9911796707
TMI BlogMaster Circular for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors.X X X X Extracts X X X X X X X X Extracts X X X X ..... the directions or other guidance issued by SEBI, as specifically applicable to FPIs, shall continue to remain in force in addition to the provisions of any other law for the time being in force. Terms not defined in this Master Circular shall have the same meaning as provided under the Regulations. 3. Notwithstanding such rescission, a. anything done or any action taken or purported to have been done or taken including registration or approval granted, fees collected, registration or approval, suspended or cancelled, any adjudication, enquiry or investigation commenced or show-cause notice issued under the rescinded circulars, prior to such rescission, shall be deemed to have been done or taken under the corresponding provisions of this Master Circular; b. any application made to the Board under the rescinded circulars, prior to such rescission, and pending before it shall be deemed to have been made under the corresponding provisions of this Master Circular; c. the previous operation of the rescinded circulars or anything duly done or suffered thereunder, any right, privilege, obligation or liability acquired, accrued or incurred under the rescinded circulars, any pena ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e address. For due diligence, DDP may verify the country as below Table 2 Sl. No. Countries Source for verification from website of (a) List of countries where the securities market regulator is a signatory to IOSCO MMOU shall be verified by the DDP. International Organization of Securities Commissions (IOSCO) (b) List of countries that have bilateral MOU with SEBI Securities and Exchange Board of India (SEBI) (c) The list of countries whose Central Bank is a member of the BIS Bank for International Settlements (BIS) (d) List of countries that are listed in the public statements issued by FATF and list of FATF member country Financial Action Task Force (FATF). With respect to the eligibility of FPI applicants from a country where there are separate securities market regulators for different provinces/ states within that country, applicants from only those pro ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... foreign portfolio investor who remains non-compliant even after the period specified above shall be prohibited from making any fresh purchase of securities and such foreign portfolio investor shall liquidate its existing position in the Indian securities market within a period of one hundred and eighty days. f. In case of temporary breach of above investment limits, the foreign portfolio investor shall comply with the eligibility conditions within ninety days of its breach. In case the foreign portfolio investor remains non-compliant with the said requirement even after ninety days, then no fresh purchases shall be permitted and such FPI shall liquidate its existing position in Indian securities market within a period of the next one hundred and eighty days. iii. Fit and proper person check - DDP may obtain declaration from the applicants about their meeting eligibility criteria specified under Regulation 4 of the Regulations and shall exercise its due diligence, as applicable. iv. Category I FPI check - DDP may verify the eligibility of Category I FPI (under Regulation 5(a)(i) based on relevant details under which the entity has been established e.g. Government C ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n. In case a bank FPI applicant is regulated by the banking sector regulator in its home jurisdiction, but the central bank of that country is not a member of BIS, the FPI can seek registration under Category II. ii. Insurance/Reinsurance entity Insurance and reinsurance entities shall be deemed to be appropriately regulated for the purpose of the Regulations, if they are regulated or supervised by the relevant regulator in their concerned foreign jurisdiction in the same capacity in which they propose to make investments in India. iii. Pension funds Pension funds shall include superannuation or similar schemes that provides retirement benefits to employees/ contributors. iv. Appropriately regulated entities investing on behalf of clients Appropriately regulated entities such as banks and merchant banks, asset management companies, investment managers, investment advisors, portfolio managers, insurance reinsurance entities, broker dealers and swap dealers will be permitted to undertake investments on behalf of their clients as Category II FPIs in addition to undertaking proprietary investment by taking separate registrations as Category I FPI. