Regulatory Hotline: SEBI Modifies FPI Master Circular: Onboarding Process Streamlined
Posted by By nishithadmin at 29 March, at 13 : 43 PM Print
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March 29, 2023
SEBI Modifies FPI Master Circular: Onboarding Process Streamlined
INTRODUCTION:
The Securities and Exchange Board of India (“SEBI”) released a circular on March 27, 2023 streamlining the onboarding process of Foreign Portfolio Investors (“FPIs”) (the “Circular”)1. The Circular has modified the provisions of the Master Circular for FPIs, Designated Depository Participants and Eligible Foreign Investors (“Master Circular”)2.
While the Circular puts final stamp on the changes that were approved by SEBI in its board meeting of December, 20223, it also includes few other changes that have been made to align the provisions of the Master Circular with the SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 20234 (“Amendment Regulations”), which were notified earlier this month.
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– Ritul Sarraf, Prakhar Dua & Kishore Joshi
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1Available at: https://www.sebi.gov.in/legal/circulars/mar-2023/streamlining-the-onboarding-process-of-fpis_69390.html
3https://www.sebi.gov.in/media/press-releases/dec-2022/sebi-board-meeting_66407.html
4https://egazette.nic.in/WriteReadData/2023/244410.pdf
5SWIFT is the messaging network used by financial institutions such as banks to securely send and receive information, such as money transfer instructions to and from clients. The DDPs may use this mechanism to receive secure instructions of certification of copies of original documents from the applicants.
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