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TMI BlogSecurities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2008X X X X Extracts X X X X X X X X Extracts X X X X ..... be made in India by a foreign institutional investor and who is registered as a sub-account under these regulations. (b) after sub-regulation (1), the following sub-regulation shall be inserted, namely- (2) All other words and expressions used but not defined in these regulations, but defined in the Act or in the Companies Act, 1956 or in Securities Contracts (Regulation) Act, 1956 or in the Depositories Act, 1996 or under the Foreign Exchange Management Act, 1999 (42 of 1999) or the Rules and the Regulations made thereunder shall have the same meanings respectively assigned to them in such Acts or the Rules or the Regulations or any statutory modification or re-enactment thereto, as the case may be. (ii) in regulation 6, in sub-regulation (1) - (a) after clause (a), the following provisos shall be inserted, namely:- Provided that in case of a newly established fund, the track record of the investment manager of the fund who has promoted it may be taken into consideration: Provided further that such investment manager shall furnish the details in respect of disciplinary action, if any, taken against it. (b) after clause (b), the following proviso shall be ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... investor or the sub account as it deems fit. (iv) regulation 9 shall be omitted; (v) in regulation 10, in the marginal note and in the opening sentence, the words or renewal wherever they occur shall be omitted; (vi) in regulation 11, in sub- regulation (1), the words or renewal occurring after the words for grant shall be omitted; (vii) in regulation 12, after sub-regulation (1), the following provisos shall be inserted, namely:- 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 (viii) in regulation 13 (a) in sub-regulation (1), for clauses (a) and (b) and the proviso to the latter clause, the following shall be substituted, namely:- (a) the applicant falls into any of the following categories, namely:- (i) broad based fund or portfolio which is broad based, incorporated or established outside India; or (ii) proprietary fund of a registered foreign institutional investor; or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ct of funds of the subaccount or not. (x) in regulation 15 - (a) in sub-regulation (1), in clause (b), the words units of scheme floated by a Collective Investment Scheme shall be inserted towards the end. (b) after sub-regulation (1), the following sub-regulations shall be inserted, namely:- (1A) Where a foreign institutional investor or sub-account holds equity shares in a company whose shares are not listed on any recognized stock exchange, and continues to hold such shares after initial public offering and listing thereof, such shares shall be subject to lock-in for the same period, if any, as is applicable to shares held by a foreign direct investor placed in similar position, under the policy of the Central Government relating to foreign direct investment for the time being in force. (1B) Nothing contained in sub-regulation (1A) shall be deemed to prejudice the applicability of any other law, regulation or guideline. (xi) for regulation 15A, the following regulation shall be substituted, namely:- Conditions for issuance of offshore derivative instruments 15A. (1) No foreign institutional investor may issue, or otherwise deal in offshore derivat ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tive instruments which are cancelled or redeemed or closed out: Provided that the amount raised through such further issuance of offshore derivative instruments shall not exceed the amount of offshore derivative instruments cancelled or redeemed or closed out: Provided further that additional offshore derivative instruments may be issued against the bonus shares allotted in respect of the equity shares against which offshore derivative instruments are already in existence. (5) Where the total value of offshore derivative instruments issued against securities held by a foreign institutional investor or a sub-account as on the thirtieth day of September 2007 is less than forty per cent. of its assets under custody as on that date, further issuance of offshore derivative instruments in any period of twelve months shall not exceed five per cent. of the total value of its assets under custody: Provided that such further issuance shall not result in the total value of offshore derivative instruments exceeding forty per cent. of the assets under custody. (6) On and from the commencement of the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendme ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... of Registration as Foreign Institutional Investor(FII) [See regulation 3(2)] 1. Details of the Applicant: 1.1 Name of the applicant: 1.2 Address of the Applicant: Address Postal Code Country Telephone No. Fax No. Web-site 1.3 Date of incorporation/establishment: 1.4 Place and Country of Incorporation: Place Country 1.5 Legal form of the applicant and the law, under which it is incorporated, established or registered, if any: 1.6 Brief description of the principal activities: 1.7 Date of commencement of such activities: 1.8 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... etails: Name Country Web-site 4.2 Registration Number/Code : 4.3 Please mention briefly the activities which the applicant is permitted to undertake under the registration/license granted