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TMI BlogKnow Your Client (KYC) norms for ODI subscribers, transferability of ODIs, reporting of suspicious transactions, periodic review of systems and modified ODI reporting formatX X X X Extracts X X X X X X X X Extracts X X X X ..... ed from time to time regarding ODI, the Foreign Portfolio Investors (FPIs) issuing ODIs (hereinafter referred to as ODI Issuers)are required to comply with the conditions for issuance of ODIs. 2. The systems and procedures adopted by the ODI Issuers to comply with such conditions, vary from one ODI Issuer to another. In order to bring about uniformity and increase the transparency in this regard, SEBI had held discussions with the stakeholders. Taking into consideration the inputs received during the discussion process, SEBI Board in its meeting held on May 19, 2016 decided that ODI Issuers shall be guided by the following provisions with regard to the norms relating to the issuance and transfer of ODIs: 2.1. Applicability of Indian ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der/ owner entity. Only beneficial owner with holdings equal above the materiality thresholds in the subscriber need to be identified through the aforesaid look through principle. In such cases, identity and address proof as specified in Annexure (I)enclosed with this circular, should be obtained. (d) Where no material shareholder/owner entity is identified in the ODI subscriber using the materiality threshold (referred above at 2.1), the identity and address proof of the relevant natural person who holds the position of senior managing official of the material shareholder/owner entity should be obtained (as given in Annexure (I)enclosed with this circular). (e) ODI Issuer shall ensure that any transfer of offshore derivative instru ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ued by it. 2.4. Reporting of complete transfer trail of ODIs Presently, the details of the holder of ODIs have to be mandatorily reported to SEBI on a monthly basis. The ODI issuers are also required to capture the details of all the transfers of the ODIs issued by them and these can be made available to SEBI on demand. The Board decided that in the monthly reports on ODIs all the intermediate transfers during the month would also be required to be reported. 2.5. Reconfirmation of ODI positions ODI Issuers shall be required to carry out reconfirmation of the ODI positions on a semi-annual basis. In case of any divergence from reported monthly data, the same should be informed to SEBI in format provided. 2.6. Periodic Ope ..... X X X X Extracts X X X X X X X X Extracts X X X X
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