Commencement of Foreign Portfolio Investor (FPI) regime
Summary
This circular announces the commencement of the Foreign Portfolio Investor (FPI) regime effective June 1, 2014. It extends the validity of existing FII registrations and allows SEBI to accept related applications until May 31, 2014. Qualified Depository Participants are permitted to continue opening QFI accounts until May 31, 2014.
Text
SEBI (Foreign Portfolio Investors) Regulations, 2014 have been notified on January 07, 2014.
The Board may continue to grant certificate of registration as a foreign institutional inventor or sub-account under the Securities and Exchange Board of India (Foreign Institutional Investors) Regulations, 1995 till March 31, 2014 which may be extended upto June 30, 2014 by the Board.
The FPI regime shall commence with effect from June 01, 2014.
SEBI shall continue to accept all applications for registration of FIIs and Sub Accounts till May 31, 2014 provided such applications are complete in all respects.
SEBI shall continue to accept all applications for acknowledgment of fee till May 31, 2014, in respect of those FIIs and Sub Accounts whose fee validity is expiring on or before September 30, 2014 provided such applications are complete in all respects.
SEBI shall continue to accept all applications for miscellaneous requests till May 31, 2014 provided such applications are complete in all respects.
With effect from June 01, 2014, the DDPs shall accept all applications for registration, acknowledgment of fees, and miscellaneous requests.
Those Qualified Depository Participants (QDPs) who are deemed as DDPs under Regulation 11(1) of the Regulations may continue to open QFI accounts till May 31, 2014.
This circular is issued in exercise of powers conferred under Section 11(1) of the Securities and Exchange Board of India Act, 1992 to protect the interests of investors in securities and to promote the development of, and to regulate the securities market.
Source: SecMarx — Commencement of Foreign Portfolio Investor (FPI) regime. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.