CORRIGENDUM - Notification No. FEMA. 243/2012-RB, dated 19th October, 2012. - G.S.R. 626(E) - Foreign Exchange Management

CORRIGENDUM DATED 10-9-2013 G.S.R. 626(E) - In the Notification No. FEMA. 243/2012-RB, dated 19th October, 2012 of the Reserve Bank of India, Foreign Exchange Department, Central Office, published in the Gazette of Government of India, Extraordinary - Part II, section 3, sub-section (i) vide G.S.R. No. 798(E), dated 30-10-2012, (i) in regulation 2 for (xiia) the following shall be substituted, namely (xiia) 'Qualified Foreign Investor (QFI)' means (a) during the period from 9th day of August, 2011 to 15th day of July, 2012, a person who satisfied the following criteria at the relevant time; (i) resident of a country, that is compliant with the Financial Action Task Force (FATF) standards and is a signatory to the IOSCO's Multilateral Memorandum of Understanding (MMoU); and (ii) satisfied the KYC requirements stipulated by SEBI. Provided that such a person is not registered with SEBI as a Foreign Institutional Investor (FII) or Foreign Venture Capital Investor (FVCI). (b) With effect from 16th day of July, 2012, a person who satisfies the following criteria at the relevant time: (i) Resident in a country that is a member of FATF or a member of a group which is a member of FATF; and (ii) Resident in a country that is a signatory to IOSCO's MMoU (and referred to as Appendix A Signatories therein) or a signatory of a bilateral MoU with SEBI Provided that the person is not resident in a country listed in the public statements issued by FATF from time to time on jurisdictions having strategic AML/CFT deficiencies to which counter measures apply or that have not made sufficient progress in addressing the deficiencies or have not committed to an action plan developed with the FATF to address the deficiencies; Provided that such person is not resident in India; Provided further that such person is not registered with SEBI as an FII or Sub-Account of an FII or FVCI. Explanation.-For the purposes of this clause : 1. bilateral MoU with SEBI shall mean a bilateral MoU between SEBI and the overseas regulator that, inter alia, provides for information sharing arrangements. 2. Member of FATF shall not mean an associate member of FATF.