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ion. Investments made under such multiple registrations shall be clubbed for the purposes of monitoring of investment limits. ii. In case of MIM structures, if the entity has already furnished registration details to a DDP at the time of its registration, then, the entity will not be required to again provide the registration details for each new FPI registration under this structure, unless there has been a change in the registration details provided to a DDP earlier. However, such FPI need to provide the name of its Investment Manager at the time of request for new FPI registration along with the confirmation that information provided in earlier application is updated and valid. Such FPIs registered under MIM structure shall have the same PAN. Where the entity seeks registration under this structure with another custodian/DDP, the investor or existing custodian /DDP shall provide certified true copy of the application form to new custodian/DDP. 4. Continuance of Registration i. FPIs who wish to continue with their registration for the subsequent block of three years, should pay the fees to their DDPs and inform change in information, if any, as submitted earlier. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... hall have necessary infrastructure, including adequate office space, adequate and competent manpower and computer systems capability required to discharge its activities as DDP in compliance with Regulations and other guidelines, circulars, issued thereunder. ii. Manual: Every DDP shall have a manual setting out systems and procedures to be followed for the effective and efficient discharge of its functions as a DDP. iii. Monitoring of systems and controls: Every DDP shall have adequate mechanisms for the purposes of reviewing, monitoring and evaluating its controls, systems, procedures and safeguards. 8. Reporting i. Every DDP shall submit to SEBI monthly reports on application received from FPI applicants as per the format set out in Annexure C hereto and such other reports as may be required by SEBI. The report pertaining to a month may be submitted by DDPs to SEBI latest by 10th of the following month. ii. Depository/DDP shall submit to SEBI monthly reports of the fees collected for all the FPIs registered by it as per the format set out in Annexure D hereto and such other reports as may be required by SEBI. 9. Name change i. In case the FPI h ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... are no dues/ fees pending towards SEBI. iii. There are no actions/ proceedings pending against the said applicant. b. DDP shall ensure that: i. all the accounts (including bank account and securities account) held by the applicant in the capacity of FPI are closed; and ii. the CP code is deactivated within 10 working days from the date of receipt of NOC from SEBI. 11. Change in Custodian/DDP i. In case, an FPI or its Global Custodian wishes to change the local custodian/DDP, the request for change shall be forwarded to new local custodian/DDP. In case, the Global Custodian of FPI wishes to change the local custodian/DDP, then the request for change can be sent by the Global Custodian on behalf of its underlying FPI clients provided such Global Custodian has been explicitly authorized to take such steps by the client. ii. Upon receipt of no objection from the transferor local custodian/DDP, the transferee local custodian/DDP shall approve the change. In case, the request for change in local custodian/DDP is received from Global Custodian, the transferee local custodian/DDP shall inform Compliance Officer of the concerned FPI(s) regarding the change ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... quirement shall not invest in India in future. 13. Reclassification If an FPI registered under a particular category/sub-category fails to comply with applicable eligibility requirements, it shall promptly notify this change to its DDP to be reclassified under appropriate category/sub-category. FPI may be required to provide to the DDP with additional KYC documents, as applicable. The concerned DDP / Custodian shall not allow (block) such FPI to make fresh purchases till additional KYC requirements (if any) are complied with. However, such FPI shall be allowed to continue to sell the securities already purchased by it. If such FPI continues to hold securities 180 days after blocking, such FPI shall be referred to SEBI for any further action. 14. Change in Material Information i. In terms of Regulation 22(1)(c), if there is any change in the material information previously furnished by the FPI to the DDP and/or SEBI, which has a bearing on the certificate granted by the DDP on behalf of the Board or relating to any direct or indirect change in its structure or ownership or control, change in regulatory status, merger, demerger or restructuring, change in category ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... requirements. Apart from the KYC requirement stated below, each intermediary may have additional documentation requirement for conducting enhanced due diligence as per their internal policies. 