ISIN of the Indian Security Quantity Value 0 0 Comments (if any) Notes: Sr. No. is corresponding to the sr no. self generated as provided in annexure A In case of absence of a serial no. NA has to be entered Date of Transaction format - dd-mon-yyyy Quantity will be positive for Buy transaction and negative for sell transaction To be submitted by 10th of every month ISIN No - ISIN of the underlying Indian Security (Kindly use ISINs issued by NSDL for Indian underlying) Details of trades in securities for hedging of ODIs in India - For the Period of ___ to ____( Month) - Hybrid Securities - Annexure B _ Hybrid Securities Date of Transaction Name of the Indian entitiy ISIN of the Indian Se....
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....date of the Month )- Annexure C _ Debt Sr. No. Name of the Indian Company ISIN of the Indian Security Quantity Value 0 0 Comments (if any) Notes: To be submitted by 10th of every month ISIN No - ISIN of the Indian Security issued by NSDL Details of Assets under management of securities held in India - Derivative as on ______ ( Last reporting date of the Month ) - Annexure C _ Derivative Sr. No. Instrument Type Name of Underlying - Name of Indian Company Reference ISIN/ available Code of the Indian Security Expiry date Position Comments (if any) Notes: S.No Instrument Type Instrument Code 1 Futures on Index FI 2 Futures on Stock FS 3 Call Option on Index CI 4 Call Option on Stock CS 5 Put Option on Index PI 6 Put Option on Stock PS 7 Interest Rate Futures IF 8 Currency Derivative CD To be submitted by 10th of every month Date format - dd-mon-yyyy ISIN No./ other available Code - ISIN of the underlying Indian Security issued by NSDL FI FS CI CS PI PS IF CD Statement on information regarding Beneficial owner Name of ODI subscriber of the ODI as per annexure A (1) Details ....