Write-off of shares held by FPIs
Summary
SEBI amends operational guidelines to permit Foreign Portfolio Investors to write off shares of all companies they are unable to sell, expanding previous restrictions. This permission applies specifically to FPIs wishing to surrender their registration and requires compliance with the process detailed in paragraph 17 of Part C of the Operational Guidelines. The circular is issued under Section 11(1) of the SEBI Act, 1992, and custodians are directed to notify their FPI clients.
Text
permit said FPIs to write-off shares of all companies which they are unable to sell... process detailed at para 17 of Part C of the said Operational Guidelines shall be complied with
issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992
Custodians are requested to bring the contents of this circular to the notice of their FPI clients
Source: SecMarx — Write-off of shares held by FPIs. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.