Amendment to SEBI (FII) Regulations 1995
Summary
The Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2002 amends the registration requirements and fees for Foreign Institutional Investors. The regulations substitute specific documentation clauses in Form A of the First Schedule to simplify the application process. Additionally, the FII registration fee is reduced from US $10,000 to US $5,000 effective from the date of publication.
Text
These Regulations may be called the Securities and Exchange Board of India (Foreign Institutional Investors) (Amendment) Regulations, 2002.
They shall come into force on the date of their publication in the Official Gazette.
In the First Schedule, in Form A, in the Annexure, for clauses (a) to (d) the following shall be substituted: (a) Certified copy of relevant clauses/articles of Memorandum and Articles of Association or agreement authorizing investment; (b) Audited financial statements and annual reports for last one year; (c) Declaration by applicant with registration number supporting registration by a Securities Commission or SRO; (d) Declaration that applicant has entered into a custodian agreement with a domestic custodian.
In the Second Schedule, in paragraph (1), for the words and figures “US $ 10,000/-“the words and figures “US $ 5,000/-“shall be substituted.
Source: SecMarx — Amendment to SEBI (FII) Regulations 1995. Verbatim text is public record; SecMarx structuring (linkage to applying orders) is cited to us.