1. KYC documentation requirements for FPI KYC documentation applicable for FPIs shall be as under:- Table 4 Sr. No Document Type KYC Documentation Details Category - I Category - II 1 Applicant Level Constitutive Docs (MoA, COI, prospectus etc.) Required Required 2 Proof of Address [Power of Attorney having address provided to Custodian is accepted as address proof. ] Required Required 3 PAN Required Required 4 Board Resolution [Power of Attorney granted to Global custodian/ local custodian is accepted in lieu of Board Resolution (BR). BR and the authorized signatory list (ASL) is not required if SWIFT is used as a medium of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... YC reliance on KRA. v. Prospectus and Information Memorandum are acceptable in lieu of an official constitutional document. vi. Valid FATCA / CRS documentations is required to be submitted at the time of account opening. vii. Intermediary can verify the PAN of FPIs online from website authorized by the Income-Tax department. To clarify no certification of PAN document required from FPI. Alternatively, e-PAN issued by CBDT can also be produced by FPI for KYC compliance without requiring any certifications. In such situations where the intermediary is relying on KRA, it shall verify the PAN and download the available documents from KRA. PAN is not mandatory for UBO, senior management and authorized signatories of FPI. viii. PAN is not mandatory for UN entities/multilateral agencies exempt from paying taxes/filing tax returns in India. ix. Board Resolution and the authorized signatory list (ASL) is also not required if there is no exchange of physically signed documents / agreements between the local Broker and the FPI or its authorized representative being an Investment Manager regulated in FATF member country. x. Existing risk based KYC requirement appl ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... # Not required for Category I FPIs. BOs of FPIs having General Partner/Limited Partnership structure shall be identified on ownership or entitlement basis and control basis. ii. Category I FPI registered under Regulation 5(a)(i) are exempt from providing BO details. iii. In respect of FPIs (other than Category I FPI registered under Regulation 5(a)(i)) coming from high risk jurisdictions as identified by intermediary, the intermediaries may apply lower materiality threshold of 10% for identification of BO. For category I FPIs (other than registered under regulation 5(a)(i)) from high risk jurisdictions KYC documentation as applicable for category II FPIs need to be collected. iv. The materiality threshold to identify the beneficial owner should be first applied at the level of FPI and next look through basis shall be applied to identify the beneficial owner of the intermediate shareholder/ owner entity. Beneficial ow ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rovided with regard to beneficial owner including SMO of FPI. Such information should be made available to intermediaries only on need to know basis using an authentication method wherein an intermediary, can access the information from KRA using the authentication (similar to One Time Password OTP ) after the KRA gets confirmation from the FPI or its Global custodian or Investment Manager. For this purpose, KRAs need to maintain email ids of the FPI and/ or its representative. This functionality will be optional and it will be deactivated only upon receipt of instruction from the FPI to KRA. The Key features as below: a. Up to 3 email ids of the FPI can be recorded with 1 mandatory id and 2 optional email ids b. Download Consent Flag Yes / No (Default value is set as Yes ) i. Yes means Consent required for download ii. No means download without consent c. Where Download Consent Flag is Yes , an email with the consent link with decision tab Approve or Reject , will be sent to the authorised representative of FPI (as per the details updated in a above) , requesting their consent to provide the KYC records to the requesting intermediary. ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... diaries can rely on documents / information available from reliable public sources (for e.g. websites of Regulators, Exchanges, SROs, Registrars) while collecting documents / information required for an FPI. Attestation of these documents (by way of mentioning the source of the document and signature against the same) may be carried out by a duly authorized official of the Intermediary. No further attestation of such documents is required. viii. List of people authorized to attest the documents: Notary Public, officials of Multinational Foreign Banks or any Bank regulated by Reserve Bank of India (Name, Designation Seal should be affixed on the copy). 9. List of supporting documents: A. Proof of Identity (POI): - List of documents admissible as Proof of Identity: For individuals only i. Identity card/ document with applicant s Photo such as Passport, Driving license etc, issued by any of the following: Central/State Government and its Departments, Statutory/Regulatory Authorities, Tax Authorities. B. Proof of Address : - List of documents admissible as Proof of Address: (Documents having an expiry date should be valid on the date of sub ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... n provided by the DDPs, from time to time. v. The depositories shall put in place appropriate systems, procedures and mechanisms to monitor the investment limit/ holdings of FPIs belonging to the same investor group. vi. The depositories shall forthwith report the details of those FPIs who are responsible for breach of investment