SEBI (Foreign Institutional Investors) Amendment Regulations, 1996. - S.O. No.702(E) - SEBI/LE/10/0130/96 - SEBI

SECURITIES AND EXCHANGE BOARD OF INDIA NOTIFICATION Mumbai, the 9th October. 1996 S.O. 702 (E)- In exercise of the powers conferred by sub-section (1) of 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 SEBI (Foreign Institutional Investors) Regulations, 1995. 1. (i) These regulations may be called the SEBI (Foreign Institutional Investors) Amendment Regulations, 1996. (ii) They shall come into force on the date of their publication in the Official Gazette. 2. In sub-regulation (d) of Regulation 6, after clause (iii) a new clause (iv) along with a proviso shall be added as follows :- (iv) university fund, endowments, foundations or charitable trusts or charitable societies. Provided that while considering the application from applicants under clause (iv) the Board may take into account the following, namely:- (a) whether the applicant has been in existence for a period of atleast 5 years; (b) whether it is legally permissible for the applicant to invest in securities outside the country of its incorporation or establishment; (c) whether the applicant has been registered with any statutory authority in the country of their incorporation or establishment; (d) whether any legal proceeding has been initiated by any statutory authority against the applicant. 3. In regulation 7, the following provisos shall be inserted at the end ;- Provided that the Board may exempt from the payment of fees, an applicant such as the World Bank and other institutions established outside India for providing aid, and which have been granted privileges and immunities from the payment of tax and duties by the Central Government Provided further that the Board shall refund the fees already colleced from the institutions which are exempted from the payment of fees by the proviso mentioned above. 4. In clause (a) of sub-regulation (1) of regulation 15 the word unlisted be inserted after the words warrants of companies and before the word listed . 5. In sub-regulation (5) of regulation 15 the word five shall be substituted by the word ten . 6. In sub-regulation (6) of regulation 15 the word five shall be substituted by the word ten . 7. After the existing Annexure in Form A of First Schedule, a new Annexure A shall be added as follows:- Annexure A Additional details to be provided by applicants under clause (iv) of sub-regulation (d) of regulation 6 of the Securities and Exchange Board of India (foreign Institutional Investors) Regulations, 1995 : 1. Please indicate whether the applicant belongs to any one or more of the following categories; University funds, endowments, foundations or charitable trusts or charitable societies. 2. Please provide details of the sponsors or organisers of the applicant, the objectives of the applicant, the nature of activities carried on by the applicant and state whether it has invested in securities markets outside the country in which it has been incorporated or established. 3. Please state whether the applicant is registered with any statutory authority in the country of its incorporation or establishment 4. Please describe the manner in which the funds of the applicant are being managed. 5. Please enclose a copy of the applicant s charter or other documents of incorporation or establishment [F. No. SEBI/LE/10/0130/96] D. R. MEHTA, Chairman, Securities and Exchange Board of India