Regulation 47 - Repeal, rescission and saving - Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014

Repeal, rescission and saving. 47. (1) The Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 shall stand repealed. (2) On and from the commencement of these regulations, the following circulars issued by the Board shall stand rescinded: (a) Board's circular ref. no. Cir/IMD/DF/14/2011 dated August 09, 2011; (b) Board's circular ref. no. Cir/IMD/FII C/3/2012 dated January 13, 2012; (c) Board's circular ref. no. Cir/IMD/FII C/4/2012 dated January 25, 2012; (d) Board's circular ref. no. Cir/IMD/FII C/13/2012 dated June 07, 2012; (e) Board's circular ref. no. Cir/IMD/FII C/17/2012 dated July 18, 2012; (f) Board's circular ref. no. Cir/IMD/FII C/18/2012 dated July 20, 2012; (g) Board's circular ref. no. Cir/IMD/FII C/13/2013 dated August 13, 2013. (3) Notwithstanding such repeal and rescission: (a) anything done or any action taken or purported to have been done or taken, including suspension or cancellation of certificate of registration, any inquiry or investigation commenced or show cause notice issued under the repealed regulations, shall be deemed to have been done or taken under the corresponding provisions of these regulations; (b) any application for grant of certificate as a foreign institutional investor or sub-account pending before the Board shall be dealt with in accordance with the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995; (c) the Board may continue to grant certificate of registration as a foreign institutional inventor or sub-account under the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 till March 31, 2014 which may be extended upto June 30, 2014 by the Board; (d) any offshore derivative instrument issued in accordance with the provisions of the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 shall be deemed to have been issued in accordance with the corresponding provisions of these regulations. (4) After the repeal of Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995, and rescission of circulars specified in sub-regulation (2), any reference thereto in any other regulations made, guidelines or circulars issued thereunder by the Board shall be deemed to be a reference to the corresponding provisions of these regulations.