limit to SEBI. vii. FPIs forming part of an investor group may approach the depositories to get information regarding the aggregate percentage holdings of their group entities in any particular scrip before making investment decision. viii. Government of India, vide letter No. 10/06/2010-ECB dated January 06, 2016 has exempted World Bank Group viz. IBRD, IDA, MIGA and IFC from clubbing of the investment limits for the purpose of application of below 10% limit for FPI investments in a single company. ix. The investment by foreign Government/ its related entities from provinces/ states of countries with federal structure shall not be clubbed if the said foreign entities have different BO identified in accordance with PMLA Rules. x. The investment by foreign Government agencies shall be clubbed with the investment by the foreign ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... nd physical form xi. Details of demat accounts of Indian companies making indirect foreign investment in the capital of the company xii. Whether the Indian company that has foreign investment in it is either owned and controlled by resident Indian Citizens or is owned or controlled by person s resident outside India xiii. ISIN-wise details of the downstream investment in other Indian companies The information provided by the companies shall be stored in a Company Master database. The Designated Depository, if required, may seek additional information from the company for the purpose of monitoring the foreign investment limits. The companies shall ensure that in case of any corporate action, the necessary modification is reflected immediately in the Company Master database. G. In the event of any change in any of the details pertaining to the company, such as increase/decrease of the aggregate FPI/NRI limits or the sectoral cap or a change of the sector of the company, etc. the company shall inform such changes along with the supporting documentation to its Designated Depository. Reporting of trades H. At present, as per SEBI guidelines, the custodians ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the company i. The system shall calculate the total foreign investment in the company by adding the aggregate NRI investment, the aggregate FPI investment and other foreign investment in the company as provided by the company in the company master. j. If the total foreign investment in a company is within 3% or less than 3% of the sectoral cap, then a red flag shall be activated for that company. k. Thereafter, the depositories and exchanges shall display the available investment headroom, in terms of available shares, for all companies for which the red flag has been activated, on their respective websites. l. The data on the available investment headroom shall be updated on a daily end-of-day basis as long as the red flag is activated. L. The depositories shall inform the exchanges about the activation of the red flag for the identified scrip. The exchanges shall issue the necessary circulars/public notifications on their respective websites. Once a red flag has been activated for a given scrip, the foreign investors shall take a conscious decision to trade in the shares of the scrip, with a clear understanding that in the event of a breach of the aggregate ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 180 580 72 1300 hrs QSX 120 700 48 1400 hrs REW 150 850 60 1410 hrs LOP 150 1000 60 Total 1000 400 Q. As can be observed from the above table, the foreign investors/FPIs/NRIs which are required to disinvest shall be identified and shall be informed of the excess quantity that they are required to disinvest. R. In the case of FPIs which have been identified for disinvestment of excess holding, the depositories shall issue the necessary instructions to the custodians of these FPIs for disinvestment of the excess holding within 5 trading days of the date of settlement of the trades. S. In the case of NRIs which have been identified for disinvestment of excess holding, the depositories shall issue the necessary instructions to the Authorized Dealer (AD) Banks for disinvestment of th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ate of settlement of the transactions which were executed on T+1 day i.e. 5 trading days from T+3 day If T+2 day or T+3 day is a settlement holiday, then 5 trading days from T+4 day W. In the event the foreign shareholding in a company comes within permissible limit during the time period for disinvestment, on account of sale by other FPI or other group of FPIs, the original FPIs, which have been advised to disinvest, would still have to do so within the disinvestment time period, irrespective of the fresh availability of an investment headroom during the disinvestment time period. X. There shall be no annulment of the trades which have been executed on the trading platform of the stock exchanges and which are in breach of the sectoral caps/aggregate FPI limits/aggregate NRI limits. Failure to disinvest within 5 trading days Y. If a breach of the investment limits has taken place on account of the FPIs and the identified FPIs have failed to disinvest within 5 trading days, then the matter shall be referred to SEBI. 3. Off-Market transfer of securities i. In addition to the transactions set out under Regulation 20(4)(d) of the Regulations w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rket issuance to ensure there is no breach of investment limit within the timelines specified by SEBI for issue procedure. iii. Bids by FPIs submitted under MIM structure with the same PAN but with different beneficiary account numbers, Client IDs and DP IDs may not be treated as multiple bids. 7. Transfer of Right entitlements FPI shall ensure that the transfer of rights entitlements shall be at market price or fair value, as applicable. 