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The SEBI has notified a new set of regulations to amend the existing SEBI (Foreign Portfolio Investors) Regulations, 2019 which shall come into force as on the date of its publication in the Official Gazette.

Analysis: SEBI (Foreign Portfolio Investors) (Amendment) Regulations, 2021

Sr. No.

Amendment

Effect

1

Substitution: Regulation 4(c)

Non-resident Indians or overseas citizens of India or resident Indian individuals may be constituents of the applicant provided they meet the conditions specified by the Board from time to time:

Provided that resident Indian other than individuals, may also be constituents of the applicant, subject to the following conditions, namely -

i. such resident Indian, other than individuals, is an eligible fund manager of

the applicant, as provided under sub-section (4) of section 9A of the Income Tax Act, 1961 (43 of 1961); and

ii. the applicant is an eligible investment fund as provided under sub-section (3) of section 9A of the Income Tax Act, 1961 (43 of 1961) which has been granted approval under the Income Tax Rules, 1962;

Proviso is added to allow resident Indian other than individuals to become a constituent of applicant subject to conditions prescribed therein.

 
 

Disclaimer: The author is based in Jabalpur and is a Practicing Company Secretary dealing in Corporate, Legal & Taxation services. The information contained in this write up, as provided by the author, is to provide a general guidance to the intended user. The information should not be used as a substitute for specific consultations. Author recommends that professional advice is sought before taking any action on specific issues.

The author can also be reached at cstanveersaluja@gmail.com.

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