SEBI Updates CAF for FPIs in IFSCs: Allows 100% NRI/OCI/RI Contributions, Requires Detailed Reporting for Transparency.

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....This circular from SEBI modifies the Common Application Form (CAF) for Foreign Portfolio Investors (FPIs) based in International Financial Services Centres (IFSCs) in India. It allows up to 100% aggregate contribution by NRIs, OCIs, and RIs in the corpus of such FPIs, subject to certain conditions. The key points are: 1) A new option is added in the CAF allowing FPIs to confirm that aggregate NRI/OCI/RI contributions exceed 50% of the corpus, while ensuring compliance with regulations. 2) FPIs must provide details of NRI/OCI/RI constituents, their ownership/economic interest, PAN copies or acceptable alternative documents. 3) For non-individual constituents controlled by NRIs/OCIs/RIs or where they hold 50%+ ownership/economic interest, sim.........