Modification in the Operational Guidelines for FPIs, DDPs and EFIs pertaining to FPIs registered under Multiple Investment Managers (MIM) structure
Summary
This circular modifies the Operational Guidelines for Foreign Portfolio Investors by replacing a specific clause regarding Multiple Investment Managers. It permits entities with multiple investment managers to obtain separate FPI registrations and appoint different Depository Participants for each registration. Despite separate registrations, investments made under these structures must be clubbed together for monitoring investment limits.
Text
Where an entity engages multiple investment managers (MIM) for managing its investments, the entity can obtain multiple FPI registrations mentioning name of Investment Manager for each such registration. Such applicants can appoint different DDPs for each such registration. Investments made under such multiple registrations shall be clubbed for the purposes of monitoring of investment limits
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 FPIs, DDPs and EFIs pertaining to FPIs registered under Multiple Investment Managers (MIM) structure. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.