Modification in the Operational Guidelines for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors
Summary
This circular modifies the Operational Guidelines for Foreign Portfolio Investors to reflect SEBI's generation of FPI registration numbers. It mandates that Designated Depository Participants grant certificates bearing these SEBI-generated numbers and issue fresh certificates upon name changes. The provisions become applicable from May 09, 2022, under powers conferred by Section 11(1) of the SEBI Act.
Text
In order to operationalize the same, it has been decided to modify the ‘Operational Guidelines for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors’... as under:
The designated depository participant shall grant the certificate of registration, bearing registration number generated by SEBI
Upon receipt of the request for name change along with abovementioned documents, the DDP shall effect the change in name in the certificate. The DDP shall issue a letter and fresh registration certificate to such applicant acknowledging the change in name. Respective Depositories shall make necessary arrangements for DDPs to provide fresh registration certificate as an acknowledgement from its database including a statement that the name change has been granted without prejudice to any tax liability/ implication in India.
The provisions of this circular shall be applicable with effect from May 09, 2022. Further, all other provisions of the Operational Guidelines shall remain unchanged.
This circular is issued in exercise of powers conferred under Section 11 (1) of the Securities and Exchange Board of India Act, 1992.
Source: SecMarx — Modification in the Operational Guidelines for Foreign Portfolio Investors, Designated Depository Participants and Eligible Foreign Investors. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.