Consideration of application.

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..... her that such investment manager shall furnish the details in respect of disciplinary action, if any, taken against it.] (b) whether the applicant is regulated by an appropriate foreign regulatory authority: 3 [Provided that university funds, endowments, foundations, charitable trusts and charitable societies may be considered for registration even though they are not regulated by a foreign regulatory authority;] (c) whether the applicant has been granted permission under the provisions of the Foreign Exchange Regulation Act, 1973 (46 of 1973) by the Reserve Bank of India for making investments in India as a Foreign Institutional Investor; (d) whether the applicant is 4 [(i) an institution established or incorporated outside India as a pens .....

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..... nd means a fund, established or incorporated outside India, which has at least 12 [twenty] investors, with no single individual investor holding more than 13 [forty-nine per cent] of the shares or units of the fund: Provided that if the broad based fund has institutional investor(s), it shall not be necessary for the fund to have 14 [twenty] investors: Provided further that if the broad based fund has an institutional investor who holds more than 15 [forty nine per cent] of the shares or units in the fund, then the institutional investor must itself be a broad based fund; 16 [***] (e) Whether the grant of certificate to the applicant is in the interest of the development of the securities market; 17 [(f) Whether the applicant is a fit and p .....

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..... if any; or 8. Words nominee company omitted by the SEBI (Foreign Institutional Investors) (Amendment) Regulations, 2008, w.e.f. 22-5-2008. 9. Substituted by the SEBI (Foreign Institutional Investors) (Amendment) Regulations, 2008, w.e.f. 22-5-2008. Prior to the substitution sub-clause (iii) inserted by the SEBI (Foreign Institutional Investors) (Amendment) Regulations, 1997 w.e.f. 12.2.1997 read as under: a trustee or a Power of Attorney holder incorporated or established outside India, and proposing to make investments in India on behalf of broad funds and its proprietary funds, if any . 10. Inserted by the SEBI (Foreign Institutional Investors) (Amendment) Regulations, 1996 w.e.f. 9.10.1996. 11. Inserted by the SEBI (Foreign Institutiona .....

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