SEBI prescribes time limits for FPIs to disclose information to Board and DPs
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Notification No. SEBI/LAD-NRO/GN/2023/128., Dated 14.03.2023
The SEBI has notified the SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2023. An amendment has been made to regulations 22 & 31 of the SEBI (Foreign Portfolio Investors) Regulations, 2019.
Regulation 22 of SEBI (Foreign Portfolio Investors) Regulations, 2019 outlines the general obligations & responsibilities of foreign portfolio investors (FPIs).
As per the amended norms, FPIs are required to inform the Board and designated depository participants (DPs) within 7 working days, if there is any material change in the information previously furnished by them. This includes any direct or indirect change in FPIs structure or ownership or control.
Additionally, FPIs must maintain accurate details of their investor group with DPs at all times. Various other amendments were prescribed.
Regulation 31 of SEBI (Foreign Portfolio Investors) Regulations, 2019 outlines the obligations & responsibilities of designated depository participants (DPs).
As per the amended norms, all designated depository participants who have been granted approval by the Board must inform the Board within 2 working days if any information or particulars previously submitted to the Board are found to be materially false or misleading.
As per the amended norms, all designated depository participants who have been granted approval by the Board must inform the Board within 2 working days if any information or particulars previously submitted to the Board are found to be materially false or misleading.
Further, in case any penalty, pending litigation or proceedings, findings of inspections or investigations have been taken or is in the process of being taken against a designated depository participant, then DPs are obligated to bring such information to the attention of the Board, depositories and stock exchanges within 2 working days.
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