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

Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023

10-Aug-2023 | No. SEBI/LAD-NRO/GN/2023/143

SEBI has issued the Securities and Exchange Board of India (Foreign Portfolio Investors) (Second Amendment) Regulations, 2023 by amending the provisions of the Securities and Exchange Board of India (Foreign Portfolio Investors ) Regulations, 2019 effective from 10th August 2023.

The Highlights of the Amendment are:
1. Modification in Regulation 4(f) stating that the applicant or its underlying investors contributing more than the "threshold prescribed under Rule 9(3) of the Prevention of Money-laundering (Maintenance of Records) Rules, 2005" in the corpus of the applicant or identified on the basis of control, shall not be the person(s) mentioned in the Sanctions List notified from time to time by the United Nations Security Council. Previously, the threshold limit was read as "twenty-five percent or more".
2. Insertion in Regulation 22(6) stating that a foreign portfolio investor that fulfills the criteria specified by the Board from time to time shall provide information or documents in relation to the persons with any ownership, economic interest, or control, in the foreign portfolio investor.
3. Insertion in Regulation 22(7) stating that the information or documents specified in Sub-regulation (6) shall be provided in the manner as may be specified by the Board from time to time.

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