8. Risk management framework for FPIs i. Margining of trades undertaken by FPIs in the Cash Market a) The trades of FPIs shall be margined on a T+1 basis as specified by SEBI. b) However, the trades of Category II FPIs who are corporate bodies, Individuals or Family offices shall be margined on an upfront basis as per the extant margining framework for the non-institutional trades. ii. Facility for allocation of trades among related FPIs: The following framework may be implemented to facilitate allocation of trades among the FPIs: a) Entities who trade on behalf of FPIs shall inform the stock brokers of the details of FPIs on whose behalf the trades would be undertaken. b) The stock broker, in turn, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... f the free limit is greater than or equal to INR 100 cr. However, if the free limit remains less than INR 100 cr for 15 consecutive trading days, then an auction shall be conducted on the sixteenth trading day to allocate the free limits. d. The auction shall be conducted in the following manner: Table 9 Particulars Details Duration of bidding: 2 hours (15:30 to 17:30 hrs) Access to platform Trading members or custodians Minimum bid INR 1 crore Maximum bid One-tenth of free limit being auctioned Tick Size INR 1 crore Allocation Methodology Price time priority Pricing of bid Minimum flat fees of INR 1000 or bid price whichever is higher Time period for utilization of the limits 10 trading days from the date of allocation e. Once the limits have been auctioned, the FPIs will have a utilisation period of 10 trading days w ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... crore or 10% of open interest for cat II FPIs (other than individuals, family offices and corporates). (b) Higher of INR 100 crore or 5% of open interest for Cat II FPIs under subcategory of Individuals, family offices, corporates. iv. The above limits shall be separately applicable for equity index futures and equity index options as per the current mechanism for all categories of FPIs. 12. FPI Position Limits in Exchange Traded Interest Rate Futures (IRF) i. Following position limits shall be applicable for Category I II FPIs other than FPIs in sub-category individuals, family offices, corporates): a) A limit of INR 5,000 crore on aggregate basis to FPIs for taking long position in IRFs b) This limit will be calculated as follows: i. For each interest rate futures instrument, position of FPIs with a net long position will be aggregated. FPIs with a net short position in the instrument will not be reckoned. ii. No FPI can acquire net long position in excess of INR 1,800 crore at any point of time. c) The limits prescribed for investment by FPIs in Government Securities shall be exclusively available for investment in Government Securitie ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... cy Pairs Position Limits USD-INR Gross open position across all contracts shall not exceed 15% of the total open interest or USD 100 million, whichever is higher. EUR-INR Gross open position across all contracts shall not exceed 15% of the total open interest or EUR 50 million, whichever is higher. GBP-INR Gross open position across all contracts shall not exceed 15% of the total open interest or GBP 50 million, whichever is higher. JPY-INR Gross open position across all contracts shall not exceed 15% of the total open interest or JPY 2000 million, whichever is higher. ii. Position limits of category II FPIs that are individuals, family offices and corporates: The gross open positions of the above FPI across all contracts in the respective currency pairs shall not exceed the limits as mentioned below. For the purpose of computing the FPI level gross open position, Long position shall be considered as Long Futures, Long Calls, and Short Puts and Short Position shall be considered as Short Futures, ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rency option contracts in EUR-INR, GBP-INR and JPY-INR currency pairs, subject to terms and conditions as mentioned below Position limits of Category I and II FPIs other than individuals, family offices and corporates: Currency Pairs Position Limits EUR-USD Gross open position across all contracts shall not exceed 15% of the total open interest or EUR 100 million, whichever is higher. GBP-USD Gross open position across all contracts shall not exceed 15% of the total open interest or GBP 100 million, whichever is higher. USD-JPY Gross open position across all contracts shall not