India's SEBI tightens rules for Foreign Portfolio Investors with new conditions on contributions and control. Exemptions for IFSC regulated entities.

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....The Securities and Exchange Board of India (SEBI) issued a notification on the Foreign Portfolio Investors (FPI) (Second Amendment) Regulations, 2024. The amendment imposes conditions on FPIs, such as limiting individual contributions, controlling Indian exposure, and prohibiting control by specific individuals. It also exempts certain applicants regulated by the International Financial Services Centres Authority. Existing exemptions remain valid. The regulations came into force upon publication in the Official Gazette. The amendment aims to enhance oversight and compliance within the FPI framework.....