SEBI Issues Operational Guidelines for Smooth Transition to the Amended SEBI (FVCI) Regulations, 2024
- Blog|News|Company Law|
- 2 Min Read
- By Taxmann
- |
- Last Updated on 28 September, 2024
Latest from Taxmann
Circular No. SEBI/HO/AFD/AFD-PoD-3/P/CIR/2024/130, Dated 26.09.2024
Earlier, SEBI notified SEBI (Foreign Venture Capital Investors) Regulations, 2024. Now, in order to ensure smooth transition to the amended FVCI regime and operationalise the amended provisions of the FVCI Regulations, SEBI has decided to issue necessary guidance in the form of operational guidelines. The provisions of this circular shall come into force with effect from 01.01.2025.
The key highlights of the guidelines include:
(a) Engagement of DDPs by existing FVCIs: Existing FVCIs must engage a DDP for due diligence regarding their registration by March 31, 2025. Failure to do so will result in restrictions on further investments and require liquidation of listed securities by March 31, 2026, and other investments by March 31, 2027.
(b) Compliance with eligibility criteria: The DDP engaged by the FVCI must complete registration due diligence and assess eligibility compliance within 6 months of engagement.
(c) Transfer of Existing FVCI data to DDP: Upon engagement by an FVCI, the DDP may seek transfer of registration related information of the FVCI from SEBI.
(d) Registration Number: The DDP shall grant the certificate of registration, bearing registration number generated by SEBI.
(e) KYC Process: FVCIs must submit KYC documents to intermediaries, who will upload the Form and supporting documents to the KYC Registration Agencies (KRA) portal for access by other intermediaries. In addition to the KYC process, intermediaries may require further documentation for enhanced due diligence based on their internal policies.
Click Here To Read The Full Circular
Disclaimer: The content/information published on the website is only for general information of the user and shall not be construed as legal advice. While the Taxmann has exercised reasonable efforts to ensure the veracity of information/content published, Taxmann shall be under no liability in any manner whatsoever for incorrect information, if any.
Taxmann Publications has a dedicated in-house Research & Editorial Team. This team consists of a team of Chartered Accountants, Company Secretaries, and Lawyers. This team works under the guidance and supervision of editor-in-chief Mr Rakesh Bhargava.
The Research and Editorial Team is responsible for developing reliable and accurate content for the readers. The team follows the six-sigma approach to achieve the benchmark of zero error in its publications and research platforms. The team ensures that the following publication guidelines are thoroughly followed while developing the content:
- The statutory material is obtained only from the authorized and reliable sources
- All the latest developments in the judicial and legislative fields are covered
- Prepare the analytical write-ups on current, controversial, and important issues to help the readers to understand the concept and its implications
- Every content published by Taxmann is complete, accurate and lucid
- All evidence-based statements are supported with proper reference to Section, Circular No., Notification No. or citations
- The golden rules of grammar, style and consistency are thoroughly followed
- Font and size that’s easy to read and remain consistent across all imprint and digital publications are applied
Sign Up
To subscribe to our weekly newsletter please log in/register on Taxmann.com
Latest Books
Everything on Tax and Corporate Laws of India
To subscribe to our weekly newsletter please log in/register on Taxmann.com