exceed 15% of the total open interest or USD 100 million, whichever is higher. The aforementioned limits shall be the total limits available to the stock brokers for taking positions on proprietary basis and for positions of their clients. Position limits of category II FPIs that are individuals, family offices and corporates: Currency Pairs Position Limits EUR-USD ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rules, regulations and instructions, position limit norms as may be applicable to clients, issued by SEBI and stock exchanges, from time to time. FPIs belonging to categories viz. individuals, family offices and corporates will be allowed position limit of 20 per cent of the client level position limit in a particular commodity derivative contract . iv. The participation of FPIs including individuals, family offices and corporates shall be subject to compliance with the provisions of SEBI (Foreign Portfolio Investors) Regulations, 2019, SEBI (Custodian) Regulations, 1996, other applicable SEBI circulars on ETCDs and any additional safeguards/ conditions specified by Stock Exchanges/ Clearing Coprorations. 15. Investments by FPIs in REITs, InvITs, AIFs i. FPIs are permitted to invest in units of REITs, InvITs and Category III AIFs in terms of Regulation 21 (1) of SEBI (FPI) Regulations, 2019 subject to such other terms and conditions as may be specified by SEBI from time to time. ii. A FPI shall not hold more than twenty five percent stake in a category III AIF. iii. Investments in REITs and InvITs shall be captured under the category Hybrid Security ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... FPI to write-off securities. The FPI should also provide undertaking that it is giving away all its rights as the beneficial owner of the security(ies). ii. Upon receipt of instruction from FPI, Custodian will extinguish the security from the safekeeping account (held in banks internal books/system) of the FPI - Securities written off should be reported to SEBI and RBI as sale trade with NIL sale proceeds. iii. As securities in the electronic form in the demat account of the FPI cannot be extinguished, custodian shall freeze depository account with reason being Write off securities as per client request in the depository system and intimate such action todDepositories. To facilitate easy identification of such accounts in future depositories may issue guidance to the custodians for making make necessary changes in the existing FPI client type/ subtype to the type of legal entity in the depository system of such demat accounts. iv. Such FPI shall apply for surrender of its registration and the DDP of such FPI shall process the surrender after obtaining the approval from the Board. v. Monetary corporate benefits if received by the custodians shall be credited ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Cash equity Cash equity on date of writing the ODIs and then move to derivative positions thereafter. No Allowed through separate FPI registration, subject to the above 5% limit. 3 Cash equity Derivative on date of writing the ODI or thereafter except in manner referred at (2) above in table. No None 4 Derivatives Derivatives No Allowed through separate FPI registration, if FPI is holding cash equity and has short future position exactly against the cash equity in the same security (one-to-one basis). FPI to retain the cash equity for the life of ODI. 5 Derivatives Cash equity No None Note: All reference to derivatives above include instruments or contracts or agreements referencing index. An ODI issuing FPI, which hedges its ODI only by investing in securities (other than derivatives) held by it in India, cannot undertake proprietary derivative positions throu ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... a single ODI subscriber, in the same manner as is being done in the case of FPIs. b) Further, where an investor has investments as FPI and also holds positions as an ODI subscriber, these investment restrictions shall apply on the aggregate of FPI investments and ODI positions held in the underlying Indian Company. In other words, the investment as FPI and positions held as ODI subscriber will be clubbed together with reference to the said investment restrictions. 2. Know Your Client (KYC) norms for ODI subscribers and reporting of suspicious transactions i. KYC requirement table, applicable for ODI subscribers is placed below:- Table 11 Document required ODI subscriber Constitutive Documents Proof of Address Board Resolution Beneficial Owner (BO) of ODI subscriber Senior Management (Whole Time Directors/ Partners/ Trustees etc.) List Proof of Identity Proof of Address List ii. The ODI issuing FPIs shall maintain with them at all times th ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ry calendar year. iv. Report Details - Following reports need to be submitted by the 10th of every month for the previous month in the format specified by SEBI as per the reporting format at Annexure F with effect from 1st January 2020 i.e. for the month of December 2019 the report to be filed by 10th January 2020 needs to be in the reporting format as annexed. Table 12 