Eligibility criteria of foreign portfolio investor

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... following conditions: i. the contribution of a single non-resident Indian or overseas citizen of India or resident Indian individual shall be below twenty-five percent of the total contribution in the corpus of the applicant; ii. the aggregate contribution of non-resident Indians, overseas citizens of India and resident Indian individuals in the corpus of the applicant shall be below fifty percent of the total contribution in the corpus of the applicant; iii. the contribution of resident Indian individuals shall be made through the Liberalised Remittance Scheme notified by the Reserve Bank of India and shall be in global funds whose Indian exposure is less than fifty percent; iv. the non-resident Indians, overseas citizens of India and resi .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... Investment Fund; ] 6 [ Provided further that the provisions of sub-clause (ii) of clause (c) shall not be applicable to an applicant, regulated by the International Financial Services Centres Authority and based in the International Financial Services Centres in India and subject to conditions as may be specified by the Board: Provided further that the existing exemptions specified by the Board in relation to the conditions under sub-clauses (i) to (iv) of clause (c) of this regulation as on the date of notification of the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2024 shall continue to remain in force. ] (d) the applicant is a resident of the country whose securities market regulat .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X

..... ddress the deficiencies; (g) the applicant is a fit and proper person based on the criteria specified in Schedule II of the Securities and Exchange Board of India (Intermediaries) Regulations, 2008; (h) any other criteria specified by the Board from time to time: Provided that clause (a), (d) and (e) shall not apply to an applicant incorporated or established in an International Financial Services Centre. ************* NOTES:- 1. Substituted vide Notification No. SEBI.LAD-NRO/GN/2021/32 dated 03-08-2021 before it was read as (c) non-resident Indians or overseas citizens of India or resident Indian individuals can be constituents of the applicant provided they meet conditions specified by the Board from time to time; 2. Substituted vide Noti .....

X X   X X   Extracts   X X   X X

→ Full Text of the Document

X X   X X   Extracts   X X   X X