Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2003. - S.O. No.548(E) - SEBI/LGL/8987/2003 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 14 th May, 2003 S.O. 548(E).-- In exercise of the powers conferred by Section 30 of the Securities and Exchange Board of India Act, 1992 (15 of 1992), the Board hereby makes the following regulations to amend the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995, namely:-- 1. (i) These regulations may be called the Securities and Exchange Board of India (Foreign Institutional Investors (Amendment) Regulations, 2003. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995, in regulation 15, in sub-regulation (3), in clause (c), after the third proviso, the following proviso shall be added, namely:-- Provided further that nothing contained in clause (c) shall apply to divestment of securities by the Foreign Institutional Investors in response to an offer by Indian Companies in accordance with the Operative Guidelines for Disinvestment of Shares by Indian Companies in the overseas market through issue of American Depository Receipts (ADR) or Global Depository Receipts (GDR) as notified by the Government of India vide notification No. 15/23/99-NRI,dated My 29, 2002 and directions issued by Reserve Bank of India from time to time under Section 10(4) and Section 11(1) of the Foreign Exchange Management Act, 1999 (42 of 1999). [F.No. SEBI/LGL/8987/2003] G.N. BAJPAI, Chairman Footnote: 1. The SEBI (Foreign Institutional Investors) Regulations, 1995 were published in the Gazette of India, Part II, Section 3 (ii) on Novernber 14, 1995 vide No. S.O.918(E) 2. The Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 were subsequently amended-- (a) on October 9, 1996 by the Securities and Exchange Board of India (Foreign Institutional Investors, (Amendment) Regulations, 1996 vide No. S.O.702(E). (b) on November 19,1996 by the Securities and Exchange Board of India (Foreign Institutional Investors, (Second Amendment) Regulations, 1996 vide No. S.O.799(E). (c) on February 12, 1997 by the Securities arid Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 1997 vide No. S.O.105(E). (d) on July 10, 1997 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1997 vide No. S.O.495(E). (e) on December 5, 1997 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Third Amendment) Regulations, 1997 vide No. S.O.823(E). (f) on April 20, 1998 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 1998 vide No. S.O.333(E). (g) on May 18,1998 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1998 vide No. S.O.417(E), (h) on June 30,1998 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Third Amendment) Regulations, 1998 vide No. S.O.545(E). (i) on April 16, 1999 by the Securities and Exchange Board of India (Foreign Institutional Investors)( Amendment) Regulations, 1999 vide No. S.O.263(E). (j) on August 26, 1999 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 1999 vide No. S.O.688(E). (k) on February 29, 2000 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2000 vide No. S.O.180(E). (l) on March 28, 2000 by the Securities and Exchange Board of India (Appeal to the Securities Appellate Tribunal) (Amendment) Regulations, 2000 vide No. S.O.278(E). (m) on October 20, 2000 by the Securities and Exchange Board of India (Foreign Institutional Investors) ( Second Amendment) Regulations, 2000 vide No. S.O.946(E). (n) on February 13, 2001 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2001 vide No. S.O.128(E). (o) on May 29, 2001 by the Securities and Exchange Board of India (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide No. S.O.476(E). (p) on September .27, 2002 by the Securities and Exchange Board of India (Procedure for Holding Enquiry by Enquiry Officer and Imposing Penalty) Regulations, 2002 vide No. S.O.1045(E). (q) on December 10, 2002 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2002 vide No. S.O.1292(E).