S. No. Heading 1. Monthly Summary Report (MSR)- Statement of Outstanding Positions of Offshore Derivative Instruments (ISIN Wise) as on (last day of previous month) 2. Annexure A - Offshore Derivative Instruments Activity For The Period ( ) 3. Details of Underlying Trade(s) in Indian Market - For the Period of ___ to ____( Month) - Equity - Annexure B _ Equity 4. Details of Underlying Trade(s) in Indian Market - For the Period of ___ to ____( Month) - Debt - Annexure B _ Debt 5. Details of Underlying Trade(s) in Indian Market - For the Period of ___ to ____( Month) - Derivative - An ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... iction that has not made sufficient progress in addressing the deficiencies or has not committed to an action plan developed with the FATF to address the deficiencies; c) the investor is not prohibited from dealing in securities market in India. ii. KYC norms: Intermediary operating in IFSC needs to ensure that records of their clients are maintained as per Prevention of Money-laundering Act, 2002 and rules made thereunder. The following KYC norms may be made applicable to EFIs: a) In case of participation of an EFI, not registered with SEBI as an FPI, but desirous of operating in IFSC, a trading member of the recognized stock exchange in IFSC, may carry out the due diligence on its own or it may rely upon the due diligence carried out by a bank, which is permitted by RBI to operate in IFSC, during the account opening process of EFI. b) In case of EFIs that are not registered with SEBI as FPI and also not having bank account in IFSC, KYC as applicable to Category II FPI as per the new FPI categorization shall be made applicable. However, PAN shall not be applicable for KYC of EFIs in IFSC. c) In case of participation of FPI in IFSC, due diligence carried out ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D/FPI C/CIR/P/2022/57 Modification in the Operational Guidelines for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors-SEBI to generate FPI registration number and both the Depositories to host the CAF. 4 08-Nov-21 SEBI/ HO/ FPI C/ P/ CIR/ 2021/ 656 Write-off of debt securities held by FPIs who intend to surrender their registration 5 04-Aug-21 SEBI/ HO/ FPI C/ P/ CIR/ 2021/ 609 Modification in Operational Guidelines for FPIs and DDPs pursuant to amendment in SEBI (Foreign Portfolio Investors) Regulations, 2019 6 01-Jun-21 SEBI/HO/FPI C/P/CIR/2021/0569 Off-market transfer of securities by FPI 7 30-Mar-21 SEBI/HO/IMD/FPI C/CIR/P/2021/045 Guidelines pertaining to Surrender of FPI Registration 8 21-Sep-20 SEBI/HO/IMD/FPI C/CIR/P/2020/177 Write-off of shares held by FPIs ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... IMD/FPIC/CIR/P/2018/114 Investment by Foreign Portfolio Investors (FPI) through primary market issuances 22 15-Jun-18 IMD/FPIC/CIR/P/2018/101 Review of Investment by Foreign Portfolio Investors (FPI) in Debt 23 17-May-18 SEBI/HO/IMD/FPIC/CIR/P/2018/81 Amendment to SEBI Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5,2018 and Circular No. IMD/FPIC/CIR/P/2018/74 dated April 27,2018 on Monitoring of Foreign Investment limits in listed Indian companies 24 27-Apr-18 IMD/FPIC/CIR/P/2018/74 Amendment to SEBI Circular No. IMD/FPIC/CIR/P/2018/61 dated April 5,2018 on Monitoring of Foreign Investment limits in listed Indian companies 25 12-Apr-18 SEBI/IMD/FPIC/CIR/P/2018/70 Investments by FPIs in Government and Corporate debt securities 26 10-Apr-18 SEBI/HO/IMD/FPIC/CIR/P/2018/66 Clarification on clubbing of investment limits of fo ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... D/FPIC/CIR/P/2017/74 Investments by FPIs in Government securities 41 30-Jun-17 SEBI/HO/IMD/FIIC/CIR/P/2017/068 Acceptance of e-PAN card for KYC purpose 42 17-Jun-17 CIR/IMD/FIIC/13/2014 Investments by FPIs in Non-Convertible/Redeemable preference shares or debentures of Indian companies 43 03-Apr-17 IMD/FPIC/CIR/P/2017/30 Investments by FPIs in Government securities 44 28-Feb-17 SEBI/HO/IMD/FPIC/CIR/P/2017/16 Investments by FPIs in corporate debt securities 45 04-Jan-17 IMD/HO/FPIC/CIR/P/2017/003 Guidelines for participation/functioning of Eligible Foreign Investors( EFIs) and FPIs in International Financial services Centre (IFSC) 46 02-Jan-17 IMD/HO/FPIC/CIR/P/2017/001 Reference to Circular no. FITTC/FII/02/2002 dated May 15, 2002-In regard to credit of proceeds due ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... BI (Foreign Portfolio Investor) Regulations, 2014 59 09-Oct-14 CIR/IMD/FIIC/19/2014 Clarification on Government Debt Investment Limits 60 23-Jul-14 CIR/IMD/FIIC/17/2014 Change in Government Debt Investment Limits 61 16-Jun-14 CIR/IMD/FIIC/11/2014 KYC for FPIs 62 28-Apr-14 CIR/IMD/FIIC/ 09/ 2014 Infrastructure facilities and submission of periodic reports 63 07-Apr-14 CIR/IMD/FIIC/8/2014 Change in investment conditions / restrictions for FII/QFI investments in government debt securities 64 14-Feb-14 CIR/IMD/FIIC/4/2014 FII/QFI investments in Commercial papers 65 29-Jan-14 CIR/IMD/FIIC/3/2014 Change in Government Debt Investment Limits 66 20-Jan-14 CIR/MRD/DRMNP/2/ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or (QFI) investment in Equity Shares and Mutual Fund schemes 82 07-Jun-12 CIR/IMD/FIIC/14/2012 Reporting of Offshore Derivative Instruments (ODIs)/ Participatory Notes (PNs) activity 83 27-Apr-12 CIR/IMD/FIIC/12/2012 Auction calendar for allocation of FII debt limit 84 12-Mar-12 CIR/IMD/FIIC/09/2012 Allocation of debt limits in corporate debt old and Government Debt long term category to FIIs 85 17-Feb-12 CIR/IMD/FIIC/5/2012 Allocation of Corporate debt long term category to FIIs. 86 13-Jan-12 CIR/IMD/FII C/3/2012 Investment by Qualified Foreign Investors (QFI) in Indian equity shares. 