The Securities and Exchange Board of India (SEBI) on May 30, 2024, issued a Master Circular for Foreign Portfolio Investors, Designated Depository Participants, and Eligible Foreign Investors.
The following has been stated: -
•Securities and Exchange Board of India (SEBI), vide circular number SEBI/HO/AFD- 2/CIR/P/2022/175 dated December 19, 2022, had issued a Master Circular for FPIs, DDPs, and Eligible Foreign Investors under the Securities and Exchange Board of India (Foreign Portfolio Investors), Regulations 2019. Subsequently, various circulars have been issued pertaining to FPIs and DDPs.
•This Master Circular shall come into force from May 30, 2024.
•The circulars mentioned in Annexure A of the Master Circular shall stand rescinded with the issuance of this Master Circular.
•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.
•Any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular.
•The previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation, or liability acquired, accrued, or incurred under the rescinded circulars, any penalty, incurred in respect of any violation committed against the rescinded circulars, or any investigation, legal proceeding or remedy in respect of any such right, privilege, obligation, liability, penalty as aforesaid, shall remain unaffected as if the rescinded circulars have never been rescinded.
The detailed circular is given in the document below.
[Circular No. SEBI/HO/AFD/AFD-PoD-2/P/CIR/2024/70]
