Regulation 27 - Opening of Demat Accounts by Clearing Corporations of Stock Exchanges and Clearing Members - Foreign Exchange Management (Transfer or Issue of Any Foreign Security) Regulations, 2004

1 [27 Opening of Demat Accounts by Clearing Corporations of Stock Exchanges and Clearing Members A Person resident in India being a Securities and Exchange Board of India approved clearing corporation of stock exchanges and their clearing members may, subject to the guidelines issued by the SEBI from time to time: (i) open and maintain demat accounts with foreign depositories and acquire, hold, pledge and transfer the foreign sovereign securities, offered as collateral by FIIs; (ii) remit the proceeds arising from corporate action, if any, on such foreign sovereign securities; and (iii) liquidate such foreign sovereign securities and repatriate the proceeds thereof to India] *********** Notes: 1. Inserted vide notification no. 184/2009 dated 20/1/2009