87 03-Jan-12 CIR/IMD/FIIC/1/2012 Changes in Re-investment period of FII debt limit 88 18-Nov-11 CIR/IMD/FIIC/20/2011 Increase in FI ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 15-Apr-10 CIR/IMD/FIIC/1/2010 Additional information regarding PCC, MCV or equivalent structure by FIIs. 103 15-Dec-09 IMD/FII C/41/2009 Allocation methodology of debt investment limits to FIIs 104 04-Sep-09 IMD/FII C/40/2009 Allocation methodology of debt investment limits to FIIs 105 12-May-09 IMD/FII C/39/2009 Allocation methodology of debt investment limits to FIIs 106 06-Feb-09 IMD/FII C/37/2009 Allocation methodology of debt investment limits to FIIs 107 06-Jun-08 IMD/FII C/29/2007 FII investments in Debt Securities 108 31-Jan-08 IMD/FII C/27/2008 FII investments in Debt Securities 109 19-Jan-07 IMD/FII C/25/2007 FII investments in Debt Securities ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... inuance ** Applicable for application type Fresh Registration only. Annexure D Fee report The report pertaining to a month to be submitted by DDPs/Depository to SEBI in the attached format: Annexure_D_Fee_Report_Format_p.xlsx If a DDP has not granted any registration/continuance of registration during the previous month, then it is required to send a Nil report. The Bank account details to which the payment of foreign inward remittances is to be done electronically is as follows - Name of Bank Account SECURITIES AND EXCHANGE BOARD OF INDIA Name of Bank, Branch ICICI Bank Ltd., Bandra Kurla Complex, Bandra (East), Mumbai 400051 Bank Account No 055501001994 IFSC Code ICIC0000555 MICR Code No. 400229029 Swift Code No. ICICINBBNRI Annexure E Information of intermediate material shareholder/ owner entity illustration: FPI ABC, a trust, is held 75% by XYZ Ltd. (intermediate material shareholder/ owner) ther ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ODIs on Derivatives * AUC of FPIs # Notional value of ODIs on Equity, Debt Hybrid Securites excluding Derivatives as % of B A1 A2 A3 A4 A5 A6 B C *Figures compiled based on reports submitted by FPIs issuing ODIs #Figures compiled based on reports submitted by custodians does not includes positions taken by FPIs in derivatives. Column A2 is being provided which depicts the Total Value of ODI issued -with underlying as Equity ,Debt Hybrid Securities but excluding derivatives Column A3 is being provided which depicts the Total Value of ODI issued -with underlying as Equity Column A4 is being provided which depicts the Total Value of ODI issued -with underlying as Debt Column A5 is being provided which depicts the Total Value of ODI issued -with underlying as Hybrid Securities. Column A5 is being provided which depicts the Total Value of ODI issued -with underlying as derivatives. Column C is being provided which depicts the T ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 1 Provide Complete, Accurate and Latest information for FPI registration. 2 Adhere to all the rules, regulations, investment limits / conditions prescribed by the Regulators and Government of India. 3 Sell or write-off securities holdings prior to expiry of the FPI registration in case the FPI wish to surrender its registration. 4 Inform Forthwith any changes in information or particulars pertaining the FPI registration. 5 Investors have Right of Fair and Equitable Treatment and Confidentiality of Information as per SEBI (FPI) Regulations, 2019 and SEBI Master Circular for FPIs, DDPs and EFIs . 6 Investors have Right to expect Redressal of Grievances in a timebound manner and ensure to collect contact details of key personnel for Escalation and Resolution of grievances Grievance Redressal Mechanism Approach the DDP at the designated Investor Grievance e-mail ID with complete details of complaints for redressal of investor grievances in a time boun ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... *Inclusive of complaints of previous months resolved in the current month. **Inclusive of complaints pending as on the last day of the month. ^Average Resolution time is the sum total of time taken to resolve each complaint in days, in the current month divided by total number of complaints resolved in the current month. C. Trend of Annual (FY) disposal of complaints (For 3 years on rolling basis)- Sno Year Carried forward from previous year Received during the year Resolved during the year Pending at the end of the year 1 2019-20 2 2020-21 3 2021-22 Grand Total - Circular - Trade Notice - Public ..... X X X X Extracts X X X X X X X X Extracts X X X X
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