SEBI (Foreign Institutional Investors) (Second Amendment) Regulations, 2006
Summary
This part of the document constitutes the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 2006. It formally amends specific clauses within regulations 6, 12, and 13 of the original 1995 FII Regulations. Additionally, it introduces a new Form A for applications seeking registration as a Foreign Institutional Investor. This part specifies the submission of a draft US $5000 cheque and the physical address for filing applications with SEBI. It presents Form AA, an application template for registering as a Sub-account under various applicant categories including broad-based funds, proprietary funds, foreign corporates, and individuals. The form requires detailed personal, tax, and custodian information along with mandatory declarations regarding fit and proper status and source of income. This section lists specific regulatory amendments issued by the Securities and Exchange Board of India between December 2002 and June 2006. The entries cover changes to regulations concerning Foreign Institutional Investors and criteria for fit and proper persons. Each item provides the date, regulation name, and official notification number or f
Text
These Regulations may be called the Securities and Exchange Board of India (Foreign Institutional Investors) (Second Amendment) Regulations, 2006.
They shall come into force on the date of their publication in the Official Gazette.
sub-clause (i) shall be substituted with the following, namely: “(i) an institution established or incorporated outside India as a pension fund, mutual fund, investment trust, insurance company or reinsurance company;”
after sub-clause (i), the following sub-clause shall be inserted, namely: “(i-a) a International or Multilateral Organisation or an agency thereof or a Foreign Governmental Agency or a Foreign Central Bank;”
sub-clause (ii) shall be substituted with the following, namely: “(ii) an asset management company, investment manager or advisor, nominee company, bank or institutional portfolio manager, established or incorporated outside India and proposing to make investments in India on behalf of broad based funds and its proprietary funds, if any;”
in regulation 12, for sub-regulation (3), the following sub-regulation shall be substituted, namely: “(3) An application for registration as sub-account shall be made in Form AA.”
clause (e) shall be substituted with the following, namely: “(e) the applicant and the Foreign Institutional Investor through whom the application for registration is made, have submitted joint undertakings as required by Form AA of the First Schedule;”
clause (ee) shall be omitted;
in the First Schedule, for Form A, the following forms shall be substituted, namely: [Form A Application Form for Grant of Certificate of Registration as Foreign Institutional Investor (FII)]
Details of the applicant including name, date of incorporation, legal form, place of incorporation, principal activities, group description, registered office address, and compliance officer information must be provided.
The applicant must specify if they are a fund (e.g., Pension Fund, Mutual Fund) or not a fund (e.g., Asset Management Company), and provide details of broad-based funds on whose behalf they propose to invest.
Applicants must provide contact details of the regulatory authority, permitted activities, registration number, period of registration, and disclose any disciplinary history regarding violations or suspensions.
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Source: SecMarx — SEBI (Foreign Institutional Investors) (Second Amendment) Regulations, 2006. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.