by the above regulatory authority : 5. Details of Proposed Investments to be made in Indian Securities markets : 5.1 Nature of Investments to be made by the applicant: On behalf of self On behalf of client(s)/fund(s) Both 5.2 In case of investments being made on behalf of clients/funds, details of the same : Name Category Country 6. Disciplinary H ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ng the applicant from permanent carrying on activities in the financial sector has been passed by any regulatory authority; (c) no order withdrawing or refusing to grant any license/approval to the applicant which has a bearing on the securities market has been passed by any authority in the preceding five years; (d) any penalty imposed (including monetary penalty) by any regulatory authority has been undergone or paid; and (e) the information supplied in the application, including the attachment sheets, is complete and true. Undertaking : We undertake to : 1. notify the Securities and Exchange Board of India and the Reserve Bank of India of any change in the information provided in the application promptly. 2. comply with the provisions of the Act, and regulations issued thereunder and all other relevant laws including guidelines issued by the Reserve Bank of India and the Government of India. 3. abide by operational instructions/directives as may be issued by Securities and Exchange Board of India and by the Reserve Bank of India from time to time under provisions of the Act or any other law for the time being in force. 4. be held re ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ory of the applicant 2.1 Please select the most appropriate category of the applicant : Broad Based Fund Broad Based Portfolio Proprietary fund of the FII University Fund Foreign Corporate Endowment Foundation Charitable Trust Charitable Society Sovereign Wealth Fund Foreign Individual (Please furnish requisite information in 2.4) 2.2 In case of broad based fund/broad based Portfolio, please specify the constitution : Mutual Fund Pension Fund Insurance Investment Trust Others (only if it does not satisfy any other category) : (Please state the corpus of the fund, Generic type and number of investors in the fund along with their respective proportionate holdings in a separate annexure in the following for ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . In case the sub-account applicant is a Foreign Corporate : (a) its securities are listed on a stock exchange outside India; (b) it has a asset base of not less than two billion US dollars; (c) it has an average net profit of not less than fifty million US dollars during the three financial years preceding the date of the application, Or In case the sub-account applicant is a Foreign Individual : (a) has a networth of not less than fifty million US dollars; (b) holds the passport of a foreign country for a period of at least five years preceding the date of application; (c) holds a certificate of good standing from a bank; (d) is a client of the foreign institutional investor or any other entity which belongs to the same group as the foreign institutional investor, for a period of at least three years preceding the date of the application; 6. Undertaking A. Undertakings to be submitted by FII (i) In case the sub-account applicant is a broad based fund : We undertake that the proprietary funds of ............... (name of FII) shall not be invested through .................. (name of the sub-account applicant). Or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Plot No. C4-A, G Block, Bandra Kurla Complex, Mumbai-400051. India (b) in Form B, item III shall be substituted with This certificate shall be valid till it is suspended or cancelled in accordance with the regulations ; (xiii) in the Second Schedule, for paragraphs (2) and (2A), the following paragraphs shall be substituted, namely :- (2) A registered foreign institutional investor shall pay a fee of US$ 10,000 for every block of three years after grant of registration during which the registration subsists. (2A) The fee mentioned in paragraph (2) shall be paid at least one month before expiry of the period of three years. (2B) In case of a foreign institutional investor who was registered as at the commencement of the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2008, the blocks of three-years for the purposes of paragraph (2) shall be reckoned from the date which is three years prior to the date on which the registration or renewal granted to it prior to such commencement would have expired but for such commencement. (2C) An application for registration as a sub-account made under regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... endment) Regulations, 1999 vide S.O. No.688(E). k. on February 29, 2000 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2000 vide S.O. No.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 S.O. No.278(E). m. on October 20, 2000 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 2000 vide S.O. No.946(E). n. on February 13, 2001 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2001 vide S.O. No.128(E). o. on May 29, 2001 by the Securities and Exchange Board of India (Investment Advice by Intermediaries) (Amendment) Regulations, 2001 vide S.O. No.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 S.O. No.1045(E). q. on December 10, 2002 by the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2002 vide No. S. ..... X X X X Extracts X X X X X X X X Extracts X X X X
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