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Corporate Laws Central Ministry of Finance Securities and Exchange Board of India Act, 1992

Participation by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Resident Indian (RI) individuals in SEBI registered FPIs based in International Financial Services Centres in India

27-Jun-2024 | SEBI/HO/AFD/AFD-POD-2/P/CIR/2024/89

SEBI has issued a circular on Participation by Non-Resident Indians (NRIs), Overseas Citizens of India (OCIs) and Resident Indian (RI) individuals in SEBI registered FPIs based in International Financial Services Centres in India. By virtue of such circular, following amendments are made: 1. The following proviso shall be added to sub-para 1(xiii)(a) of Part C: Provided that in case of an FPI to which provisions of Regulation 4(ii)(c) of the FPI Regulations, 2019 are not applicable, the holding threshold shall be 33% instead of 50%. 2. Sub-paras 17(i)(a) and 17(i)(b) of Part A shall be modified as follows: a. breach of prescribed limits for contribution/control by NRIs/OCIs/RIs in the corpus of the FPI (Para 1. ii. f. of Part A) b. breach of prescribed limits for contribution by NRIs/OCIs/RIs in the corpus of the FPI (Para 1. ii. g. of Part A). 3. After sub-para 1(ii)(d) of Part A, the sub-para (e) shall be inserted. Refer the attachment for more information.

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