The Securities and Exchange Board of India (SEBI) on March 14, 2023, notified that the Securities and Exchange Board of India (Foreign Portfolio Investors) (Amendment) Regulations, 2023 to Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2019.
The following has been stated-
- In regulation 3, – i. in sub-regulation (2),
a. After the words “Form” and before the words “specified by the Government or the Board from time to time”, the words “and manner” shall be inserted.
b. After the words “Part A of the Second Schedule”, the words “and any documents in the manner specified by the Board from time to time” shall be inserted.
i. In sub-regulation (1), in clause (b), the word “forthwith” shall be substituted with the words and symbol “as soon as possible but not later than seven working days,”.
ii. In sub-regulation (1), clause (c) shall be substituted with the following, namely,-
“(c) as soon as possible but not later than seven working days, inform the Board and designated depository participant in writing, if there is any material change in the information including any direct or indirect change in its structure or ownership or control or investor group previously furnished by him to the Board or designated depository participant;”
iii. In sub-regulation (1), in clause (e), the word “forthwith” shall be substituted with the words and symbol “as soon as possible but not later than seven working days,”.
iv. In sub-regulation (1), after clause (k), the following clause shall be inserted, namely, - “(l) ensure that accurate details regarding its investor group are maintained with its designated depository participant at all times.”
v. Sub-regulation (5) shall be substituted with the following namely,- “(5) In case of any direct or indirect change in structure or common ownership or control of the foreign portfolio investor or investor group, it shall, as soon as possible but not later than seven working days, bring the same to the notice of its designated depository participant.”
- In regulation 31, in sub-regulation (1)
i. In clause (b), the word “forthwith” shall be substituted with the words “as soon as possible but not later than two working days”.
ii. In clause (c), the word “forthwith” shall be substituted with the words and symbol “as soon as possible but not later than two working days,”.
iii. In clause (g), the word “forthwith” shall be substituted with the words “as soon as possible but not later than two working days,”
They shall come into force on March 14, 2023.
[Notification No. SEBI/LAD-NRO/GN/2023/128]
