Regulation 12 - Application for registration of sub-accounts. - Securities And Exchange Board of India (Foreign Institutional Investors) Regulations, 1995

Application for registration of sub-accounts. 12. (1) A Foreign Institutional Investor shall seek from the Board registration of each sub-account on whose behalf he proposes to make investments in India: 1 [Provided that before making an application for registration on behalf of a proposed sub-account being a foreign corporate, the foreign institutional investor shall verify the necessary details and documents and satisfy itself about the identity of the proposed sub-account after applying its know your client procedure.] (2) Notwithstanding any thing contained in sub-regulation (1) above, any sub-account which has been granted approval prior to the commencement of these regulations by the Board shall be deemed to have been granted registration as a sub-account by the Board under these regulations. 2 [(3) An application for registration as sub-account shall be made in Form AA.] -------------------- Notes:- 1. Proviso inserted by the SEBI (Foreign Institutional Investors) (Amendment) Regulations, 2008, w.e.f.22-5-2008. 2. Substituted by the SEBI (Foreign Institutional Investors) (Second Amendment) Regulations, 2006, w.e.f. 21-8-2006. Prior to substitution, sub-regulation (3), as amended by the SEBI (Foreign Institutional Investors) (Third Amendment) Regulations, 1998, w.e.f. 30-6-1998, read as under: An application for registration as a sub-account shall contain particulars specified in sub-para (b) of para 5 of Form A. in 12 (1) of Annexure B to Form A of the First Schedule.